Monthly Nickel Market Report Aug 2025

Content
1. Market Highlights 3
2. Economy and Policy 3
3. Market Movement 3
3.1 Chinese Market Movements 3
3.1.Asian Metal Copyright5 Chinese nickel sulfate producers' output down by approximately 8.Asian Metal Copyright1 Chinese nickel cathode 99.96%min EXW China 3
3.1.Asian Metal Copyright4 Nickel sulfate Ni 22%min, Co 0.Asian Metal Copyright2 Norilsk nickel cathode 99.96%min in port China 3
3.1.Asian Metal Copyright005% from top three countries in previous 13 months 9 Graph 35 China's import price of refined nickel Co＞0.Asian Metal Copyright3 Nickel sulfate Ni 22%min, Co 0.4%max delivered China 3
3.1.Asian Metal Copyright25% MoM in August 5 5.Asian Metal Copyright4 Nickel sulfate Ni 22%min, Co 0.05%max EXW China 3
3.1.5 Ferronickel 10%min EXW China 3
3.2 International Market Movements 4
3.2.Asian Metal Copyright1.Asian Metal Copyright1 Philippine lateritic nickel ore 1.5%min CIF China 4
4. Company News 4
5. Producers Statistics 4
5.1 Chinese refined nickel producers' operating rate records 82.87% in August 4
5.2 Chinese refined nickel producers' production up by about 0.54% MoM in August 5
5.3 Chinese refined nickel producers' stocks down by around 4.18% MoM in August 5
5.4 Chinese nickel sulfate producers' operating rate records 40.12% in July 5
5.5 Chinese nickel sulfate producers' output down by approximately 8.25% MoM in August 5
5.6 Chinese nickel sulfate producers' inventory down by about 39% MoM in August 6
5.7 Chinese ferronickel producers' operating rate reports 35.64% in August 6
5.8 Chinese ferronickel producers' output down by nearly 5.8% MoM in August 6
5.9 Chinese ferronickel producers' stocks down by roughly 80.9% MoM in late August 7
6. Import and Export Statistics 7
6.1 China's nickel concentrate import volume increased 43.63% YoY in Jul 2025 7
6.2 China's ferro-nickel import volume declined 19.73% MoM in Jul 2025 8
6.3 China's refined nickel (Co＞0.Asian Metal Copyright4%max from 0172025 to 3082026 Delivered China RMBt 3 Graph 4 Price trend of nickel sulfate Ni 22%min, Co 0.Asian Metal Copyright005%) export volume grew 57.62% MoM in Jul 2025 9
6.4 China's nickel sulphate import volume grew 27.63% MoM in Jul 2025 9
6.5 China's refined nickel (Co＞0.Asian Metal Copyright9% MoM in late August 7 6.Asian Metal Copyright005%) export volume grew 57.62% MoM in Jul 2025 10


Graph content

Graph 1 Price trend of nickel cathode 99.96%min from 01/7/2025 to 30/8/2026 (EXW China RMB/t) 3
Graph 2 Price trend of Norilsk nickel cathode 99.96%min in Chinese market from 01/7/2025 to 30/8/2026 (in port China RMB/t) 3
Graph 3 Price trend of nickel sulfate Ni 22%min, Co 0.4%max from 01/7/2025 to 30/8/2026 (Delivered China RMB/t) 3
Graph 4 Price trend of nickel sulfate Ni 22%min, Co 0.05%max from 01/7/2025 to 30/8/2026 (EXW China RMB/t) 3
Graph 5 Price trend of ferronickel 10%min from 01/7/2025 to 30/8/2026 (EXW China RMB/mtu) 4
Graph 6 Price trend of Philippine lateritic nickel ore 0.8%min from 01/7/2025 to 30/8/2026 (CIF China USD/t) 4
Graph 7 Price trend of Philippine lateritic nickel ore 1.3%min from 01/7/2025 to 30/8/2026 (CIF China USD/t) 4
Graph 8 Price trend of Philippine lateritic nickel ore 1.5%min from 01/7/2025 to 30/8/2026 (CIF China USD/t) 4
Graph 9 Chinese refined nickel producers' operating rate by month from August 2024 to August 2025 (%) 5
Graph 10 Chinese refined nickel producers' output by month from August 2024 to August 2025 (ton) 5
Graph 11 Chinese refined nickel producers' stocks by month from August 2024 to August 2025 (ton) 5
Graph 12 Chinese nickel sulfate producers' operating rate by month from August 2024 to August 2025 (%) 5
Graph 13 Chinese nickel sulfate producers' operating rate by province from August 2024 to August 2025 (%) 5
Graph 14 Chinese nickel sulfate producers' output by month from August 2024 to August 2025 (ton) 5
Graph 15 Chinese nickel sulfate producers' output by province from August 2024 to August 2025 (ton) 5
Graph 16 Chinese nickel sulfate producers' stocks by month from August 2024 to August 2025 (ton) 6
Graph 17 Chinese nickel sulfate producers' stocks by province from August 2024 to August 2025 (ton) 6
Graph 18 Chinese ferronickel producers' operating rate by month from August 2024 to August 2025 (%) 6
Graph 19 Chinese ferronickel producers' operating rate by province from August 2024 to August 2025 (%) 6
Graph 20 Chinese ferronickel producers' output by month from August 2024 to August 2025 (ton) 6
Graph 21 Chinese ferronickel producers' output by province from August 2024 to August 2025 (ton) 6
Graph 22 Chinese ferronickel producers' stocks by month from August 2024 to August 2025 (ton) 7
Graph 23 Chinese ferronickel producers' stocks by province from August 2024 to August 2025 (ton) 7
Graph 24 China's import volume of nickel concentrate in previous 13 months 7
Graph 25 China's import price of nickel concentrate in previous 13 months 7
Graph 26 China's import volume of nickel concentrate from top three countries in previous 13 months 7
Graph 27 China's import price of nickel concentrate from top three countries in previous 13 months 8
Graph 28 China's import volume of ferronickel in previous 13 months 8
Graph 29 China's import price of ferronickel in previous 13 months 8
Graph 30 China's import volume of ferronickel from top three countries in previous 13 months 8
Graph 31 China's import price of ferronickel from top three countries in previous 13 months 8
Graph 32 China's import volume of refined nickel (Co＞0.005%) in previous 13 months 9
Graph 33 China's import price of refined nickel (Co＞0.005%) in previous 13 months 9
Graph 34 China's import volume of refined nickel (Co＞0.005%) from top three countries in previous 13 months 9
Graph 35 China's import price of refined nickel (Co＞0.005%) from top three countries in previous 13 months 9
Graph 36 China's import volume of nickel sulfate in previous 13 months 10
Graph 37 China's import price of nickel sulfate in previous 13 months 10
Graph 38 China's import volume of nickel sulfate from top three countries in previous 13 months 10
Graph 39 China's import price of nickel sulfate from top three countries in previous 13 months 10
Graph 40 China's export volume of refined nickel (Co＞0.005%) in previous 13 months 10
Graph 41 China's export price of refined nickel (Co＞0.005%) in previous 13 months 11
Graph 42 China's export volume of refined nickel (Co＞0.005%) to top three countries in previous 13 months 11
Graph 43 China's export price of refined nickel (Co＞0.005%) to top three countries in previous 13 months 11
.Asian Metal Copyright4 Nickel sulfate Ni 22%min, Co 0Asian Metal Copyright