[SMM Analysis] Nickel Salt Smelter Quotations Remain Firm This Week, Downstream Price Acceptance Rises

Published: Apr 30, 2025 15:45

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This week, the nickel salt smelter's quotes remained firm, and downstream price acceptance increased.

Nickel salt smelters maintained firm quotes this week, with downstream enterprises showing increased acceptance of prices.

As of Wednesday this week, the SMM index price for battery-grade nickel sulphate was 27,821 yuan/mt, with a quotation range of 27,820-28,340 yuan/mt for battery-grade nickel sulphate, and the average price remained stable WoW. From the supply side, the cost support for nickel salt smelters was strong due to the high coefficients of raw materials MHP and high-grade nickel matte, leading to firm quotes for nickel salts. Due to the excessively high prices of raw materials, some nickel salt smelters had insufficient raw material inventory, and it is expected that production cuts will occur in May. From the demand side, this week, due to the tightening of the circulation of nickel sulphate produced from low-cost recycled materials, nickel salt smelters' inquiry activity for nickel sulphate produced from primary materials significantly increased. Some nickel salt smelters raised their price acceptance for nickel salts. Looking ahead, based on fundamental factors such as tight raw material supply, stable cost support, and still strong downstream demand, it is expected that nickel salt prices will show a mild upward trend in the short term.

Nickel salt raw material costs remained high this week, with widespread sentiment among nickel salt smelters to stand firm on quotes.

Cost side, due to the reduction in supply from Indonesia, the transaction coefficient of MHP remained firm this week. In addition, the quotation coefficient for MHP orders in Q3 also increased. As the production of high-grade nickel matte is still in a state of loss, Indonesia's high-grade nickel matte projects have not yet resumed production. Some downstream enterprises are facing the issue of raw material shortages and have a recent demand to purchase high-grade nickel matte, which has driven up the coefficient of high-grade nickel matte this week. As of Friday this week, the profit margin using MHP was -1.8%, using crude slag was -0.9%, using nickel briquette was -2.0%, and using high-grade nickel matte was 1.8%.

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