For the Quarter Ending December 2025
Nickel Sulfate Prices in North America
- In the United States, the Nickel Sulfate Price Index fell quarter-over-quarter in Q4 2025, driven by weakening nickel feedstock costs.
- Nickel feedstock costs generally weakened through October and November 2025, reaching a yearly low in mid-December 2025.
- United States tariff policies introduced downward pressure on LME nickel prices during Q4 2025, impacting production costs.
- United States electric vehicle sales declined significantly in Q4 2025, reducing a key demand driver for Nickel Sulfate.
- Global nickel inventories continued to accumulate throughout Q4 2025, contributing to overall market oversupply.
- Industrial production increased by 2.0% year-over-year in December 2025, supporting broader industrial chemical demand.
- Consumer Price Index rose 2.7% in December 2025, and Producer Price Index increased 3.0% in November 2025.
- Retail sales increased 3.3% year-over-year in November 2025, with consumer confidence at 89.1 in December 2025.
- The unemployment rate was 4.4% in December 2025, indicating a relatively strong labor market.
Why did the price of Nickel Sulfate change in December 2025 in North America?
- Weakening nickel feedstock costs through October and November 2025 reduced production expenses.
- Accumulating global nickel inventories and persistent oversupply exerted downward price pressure.
- United States electric vehicle sales declined significantly in Q4 2025, reducing key end-use demand.
Nickel Sulfate Prices in APAC
- In China, the Nickel Sulfate Price Index fell in Q4 2025, influenced by weak industrial demand. In China, the Nickel Sulfate Battery Grade Price in December 2025 stood at 3908 USD/MT.
- Nickel Sulfate production costs saw upward pressure in late December 2025 due to surging nickel feedstock.
- Downstream manufacturers curtailed raw material purchases in December 2025, implementing year-end inventory controls.
- China's Manufacturing Index expanded in December 2025, with Industrial Production increasing 5.2% year-on-year.
- Demand for Nickel Sulfate faced headwinds in December 2025 as EV sales decreased month-on-month.
- Overall Nickel Sulfate supply declined in October and December 2025, despite new capacities ramping up.
- China's Nickel Sulfate imports increased in December 2025, notably from Indonesia and South Korea.
- Subdued consumer demand was reflected by 0.8% CPI and 0.9% Retail Sales in December 2025.
- The urban unemployment rate remained stable at 5.1% in December 2025, indicating economic headwinds.
Why did the price of Nickel Sulfate change in December 2025 in APAC?
- Weak industrial demand, evidenced by a -1.9% Producer Price Index in December 2025, impacted prices.
- Downstream manufacturers curtailed purchases in December 2025 due to seasonal low demand and inventory controls.
- Nickel feedstock prices surged in late December 2025, creating upward pressure on production costs.
Nickel Sulfate Prices in Europe
- In Germany, the Nickel Sulfate Price Index fell quarter-over-quarter in Q4 2025, influenced by weakening nickel feedstock.
- Nickel Sulfate production costs saw mixed trends in Q4 2025, with feedstock weakening while energy costs strengthened.
- Demand for Nickel Sulfate from the EV battery sector strengthened in Q4 2025 across Europe.
- Global LME nickel inventories accumulated significantly in Q4 2025, contributing to an oversupplied market.
- Germany's Industrial Production remained stagnant at 0.0% year-on-year in October 2025, impacting industrial demand.
- The Producer Price Index (PPI) declined by 2.5% year-on-year in December 2025, indicating industrial deflationary pressures.
- Retail sales rose 1.8% year-on-year in December 2025, supporting consumer spending despite negative confidence (-12.0).
- New orders in German automotive manufacturing increased strongly in November 2025, boosting battery material demand.
- The low unemployment rate of 3.8% in December 2025 supported purchasing power amidst moderate CPI of 1.8%.
Why did the price of Nickel Sulfate change in December 2025 in Europe?
- Nickel feedstock prices weakened in Q4 2025, reducing a key input cost for Nickel Sulfate production.
- Global nickel inventories accumulated significantly in Q4 2025, contributing to an oversupplied market.
- The Producer Price Index declined by 2.5% in December 2025, reflecting broader industrial deflationary pressures.
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.
