[SMM Nickel Sulphate Daily Review] June 22: Market Trading Sentiment Mediocre, Nickel Salt Prices Declined Slightly

On June 22, SMM average battery-grade nickel sulphate prices declined.

Cost side, uncertainties surrounding US-Iran negotiations persisted, keeping the broader non-ferrous metals complex under pressure and in a volatile range, while spot production costs for nickel sulphate edged lower. Supply side, the tight supply of intermediate products remained unchanged, with MHP payables and auxiliary materials such as sulphuric acid continuing to stay high, and nickel salt smelters maintained firm quotations. Demand side, it was the mid-year period, the downstream stockpiling sentiment was relatively weak, and coupled with relatively soft nickel prices, the willingness to accept nickel salt prices was comparably low. Today, the willingness to sell sentiment factor for upstream nickel salt smelters was 1.8, the procurement sentiment factor for downstream precursor plants was 2.5, and the factor for integrated enterprises was 2.4 (historical data can be accessed by logging into the database).

Looking ahead, with the month-end procurement period approaching, the nickel sulphate market is expected to regain activity by month-end, though the impact of nickel prices on cost support strength warrants attention.

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