For the Quarter Ending September 2025
North America
• In the United States, the Nickel Oxide Price Index rose quarter-over-quarter in Q3 2025, driven by increasing production costs.
• Nickel Oxide production costs increased, influenced by a 2.6% PPI rise in August 2025 and 3.0% CPI in September 2025.
• The Nickel Oxide demand outlook was mixed, with robust retail sales contrasting with weak industrial production.
• Nickel Oxide price forecast suggests continued elevation due to persistent inflationary pressures on input costs.
• US manufacturing production strengthened in July 2025 and inched up in August 2025, supporting some industrial demand.
• Overall industrial production showed very slow growth at 0.1% year-over-year in September 2025, dampening demand.
• Retail sales increased by 5.42% year-over-year in September 2025, indicating strong consumer-driven demand for end products.
• The unemployment rate of 4.3% in September 2025 supported consumer spending, but consumer confidence declined to 94.2.
Why did the price of Nickel Oxide change in September 2025 in North America?
• Rising producer input costs, indicated by a 2.6% PPI increase in August 2025, pressured Nickel Oxide prices upward.
• General inflation, with CPI up 3.0% year-over-year in September 2025, contributed to higher operational expenses.
• Mixed demand signals, including strong retail sales but weak industrial production, created market uncertainty.
Europe
• In Germany, the Nickel Oxide Price Index rose quarter-over-quarter in Q3 2025, driven by tight feedstock supply.
• Nickel Oxide production costs rose in September 2025 from elevated nickel feedstock and energy.
• Nickel Oxide demand dampened as Germany's industrial production contracted 1.0% in September 2025.
• Manufacturing Index contracted in Q3 2025, indicating slower industrial activity and demand.
• Consumer Price Index rose 2.4% year-over-year in September 2025, impacting producer operational costs.
• Producer Price Index fell 1.7% year-over-year in September 2025, easing manufacturing input costs.
• LME nickel stockpiles trended upward in Q3 2025, but regional European supply remained tight.
• Retail sales rose 0.2% year-over-year in September 2025, slightly supporting consumer demand.
• Unemployment at 6.3% and stable consumer confidence in September 2025 suggest cautious demand.
• The Nickel Oxide price forecast remains uncertain given mixed macroeconomic and supply-demand signals.
Why did the price of Nickel Oxide change in September 2025 in Europe?
• Nickel feedstock costs faced upward pressure in Europe due to tight supply in September 2025.
• Germany's industrial production contracted 1.0% in September 2025, dampening demand.
• The Manufacturing Index contracted in Q3 2025, signaling a broader industrial slowdown.
APAC
• In China, the Nickel Oxide Price Index rose quarter-over-quarter in Q3 2025, driven by higher nickel ore prices.
• Production costs faced upward pressure in Q3 2025 due to nickel ore supply constraints from the Philippines' rainy season.
• Demand from the electric vehicle battery sector strengthened in Q3 2025, with nickel deployment increasing in July 2025.
• New Energy Vehicle sales in China significantly increased year-on-year during the January-September 2025 period.
• China's industrial production expanded by 6.5% year-on-year in September 2025, supporting raw material demand.
• Retail sales grew 3.0% year-on-year in September 2025, indirectly supporting consumer-linked demand for Nickel Oxide.
• Negative Producer Price Index (-2.3%) and Consumer Price Index (-0.3%) in September 2025 indicated deflationary pressures.
• A 5.2% unemployment rate and subdued consumer confidence (89.6) in September 2025 tempered overall demand.
• Combined LME and SHFE nickel stocks continued an upward trend in Q3 2025, reflecting unabsorbed market supply.
Why did the price of Nickel Oxide change in September 2025 in APAC?
• Rising nickel ore prices and production costs in Q3 2025 exerted upward pressure on Nickel Oxide.
• Robust electric vehicle battery demand strengthened nickel consumption, despite a contracting Manufacturing Index.
• Persistent global oversupply and negative PPI (-2.3%) in September 2025 limited further price increases.
