[SMM Analysis] Nickel Sulphate Production Rose 4.80% MoM in August

According to SMM data, SMM nickel sulphate production is expected to reach approximately 30,400 mt in metal content in August 2025, corresponding to approximately 138,500 mt in physical content, up about 4.80% MoM but down about 4.19% YoY.

Demand side, approaching the September-October peak season for auto sales, orders from some precursor plants increased in August, leading to higher demand for nickel salt. Supply side, some producers ramped up production, and some integrated enterprises stockpiled nickel sulphate, resulting in increased supply of nickel salt in the market. Looking ahead to the September market, nickel sulphate raw materials are tight in supply, but precursor plants' demand for nickel salt is expected to rise further. Nickel sulphate supply is projected to increase slightly.

By September, SMM nickel sulphate production is expected to grow to approximately 31,700 mt in metal content, with physical content production projected at 141,400 mt, up about 4.02% MoM but down about 2.23% YoY.

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