[SMM Nickel Sulphate Daily Review] August 3: Downstream procurement sentiment was weak, nickel sulphate prices edged lower

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

Cost side, easing news again emerged regarding the Middle East situation, nickel prices plunged sharply, and the spot production cost of nickel sulphate declined; Supply side, the tight supply pattern of intermediate product remained unchanged, MHP payables and prices of auxiliary materials such as sulphuric acid stayed at high levels, some nickel salt smelters had expectations for production cuts, and as nickel prices rebounded, some enterprises were willing to hold prices firm; Demand side, although the procurement period had arrived, some downstream enterprises had certain long-term contract supply or accumulated inventory, spot order restocking sentiment was relatively 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’ procurement sentiment factor was 2.6, and the integrated enterprises’ sentiment factor was 2.5 (historical data can be accessed by logging into the database).

Looking ahead, in the short term, spot order market activity was relatively weak, and nickel sulphate prices were under pressure overall.

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