[SMM Nickel Sulphate Daily Review] May 25: Weak Trading Sentiment, Nickel Salt Prices Held Steady

On May 25, the SMM battery-grade nickel sulphate average price remained stable.

Cost side, nickel prices remained under macro pressure and were in the doldrums recently, and the spot production cost of nickel sulphate held steady. Supply side, nickel prices, MHP payables, and auxiliary material prices such as sulphuric acid stayed high, and nickel salt smelter offers remained elevated. Demand side, as month-end approached, some downstream enterprises began stockpiling nickel sulphate for June, but as nickel prices continued to decline, their acceptance of nickel salt prices decreased. Today, the upstream nickel salt smelter Willingness to Sell Sentiment Factor was 2, the downstream precursor plant procurement sentiment factor was 2.7, and the integrated enterprise sentiment factor was 2.4 (historical data can be accessed by logging into the database).

Looking ahead, as it is currently the monthly procurement period, nickel sulphate prices are expected to hold up well in the short term, and subsequent attention should be paid to the cost support from nickel prices and intermediate products.

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