In March, China's nickel sulphate output was 34,000 mt in metal content, or 160,100 mt in physical content (up 32.71% MoM and down 7.83% YoY). The increase was contributed by demand recovery and the gradual production resumption by wet-process recycling plants. In March, the downstream NCM industry chain had basically destocked. Coupled with the positive automobile sales data, nickel sulphate smelters increased their operating rates.
In April, as automakers who produce NCM battery-powered EV models reduced prices to stimulate consumption, SMM expects a recovery in terminal consumption. Combined with the continued tight supply in March and limited inventory in precursor companies, demand for nickel sulphate still exists. The nickel sulphate price hike caused by the mismatch between supply and demand in March brought about the profit recovery of nickel sulphate smelters. Therefore, it is expected that the operating rate will remain high in April. After the wet-process recycling plants gradually restart, the national nickel sulphate output in April is expected to be 35,900 mt in metal content, or 163,000 mt in physical content ( up 5.39% MoM and 18.88% YoY).
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