【SMM Analysis】Nickel Sulphate Production Increased 9.05% MoM in March

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According to SMM data, in March 2025, SMM nickel sulphate production is expected to reach approximately 25,900 mt in metal content, with physical production of about 118,300 mt, up 9.05% MoM but down 23.30% YoY. Demand side, due to the higher number of natural days in March, downstream demand generally recovered, leading to an increase in nickel sulphate demand. Supply side, driven by the resumption of production at some nickel salt smelters and improved orders from leading integrated companies, battery-grade nickel sulphate production also rose.

In April, SMM nickel sulphate production is projected to increase to 27,700 mt in metal content, with physical production expected to reach 125,900 mt, up 6.42% MoM but down 19.62% YoY.

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