For the Quarter Ending September 2025
North America
• In the United States, the Nickel Sulfate Price Index fell in Q3 2025, driven by declining feedstock costs and global oversupply.
• Nickel Sulfate production costs eased in September 2025 due to declining nickel metal feedstock.
• Rising input costs for manufacturers, indicated by a 2.6% PPI increase in August 2025, impacted Nickel Sulfate production.
• Moderate inflation, with a 3.0% CPI in September 2025, increased energy and raw material costs for Nickel Sulfate.
• Surging US electric vehicle sales in Q3 2025 supported Nickel Sulfate demand, despite federal EV tax credit expiration.
• Strong consumer spending, with a 5.42% retail sales increase in September 2025, positively influenced Nickel Sulfate demand.
• Industrial production grew 0.1% in September 2025, indicating stagnation and weak demand for industrial Nickel Sulfate.
Why did the price of Nickel Sulfate change in September 2025 in North America?
• Nickel metal feedstock costs in North America declined, reducing a key input cost for Nickel Sulfate.
•Surplus in the supply and the demand ratio among the market participants resulted in the lower accumulation activities in Q3.
• Softening automotive and stainless-steel demand, plus expiring EV tax credits, pressured Nickel Sulfate prices.
APAC
• In China, the Nickel Sulfate Price Index fell quarter-over-quarter in Q3 2025, influenced by contracting manufacturing and persistent market surplus.
• Nickel Sulfate production costs faced pressure from nickel ore tightness due to Indonesian permit delays in 2025.
• China's industrial electricity cost reductions from July 2025 offered some relief to production expenses.
• The global nickel market experienced a persistent surplus throughout 2025, contributing to rising LME and SHFE stocks.
• China's Manufacturing Index contracted in September 2025, signaling reduced industrial activity and impacting demand.
• Industrial production grew 6.5% YoY in September 2025, but unemployment at 5.2% dampened consumer confidence.
• Retail sales grew 3.0% YoY in September 2025, supporting EV sectors, yet CPI declined by 0.3% YoY, indicating deflationary pressures.
• EV Battery Installations surged and New Energy Vehicle production maintained rapid growth in September 2025.
• The Producer Price Index declined by 2.3% YoY in September 2025, indicating weak downstream demand.
Why did the price of NICKEL SULFATE change in September 2025 in APAC?
• The Producer Price Index declined by 2.3% YoY in September 2025, indicating weak downstream demand.
• China's Manufacturing Index contracted in September 2025, signaling reduced industrial activity.
• Persistent global nickel market surplus and rising LME/SHFE stocks exerted downward price pressure.
Europe
• In Germany, the Nickel Sulfate Price Index fell in Q3 2025, influenced by contracting manufacturing and global nickel oversupply.
• Production costs for Nickel Sulfate declined in Q3 2025, as producer prices decreased -1.7% year-on-year.
• Nickel Sulfate demand faced headwinds from a -1.0% year-on-year decline in industrial production in September 2025.
• Automotive demand for electric vehicles strengthened in Germany during Q3 2025, supporting Nickel Sulfate consumption.
• Rising CPI of 2.4% year-on-year in September 2025 indicated higher operational costs for producers.
• Retail sales growth of 0.2% year-on-year in September 2025 suggested stable consumer spending, supporting EV sales.
• The stable 6.3% unemployment rate in September 2025 offered neutral support for consumer confidence and EV purchases.
• LME nickel stockpiles trended upwards through Q3 2025, contributing to global nickel market oversupply.
Why did the price of Nickel Sulfate change in September 2025 in Europe?
• Contracting Manufacturing Index in Q3 2025 reduced overall industrial demand for Nickel Sulfate.
• Producer prices decreased -1.7% year-on-year in September 2025, lowering Nickel Sulfate production costs.
• Global nickel market structural oversupply in Q3 2025 impacted Nickel Sulfate pricing.