2026年1月中国镍产品产量通报

Core Viewpoint - In January 2026, China's electric nickel production reached 34,700 tons, marking a year-on-year increase of 10.5% and a month-on-month increase of 29.7%, driven by recovery from production cuts, improved nickel prices, and increased operational rates for the new year [1] Group 1: Electric Nickel Production - China's electric nickel production in January 2026 was 34,700 tons, a 10.5% increase year-on-year and a 29.7% increase month-on-month [1] - The recovery in production is attributed to three main factors: the gradual resumption of production by companies that faced raw material issues in Q4 2025, improved profit margins due to rising nickel prices, and an overall increase in operational rates to achieve a strong start for the new year [1] Group 2: NPI Production - In January 2026, China's NPI (Nickel Pig Iron) production was 21,400 tons, remaining stable month-on-month but showing a 3.6% decrease year-on-year [4] - High nickel iron production was 15,000 tons, reflecting a month-on-month decrease of 5.7% and a year-on-year decrease of 13.8%, while low nickel iron production increased by 16.4% month-on-month and 33.3% year-on-year to 6,400 tons [4] - NPI production is expected to decrease by 6.54% month-on-month in February 2026 to around 20,000 tons [4] Group 3: Battery-grade Nickel Sulfate Production - In January 2026, the production of battery-grade nickel sulfate was 35,000 tons, representing a month-on-month increase of 9.4% and a year-on-year increase of 11.5% [4] - The production of primary raw material products was 32,000 tons, with a month-on-month increase of 8% and a year-on-year increase of 10.8%, accounting for approximately 92.8% of the total [4] - Due to the "export rush" and pre-holiday stockpiling, the demand for nickel sulfate from the ternary industry chain significantly increased [4] - In February, production is expected to decline to around 32,000 tons due to holiday-related reductions in effective working days and prior demand being concentrated [4]