SHANGHAI, Dec 8 (SMM)—China’s refined nickel output rose 11.56% or 1,416 mt from October, but shrank 2.73% from a year earlier, to 13,700 mt in November. Output at a Gansu smelter increased 13.64% month on month as it returned to normal production from maintenance. Xinjiang smelter continued to keep stable production, with output holding largely unchanged from October, while the smelter in Shandong still operated at low capacity due to raw materials shortages and cash flow issues, producing more than 150 mt of refined nickel in November. Except for the three smelters mentioned above, other domestic smelters remained in suspension.
SMM expects China’s refined nickel output to fall to 13,200 mt in December. The Gansu smelter is unlikely to ramp up production temporarily as it could fulfill its annual production targets with normal production schedule, while the smelters in Xinjiang and Shandong will keep output unchanged from November. Smelters in Jinlin, Tianjin and Guangxi will remain shut down and have not determine their resumption date yet.
![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)
