[SMM Analysis] Nickel sulphate production rose 17.3% MoM in July

According to SMM data, nickel sulphate production in July is expected to reach 29,100 mt (metal content) (equivalent to 132,200 mt in physical volume), up 17.30% MoM and 4.77% YoY.

Demand side, benefiting from recovering precursor orders and stockpiling demand, nickel salt consumption steadily increased. Supply side, due to new capacity releases by some producers and increased nickel sulphate inventory stockpiling by integrated enterprises, market supply showed significant growth. Looking ahead to August, affected by tightening raw material supply, some nickel salt producers plan to continue production cuts or maintenance shutdowns, with nickel sulphate supply expected to contract.

SMM forecasts August nickel sulphate production will pull back to 28,300 mt (metal content) (128,900 mt in physical volume), down 2.53% MoM and 10.89% YoY.

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