[SMM Analysis] Nickel sulphate production fell 0.1% MoM in April

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According to SMM data, in April 2025, SMM's nickel sulphate production is expected to reach approximately 25,900 mt in metal content, corresponding to a physical tonnage of about 117,800 mt, down 0.08% MoM and down 24.79% YoY. Demand side, downstream demand in April did not increase significantly, remaining basically flat compared to March. The demand for nickel sulphate in the domestic large power market remained stable, while the consumer market saw a slight increase in demand. Due to the impact of tariff policies, the demand for nickel sulphate from precursor plants with export business weakened. Supply side, nickel sulphate plants produced based on sales in April, and as overall downstream demand did not increase significantly, the total supply of nickel sulphate also remained stable. In addition, due to high raw material prices and limited raw material inventory, some nickel salt smelters cut production.

By April, SMM's nickel sulphate production is expected to rise to approximately 26,000 mt in metal content, with a physical tonnage of 118,300 mt, up 0.39% MoM and down 20.51% YoY.

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