In July 2024, China's nickel sulphate production was 27,800 mt in metal content, or 126,200 mt in physical content, down 9% MoM and 29.7% YoY. Supply side, as the prices of raw materials such as scrap and intermediate products were higher than nickel sulphate, most nickel sulphate plants still suffered losses from early to mid-July. Additionally, since some plants had excessively discounted their products in June to clear inventory, they held prices more firm throughout July and reduced production amid losses. Demand side, although there was an increase in demand in July, precursor makers slowed down their nickel sulphate procurement and further cut production due to proactive inventory adjustments by cathode material companies.
Entering August, demand side, ternary cathode precursor companies are expected to see some demand growth, but most prefer to sign quarterly long-term contracts with nickel sulphate plants. Some companies had already purchased low-priced nickel sulphate in July, making them less willing to accept high-priced nickel sulphate. It is expected that nickel sulphate production will see a slight increase in August, but the growth will be limited. Currently, it is estimated that China's nickel sulphate production in August 2024 will be 28,400 mt in metal content, or 129,300 mt in physical content, up 2.5% MoM but down 31.6% YoY.
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