In October 2024, the national production of nickel sulphate was 28,700 mt in metal content, and 130,600 mt in physical content, down 11% MoM and 24.49% YoY. In October, demand side, the production schedule of leading ternary cathode precursors increased due to the September-October peak season. However, some integrated enterprises reduced their self-produced nickel salt output due to inventory adjustments and active destocking, and slowed down the pace of procurement from nickel salt smelters. Supply side, nickel salt smelters reduced production due to the impact of downstream enterprises, leading to lower nickel salt output.
In November, with the introduction of macro policies, nickel prices fluctuated at high levels, and nickel salt smelters had a strong sentiment to stand firm on quotes. Additionally, downstream precursor plants increased their demand for nickel salt after adjusting their inventories, prompting nickel salt smelters to increase their production schedule. Currently, it is estimated that the national in metal content, and 133,300 mt in physical content, up 2.09% MoM and down 17.3% YoY.
