Monthly Nickel Market Report Jan 2024

Content

1. Market Highlights 4
2. Economy and Policy 4
2.1 Central bank announces simultaneous cuts in reserve requirements and interest rates. 4
3. Market Movement 4
3.1 Chinese Market Movements 4
3.1.Asian Metal Copyright1 Chinese Market Movements 4 3.Asian Metal Copyright1 Chinese nickel cathode 99.96%min EXW China 4
3.1.Asian Metal Copyright3 Nickel sulfate Ni 22%min, Co 0.Asian Metal Copyright2 Norilsk nickel cathode 99.96%min in port China 4
3.1.Asian Metal Copyright7 Chinese ferronickel producers' operating rate reports 46.Asian Metal Copyright3 Nickel sulfate Ni 22%min, Co 0.4%max delivered China 4
3.1.Asian Metal Copyright19% MOM in Jan 9 6.Asian Metal Copyright4 Nickel sulfate Ni 22%min, Co 0.05%max EXW China 5
3.1.5 Ferronickel 10%min EXW China 5
3.1.Asian Metal Copyright2 International Market Movements 5 3.Asian Metal Copyright6 Ferronickel 1.5%min EXW China 5
3.2 International Market Movements 5
3.2.Asian Metal Copyright Economy and Policy 4 2.Asian Metal Copyright1 Philippine lateritic nickel ore 1.3%min CIF China 5
3.2.Asian Metal Copyright8 Chinese ferronickel producers' output up by 1.Asian Metal Copyright2 Philippine lateritic nickel ore 1.8%min CIF China 5
4. Company News 6
4.1 Grand Green resumes nickel sulfate production 6
4.2 Yanzhu Metal Materials transforms electrowinning nickel production equipment 6
4.3 Xi'en New Materials to increase nickel sulfate production 6
4.4 Heyi Ni-Cr Composite Materials' ferronickel output higher than expected 6
4.5 Zhengxing Nonferrous Metal to suspend nickel sulfate production 6
4.6 Jutai New Material reduces nickel sulfate production 6
4.7 Changjiang Energy Technology halts battery grade nickel sulfate production 6
4.8 Xingnie New Materials maintains nickel sulfate production equipment 6
5. Producers Statistics 7
5.1 Chinese refined nickel producers' operating rate records 76.66% in Jan 7
5.2 Chinese refined nickel producers' production up by 5.44% YOY in Jan 7
5.3 Chinese refined nickel producers' stocks up by 16.16% MOM in Jan 7
5.4 Chinese nickel sulfate producers' operation rate posts 47.41% in Jan 7
5.5 Chinese nickel sulfate producers' output up by 5.8% MOM in Jan 8
5.6 Chinese nickel sulfate producers' inventory down by 27.15% MOM in Jan 8
5.7 Chinese ferronickel producers' operating rate reports 46.2% in Jan 8
5.8 Chinese ferronickel producers' output up by 1.31% MOM in Jan 9
5.9 Chinese ferronickel producers' stocks up by 5.19% MOM in Jan 9
6. Import and Export Statistics 9
6.1 China's ferro-nickel import volume increased 31.95% YoY in Dec 2023 9
6.2 China's refined nickel (Co＞0.Asian Metal Copyright66% in Jan 7 5.Asian Metal Copyright005%) import volume decreased 53.89% YoY in Dec 2023 10
6.3 China's nickel sulphate import volume rose 107.12% YoY in Dec 2023 11
6.4 China's refined nickel (Co＞0.Asian Metal Copyright3 Nickel sulfate Ni 22%min, Co 0.Asian Metal Copyright005%) export volume rose 221.19% YoY in Dec 2023 12
6.5 China's nickel concentrate import volume decreased 49.84% MoM in Dec 2023 13
7. Relevant Industry Movements 14
7.1 NCM and power battery market 14
7.2 Stainless steel market 14
8. Market Outlook for Next Month 14
8.1 Nickel cathode 99.96%min EXW China 14
8.2 Norilsk nickel cathode 99.96%min in port China 14
8.3 Nickel sulfate Ni 22%min, Co 0.4%max delivered China 14
8.4 Nickel sulfate Ni 22%min, Co 0.05%max EXW China 14
8.5 Ferronickel 10%min EXW China 14
8.6 Ferronickel 1.5%min EXW China 14
8.7 Philippine lateritic nickel ore 1.3%min CIF China 14
8.8 Philippine lateritic nickel ore 1.8%min CIF China 15


.Asian Metal Copyright05%max EXW China 14 8Asian Metal Copyright