【SMM Data】In February 2024, China's refined nickel production totaled 24,600 metric tons, representing a decrease of approximately 3% compared to the previous month, but an increase of 42.2% compared to the same period last year. The slight decrease in refined nickel production in February was in line with expectations. It is worth noting that the overall operating rate remained high in February, only decreasing by 2% compared to January.
The slight decrease in refined nickel production in February compared to January was mainly due to the reduced number of working days caused by the Spring Festival, resulting in a slight decrease in production data. It is expected that China's refined nickel production in March 2024 will be 25,000 metric tons, a slight increase compared to February. According to SMM research, during March, the continued upward trend in nickel prices has motivated manufacturers to maintain enthusiasm for nickel production. Additionally, with the progress of nickel production expansion, the production of some nickel factories continues to climb. However, the rapid rise in raw material prices in March has caused certain difficulties in the supply of raw materials for some outsourced nickel factories, which may affect a small portion of nickel production. Overall, the expected refined nickel production in March 2024 is forecasted to increase by 1.6% compared to the previous month.
