[SMM Nickel Sulphate Daily Review]July 8, Quiet Market at Beginning of Month, Nickel Salt Prices Declined.

On July 8, SMM battery-grade nickel sulphate average price edged down.

Cost side, nickel prices moved sideways, pressured by their own inventory and interest rate hike expectations, causing the spot production cost of nickel sulphate to consolidate at lows; supply side, the tight supply of intermediate products remained unchanged, with MHP payables and auxiliary materials like sulphuric acid prices still high; nickel salt smelters' offers stayed high, although some enterprises released low-cost inventory; demand side, as nickel prices sharply declined MoM, coupled with some downstream enterprises accumulating certain inventory, downstream stockpiling sentiment was weak, and acceptance of nickel salt prices was relatively low. Today, the upstream nickel salt smelters' Willingness to Sell Sentiment Factor was 1.8, the downstream precursor plants' Willingness to Purchase Sentiment Factor was 2.5, and the integrated enterprises' Sentiment Factor was 2.4 (historical data can be accessed in the database).

Looking ahead, the stockpiling period in July is expected to shift to late July, and attention should be paid to the impact of nickel prices and intermediate products on cost support.

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