[SMM Nickel Sulphate Daily Review] On June 11, downstream procurement sentiment was weak, and nickel salt prices declined somewhat.

On June 11, SMM’s average price for battery-grade nickel sulphate edged lower.

Cost side, expectations of rate hikes continued to weigh on base metals, while ongoing inventory buildup pressure in SHFE nickel drove nickel prices sharply lower, pulling down the spot production cost of nickel sulphate; supply side, the tight intermediate product supply pattern remained unchanged, MHP payables and prices of auxiliary materials such as sulphuric acid stayed high, and nickel salt smelters’ quotations stayed high; demand side, the procurement period had passed, downstream purchasing sentiment pulled back, and with nickel prices relatively weak, 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’ purchasing sentiment factor was 2.5, and the integrated enterprises’ sentiment factor was 2.4 (historical data can be queried by logging into the database).

Looking ahead, the tight raw material supply pattern is expected to continue, and nickel sulphate prices are expected to hold up well in the short term, but attention should be paid to the impact of nickel prices on cost support strength.

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