[SMM Analysis] Nickel sulphate production fell 3% MoM in May

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According to SMM data, in May 2025, SMM's nickel sulphate production is expected to reach approximately 25,100 mt in metal content, corresponding to around 114,300 mt in physical tonnes, representing a decrease of approximately 2.97% MoM and 23.17% YoY.

On the demand side, in May, downstream precursor enterprises were in the phase of reducing finished product inventories, leading to weaker production schedules and consequently a synchronized decline in demand for nickel sulphate. Supply side, affected by weak downstream demand, the actual production of nickel sulphate by producers fell short of expectations.

Looking ahead to June, despite some recovery in orders from certain downstream precursor producers, the overall market demand remains weak, with continued sluggish purchase willingness for nickel salts. It is expected that in June, SMM's nickel sulphate production will rise to approximately 25,400 mt in metal content, with physical tonnes production estimated at 115,600 mt, representing an increase of approximately 1.11% MoM and a decrease of approximately 16.61% YoY.

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