Nickel Sulfate Price Expected to Remain Stable

Nickel sulfate: On September 27, the SMM battery grade nickel sulfate index price was 32,177 yuan/ton, an increase of 174 yuan/ton from last Thursday. The battery grade nickel sulfate price was 32,100-32,800 yuan/ton, a lower price than last week. Thursday increased by 100 yuan/ton, and the high price increased by 300 yuan/ton from last Thursday. Nickel sulfate prices rose slightly this week. Nickel salt manufacturers are worried that the current shortage of raw material supply may have an impact on nickel sulfate orders in October. The volume of nickel sulfate available for sale is low, and some companies are expected to reduce production in October. Therefore, salt factories have a strong price support mentality. On the precursor side, under the current situation where rigid demand still exists but the supply of nickel sulfate is tight, the maximum acceptable price for nickel sulfate has been increased. However, high-priced nickel sulfate is still difficult to transmit to downstream, and the profits of precursor companies continue to be squeezed. Therefore, the precursor side is still hesitant to accept high-priced nickel sulfate, with active inquiries and stable transactions. On the electro-nickel end, nickel prices fell. The price difference between nickel sulfate and pure nickel shrank again this week. Some companies on the electro-nickel end still have purchasing behavior, but overall, the purchasing pace has slowed down. From the cost side, the current tight supply of raw materials and expectations still exist, and the price of raw material coefficients remains high, which has played a strong supporting role in the price of nickel sulfate. Currently, the supply is tight, the demand for nickel sulfate from precursors remains stable, the procurement pace of nickel sulfate from the electro-nickel terminal has slowed down, and with strong support from the cost end, nickel sulfate remains stable. Fundamental support is weaker than last week but cost-side support still exists. The price of nickel sulfate is under upward pressure. It is expected that the price of nickel sulfate will remain stable after the holiday, with an operating range of 32100-32800.

Written by SMM Nickel Research, if you have any questions about the nickel market, please don't hesitate to talk with me Fancyli@smm.cn