Monthly Nickel Market Report Dec 2023

1. Market Highlights 3
2. Economy and Policy 3
2.1 Nornickel raises global nickel surplus forecast for 2023 3
2.2 WBMS: Global nickel market in deficit of 5.9kt in Oct 3
3. Market Movement 3
3.1 Chinese Market Movements 3
3.1.Asian Metal Copyright6 Ferronickel 1.Asian Metal Copyright1 Chinese nickel cathode 99.96%min EXW China 3
3.1.Asian Metal Copyright1 Philippine lateritic nickel ore 1.Asian Metal Copyright2 Norilsk nickel cathode 99.96%min in port China 3
3.1.Asian Metal Copyright Relevant Industry Movements 14 7.Asian Metal Copyright3 Nickel sulfate Ni 22%min, Co 0.4%max delivered China 3
3.1.Asian Metal Copyright95% MoM in Nov 2023 9 6.Asian Metal Copyright4 Nickel sulfate Ni 22%min, Co 0.05%max EXW China 4
3.1.5 Ferronickel 10%min EXW China 4
3.1.Asian Metal Copyright2.Asian Metal Copyright6 Ferronickel 1.5%min EXW China 4
3.2 International Market Movements 4
3.2.Asian Metal Copyright2 Norilsk nickel cathode 99.Asian Metal Copyright1 Philippine lateritic nickel ore 1.3%min CIF China 4
3.2.Asian Metal Copyright2.Asian Metal Copyright2 Philippine lateritic nickel ore 1.8%min CIF China 5
4. Company News 5
4.1 Huaxin Cobalt formally produces first batch of nickel sulfate 5
4.2 Cobalt Blue updates mineral resources at Broken Hill cobalt-nickel project 5
4.3 Huayou Cobalt to invest in Indonesian MHP project 5
4.4 Yantai Cash cuts electrowinning nickel output 5
4.5 Daye Nonferrous Metals resumes crude nickel sulfate production 5
4.6 Beixin New Energy to suspend electroplating grade nickel sulfate production 5
4.7 Zhangjiagang United Copper suspends crude nickel sulfate production 5
4.8 Risbor New Energy cuts nickel sulfate output 6
4.9 Zhengxing Nonferrous to suspend nickel sulfate production 6
4.10 Golden Tiger Cobalt suspends nickel sulfate production 6
4.11 Jutai New Material resumes nickel sulfate production 6
4.12 Tangshan Kaiyuan cuts ferronickel output 6
5. Producers Statistics 6
5.1 Chinese refined nickel producers' operating rate records 73.62% in Dec 6
5.2 Chinese refined nickel producers' production up by 60.22% YOY in Dec 6
5.3 Chinese refined nickel producers' stocks down by 18.87% MOM in Dec 7
5.4 Chinese nickel sulfate producers' operation rate posts 44.16% in Dec 7
5.5 Chinese nickel sulfate producers' output down by 11.65% MOM in Dec 7
5.6 Chinese nickel sulfate producers' inventory up by 0.12% MOM in Dec 8
5.7 Chinese ferronickel producers' operating rate reports 45.60% in Nov 8
5.8 Chinese ferronickel producers' output down by 2.90% MOM in Dec 8
5.9 Chinese ferronickel producers' stocks up by 19.61% MOM in Dec 9
6. Import and Export Statistics 9
6.1 China's ferro-nickel import volume fell 24.95% MoM in Nov 2023 9
6.2 China's refined nickel (Co＞0.Asian Metal Copyright Economy and Policy 3 2.Asian Metal Copyright005%) import volume fell 63.27% YoY in Nov 2023 10
6.3 China's nickel sulphate import volume increased 206.03% YoY in Nov 2023 11
6.4 China's refined nickel (Co＞0.Asian Metal Copyright7 Philippine lateritic nickel ore 1.Asian Metal Copyright005%) export volume increased 333.98% YoY in Nov 2023 12
6.5 China's nickel concentrate import volume decreased 26.44% MoM in Nov 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 14


.Asian Metal Copyright2 Cobalt Blue updates mineral resources at Broken Hill cobalt-nickel project 5 4Asian Metal Copyright