On April 13, the SMM battery-grade nickel sulphate average price edged down slightly.
Cost side, the US-Iran negotiations failed to resolve Middle East tensions, nickel prices remained under pressure with volatile trading, and the spot production cost of nickel sulphate pulled back. Supply side, MHP payables and prices of auxiliary materials such as sulphuric acid rose recently, and nickel salt smelters raised their offers due to rising costs. Demand side, as downstream orders pulled back, costs were difficult to pass through to downstream, and overall downstream purchasing sentiment remained weak. Today, the upstream nickel salt smelter Willingness to Sell Sentiment Factor was 1.8, the downstream precursor plant purchasing sentiment factor was 2.5, and the integrated enterprise sentiment factor was 2.3 (historical data can be accessed via the database).
Looking ahead, as the market is currently at a procurement period, attention should be paid to downstream demand conditions and the strength of cost pass-through to downstream.
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