China: Although Nickel prices began to decline during March, they eventually stopped towards the end of the month due to supportive macroeconomic factors and strong fundamentals. The import window remained closed, resulting in limited customs clearance of pure Nickel.

Despite this, there was an increase in domestic refined Nickel output of almost 1.73% compared to February. On the demand side, despite bearish macro and fundamental factors, pure Nickel consumption in the alloy sector experienced a slight month-on-month rise due to the downward trend in Nickel prices.

In April, several electrowinning Nickel companies have delayed their production schedules due to shrinking profit margins caused by producing finished products with MHP or Nickel Sulphate. Despite the demand in March not fulfilling expectations, downstream companies remain optimistic about consumption in April. Alloy companies may be more inclined to produce, consequently boosting the demand for Nickel plate.

It has been reported that there may be a slight increase in Stainless-Steel output for the month of April. The profits for 300-series Stainless-Steel have shown some improvement in early April, which can be attributed to the acceptable orders received by state-owned Stainless-Steel mills. In fact, some mills have even increased their production. Consequently, it is expected that there will be a growth in the overall output of 300-series Stainless-Steel for the month of April.

In April, we can expect that the demand for pure Nickel will rise alongside the recovery of downstream industries. As a result, it is unlikely that the price of pure Nickel will experience a significant drop.

Additionally, the electrowinning Nickel projects that were previously postponed will help to further stabilize the market. However, it's worth noting that as electrowinning Nickel output continues to increase, there may be room for further declines in the price of Nickel in the future.