[SMM Nickel Sulphate Daily Review] March 4: Nickel Prices Continued to Fluctuate, Market Trading Was Relatively Light; Average Nickel Salt Prices Edged Down Slightly

On March 4, SMM’s average price for battery-grade nickel sulphate edged down slightly from the previous day.

Cost side, driven by risk-off sentiment triggered by the Middle East situation and a stronger US dollar, nickel prices fell further yesterday, pulling down the spot production cost of nickel sulphate; supply side, after the holiday, nickel salt smelters’ willingness to ship improved, and offers were lifted somewhat on expectations of potential increases in raw material costs; demand side, some producers had begun making inquiries and purchasing sentiment improved, but as cost pass-through to downstream remained slow, producers showed weak acceptance of high-priced nickel salts. Today, the upstream nickel salt smelters’ Willingness to Sell Sentiment Factor was 1.8, the downstream precursor plants’ purchasing sentiment factor was 2.7, and the integrated enterprises’ sentiment factor was 2.3 (historical data can be queried by logging into the database).

Looking ahead, post-holiday market buying and selling sentiment was expected to rebound, and attention should also be paid to the extent of support for nickel sulphate prices from nickel prices and intermediate product supply on the cost side.

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