- Japanese output grows on strong battery-grade demand
- Vale improves output q-o-q despite minor y-o-y decline
SteelDaily: Global nickel output exhibited a mixed performance in Q3CY’25, with major producers reporting varying results due to maintenance shutdowns, restructuring, and fluctuations in nickel pig iron (NPI) supply. While Japanese and some Western producers recorded stable to higher production, others saw sharp declines tied to operational disruptions.
Japanese producers: stable growth led by battery-grade nickel
Japan’s Sumitomo Metal Mining posted total nickel production of 22,900 tonnes (t), up 3.3% y-o-y, driven by stronger output of battery-grade nickel sulphate, which surged 20.9% m-o-m.
Its overseas NAC Nickel Project in the Philippines also performed strongly, with nickel-cobalt sulphide (MSP) production rising 17.8% y-o-y, reinforcing Japan’s expanding presence in EV-related nickel supply chains.
Sumitomo Corporation also improved refined nickel output at the Ambatovy project in Madagascar, with production rising 5.9% y-o-y to 9,000 t as operations stabilised post-maintenance.
Western miners: mixed results amid maintenance & restructuring
Brazil’s Vale produced 46,800 t of nickel in Q3, improving 15.9% q-o-q but declining slightly by 0.6% y-o-y. Its Long Harbour refinery hit a new production record, while maintenance at Copper Cliff offset gains. Vale also commissioned its second electric furnace at the Onça Puma site, raising annual capacity to 40,000 t.
Glencore reported 36,000 t, down 0.5% y-o-y, impacted by a furnace failure at INO (Canada) and planned shutdowns at Murrin Murrin (Australia). The company revised its 2025 output guidance to 70,000-72,000 t.
Anglo American saw the steepest decline, with Q3 nickel output falling 41.5% y-o-y to 10,100 t, following the spin-off of its South African nickel business into Valterra Platinum.
NPI output: strong gains at Weda Bay, weakness at ANTAM
France’s Eramet delivered one of the most notable performances in Q3CY’25, with NPI production at the Indonesian Weda Bay project rising 22.4% y-o-y to 18,600 t, reflecting consistent ramp-up momentum.
In contrast, Indonesian state-owned ANTAM recorded a 16.4% y-o-y fall in NPI output to 4,242 t. However, NPI sales surged 161% m-o-m due to strong export demand from China, South Korea, and India. Nickel ore production rose 10.6% y-o-y, with the company prioritising supply to domestic smelters and its upcoming integrated battery plant.
Outlook
Global nickel supply is expected to remain ample through CY’25, led by Indonesia’s sustained NPI expansion and improving output from key projects. However, operational constraints among Western miners and rising EV-grade demand may create regional supply tightness in refined and sulphate-grade nickel. A more balanced market is likely only if high-cost producers cut output or if demand for stainless steel and batteries strengthens in H1CY’26.
Note: This article has been published in accordance with a content exchange agreement between SteelDaily and BigMint.
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