November 2023 saw national refined nickel output in China at 23,000 mt, down 3.9% MoM but up 54.45% YoY, marking the year's first production drop. The decline since October is due to falling nickel prices, which squeezed profits for electrodeposited nickel producers using external raw materials, leading to losses by late October as prices fell to around 123,000 yuan/mt. This price is close to the production costs of some vertically integrated producers. Moreover, spot prices for nickel raw materials didn't fall as fast as nickel futures, causing some enterprises to cut production due to cost pressures.
December 2023's estimated national refined nickel output is 23,200 mt, slightly up from November. Nickel prices show recovery signs after recent lows. Raw material supply may rise, while downstream demand will remain weak.
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