[SMM Analysis] Nickel Sulphate Production Rose 11.45% MoM in September

According to SMM data, SMM nickel sulphate production in September 2025 is expected to reach approximately 34,000 mt in metal content, corresponding to a physical output of about 154,400 mt, up about 11.45% MoM but down about 4.75% YoY.

Demand side, during the September-October peak season for auto sales, downstream raw material stocking demand increased in September, leading to higher nickel salt procurement volume; Supply side, production at some nickel salt enterprises increased due to toll processing orders, while integrated enterprises intensified nickel sulphate stockpiling efforts due to growing precursor orders, resulting in increased nickel salt supply in the market. Looking ahead to the October market, nickel sulphate raw material supply remains tight, but precursor plant demand for nickel salt shows no significant pullback, coupled with production resumption plans at some producers. Nickel sulphate supply is expected to continue growing slightly.

By October, SMM nickel sulphate production is projected to increase to approximately 35,700 mt in metal content, with physical output expected to be 162,200 mt, up about 5.07% MoM and about 24.26% YoY.

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