China's refined nickel output stood at 24,700 mt in April, down 1% MoM, but up 39.8% YoY. The slight decrease was in line with expectations. Affected by equipment maintenance, the output of some nickel producers has not yet fully recovered in April. A few nickel companies have not achieved production targets due to raw material shortages.
It is estimated that the domestic refined nickel output will rise to 25,800 mt in May. According to SMM research, manufacturers were willing to produce refined nickel amid rising nickel prices in April, and some continued to ramp up production. The producers in Northwest China that had suspended or slashed production are expected to restore their production in May. The new nickel plate production lines commissioned in early 2024 are still increasing production. In summary, the refined nickel production in May is expected to rise 4.45% MoM.
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