[SMM Nickel Sulphate Daily Review] April 3, Market Transactions Were Sluggish, and Nickel Salt Prices Declined Slightly

On April 3, the average price of SMM battery-grade nickel sulphate edged down slightly.

Cost side, uncertainty in the Middle East situation still persisted, nickel prices remained under pressure and in the doldrums, and the immediate production cost of nickel sulphate pulled back; Supply side, MHP payables and prices of auxiliary materials such as sulphuric acid rose recently, and nickel salt smelters lifted their offers somewhat due to higher costs; Demand side, some producers made inquiries recently, but as downstream orders pulled back somewhat and costs were difficult to pass through downward, acceptance of high-priced nickel salts was weak. Today, the upstream nickel salt smelters' Willingness to Sell Sentiment Factor was 1.8, the downstream precursor plants' purchasing sentiment factor was 2.6, and the integrated enterprises' sentiment factor was 2.3 (historical data is available in the database).

Looking ahead, as it is a procurement period, attention should be paid to downstream demand and the extent of downward cost pass-through.

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