In September 2024, the national production of nickel sulphate was 32,400 mt (metal content), or 147,400 mt in physical content, up 2% MoM, down 11.1% YoY. In September, demand side, approaching the Mid-Autumn Festival and National Day, most ternary cathode precursor companies had certain restocking needs, thus consuming October demand in advance, leading to an increase in demand for nickel salts. Supply side, nickel salt smelters scheduled production based on sales, and since cathode material companies actively digested and adjusted inventories, they maintained minimal finished product inventories and about half a month's worth of raw material inventory. Nickel salt smelters slightly increased production due to the increased demand from precursors.
In October, demand side, as most precursor companies had completed their nickel salt restocking by the end of September, the inquiry and transaction activity decreased MoM, with weaker acceptance of high-priced nickel salts. Supply side, with LME nickel prices rising during the National Day holiday, most nickel salt smelters faced continued losses. Under weak demand and ongoing losses, it is expected that nickel salt production in October will slightly decrease. Currently, it is estimated that in October 2024, the national production of nickel sulphate will be 30,500 mt (metal content), or 138,600 mt in physical content, down 6.0% MoM, down 19.8% YoY.
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