SMM

In October 2024, the national production of refined nickel decreased by 2.6% MoM but increased by 27.78% YoY, with cumulative production up 37.84% YoY. The monthly operating rate was 71.18%, down from the previous month. The decline in national refined nickel production in October was mainly due to the National Day holiday, which led to a decrease in the operating rate of some small factories. On the other hand, in October, the weak fundamentals continued to put pressure on nickel prices, causing nickel prices to fluctuate downward. As a result, overall production decreased compared to the previous month. In November, the US election is expected to increase political uncertainty, coupled with ongoing disturbances in the nickel ore sector, market sentiment may drive nickel prices upward. Additionally, the number of production days in the month is more than in October. Therefore, it is expected that in November 2024, the national production of refined nickel will increase by 1.79% MoM, up 35.37% YoY, with cumulative production up 37.59% YoY.