[SMM Nickel Sulphate Daily Review] Sluggish Market Trading Before the Holiday on September 29, Nickel Sulphate Prices Declined

On September 29, the average price of SMM battery-grade nickel sulphate edged lower.

Cost side, US Treasury yields and oil prices both rose, rekindling macro rate hike pressure, nickel prices continued to weaken, and immediate production costs for nickel sulphate pulled back. Supply side, some producers held relatively high inventory levels and sought production cuts to destock, with overall supply edging lower. Demand side, some downstream enterprises still relied mainly on long-term contract supply, sentiment for building spot order inventory was weak, and acceptance of nickel salt prices was relatively low. Today, the Willingness to Sell Sentiment Factor for upstream nickel salt smelters was 2.1, the procurement sentiment factor for downstream precursor plants was 2.1, and the sentiment factor for integrated enterprises was 2.2 (historical data can be queried in the database).

Looking ahead, spot order market activity is expected to remain weak in the short term, and nickel sulphate prices are expected to stay under pressure overall.

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