有色金属海外季报：Eramet2025Q1镍矿产量同比增长3%至916.9万湿吨，Centenario工厂碳酸锂产量达到440吨

Investment Rating - The report recommends a positive outlook for the industry [5]. Core Insights - In Q1 2025, nickel ore production increased by 3% year-on-year to 9.169 million wet tons, while carbonated lithium production at the Centenario plant reached 440 tons [1][4]. - The nickel sales volume for Q1 2025 was limited to 5.399 million wet tons, reflecting a significant decrease compared to the previous quarter and year [2]. - The NPI production remained stable at 9,100 tons, with a year-on-year increase of 23% [3]. - The Centenario plant's lithium production is expected to reach its rated capacity by the end of 2025, despite some delays in equipment commissioning [4][14]. - Manganese ore production in Q1 2025 was 1.785 million tons, showing a 44% increase quarter-on-quarter, although it decreased by 7% year-on-year [7]. - The report highlights a strong demand for titanium iron ore, with production increasing by 13% year-on-year to 130,000 tons [9]. Summary by Sections Nickel - Nickel ore production for Q1 2025 was 9.169 million wet tons, a 3% increase year-on-year, but a 34% decrease quarter-on-quarter [1]. - The external sales volume of nickel ore was limited to 5.399 million wet tons, reflecting a 68% decrease from the previous quarter and an 11% decrease year-on-year [2]. - The average grade of nickel ore sold decreased significantly, impacting reference prices negatively, although a premium of nearly 50% was maintained due to limited domestic supply [2]. Lithium - The Centenario plant achieved its first lithium carbonate production in December 2024, with Q1 2025 production reaching 440 tons and a purity exceeding 99.5% [4][6]. - The plant is expected to reach its full design capacity once all equipment is operational, with a focus on improving the concentration process [14]. Manganese - Manganese ore and sinter production in Q1 2025 was 1.785 million tons, a 44% increase quarter-on-quarter but a 7% decrease year-on-year [7]. - The average cash cost for manganese ore was $2.4 per ton, reflecting a 7% increase year-on-year due to decreased sales volume [7]. Mineral Sands - Mineral sands production in Q1 2025 was 226,000 tons, a 4% increase quarter-on-quarter and a 23% increase year-on-year [9]. - Titanium iron ore production increased by 13% year-on-year to 130,000 tons, driven by strong demand from the US and China [9]. Financial Performance - The adjusted revenue for Q1 2025 was €742 million, remaining flat year-on-year, with negative effects from sales volume and product mix offset by positive price and currency effects [10]. 2025 Outlook - Nickel production and sales are expected to be limited to 32 million tons, with external sales targeted at 29 million tons [12]. - The lithium production target for 2025 is expected to be at the lower end of the guidance range due to delays in equipment commissioning [14]. - Manganese ore transport is projected between 6.7 million and 7.2 million tons for 2025, with cash costs expected to be at the upper end of the guidance range [15].