[SMM Analysis] Nickel Sulphate Production in November Increased 1.21% MoM

According to SMM data, in November 2025, SMM nickel sulphate production increased by approximately 1.21% MoM and about 19.09% YoY.

Demand side, after the downstream peak season of "September-October peak season," downstream raw material stocking demand pulled back in November, and nickel salt procurement volume declined; Supply side, on one hand, some nickel salt enterprises resumed production this month, on the other hand, nickel futures saw a significant drop this month. Influenced by nickel sulphate profitability being higher than refined nickel, some enterprises chose to cut refined nickel production, shifting instead to nickel sulphate production, leading to an increase in market nickel salt supply. Looking ahead to the December market, year-end downstream production schedules are expected to decline further, driving nickel salt demand weaker, and nickel sulphate supply is expected to decrease accordingly.

SMM nickel sulphate production is expected to decrease by approximately 7.06% MoM and increase by about 19.67% YoY in December.

[For more content, subscribe to SMM Nickel Research Group products "China Nickel-Chrome-Stainless Steel Industry Chain Regular Report" and "China Nickel-Chrome-Stainless Steel Industry Chain High-End Report" to obtainthe latest data analysis and market insights on nickel ore, nickel pig iron (China + Indonesia), refined nickel, nickel sulphate, chrome ore,ferrochrome, and stainless steel (China + Indonesia)! Forsubscription or trial, please call 021-51666863, Contact: Fu Jian]