China’s refined nickel output rose 1.22% MoM in March
China’s refined nickel output stood at 24,900 mt in March, up 1.22% MoM and 41.48% YoY. This slight increase was in line with expectations. Almost all refined nickel producers gradually resumed production in March. However, it is worth noting that the total refined nickel output in March still decreased compared with January, mainly because some refined nickel producers stopped or reduced production due to equipment maintenance.
It is estimated that the domestic refined nickel output will reach around 25,900 mt in April, a significant rise from March. SMM research showed the rising nickel prices in March motivated production expansion plans, so the output of some refined nickel plants continued to rise. The refined nickel producers that suspended or reduced production in March are expected to restart in April, and new capacity that was put into operation at thebeginning of the year is still in ramp-up stage. In summary, SMM forecasts refined nickel production in April to rise 4% MoM.
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