Weekly Nickel Sulphate Market Review and Forecast

SHANGHAI, May 22 (SMM) - The SMM battery-grade nickel sulphate index stood at 33,160 yuan/mt as of last Friday, up 97 yuan/mt from a week ago. The rapid rise in lithium prices boosted the purchasing sentiment of downstream companies. Due to output cuts or shutdowns in April-May, supply in the market has decreased. On the demand side, the operating rates of ternary precursor plants increased slightly compared with last month, and some resumed production. Buyers and sellers were in a back-and-forth negotiations. Relatively low inventories and high costs left nickel sulphate producers unwilling to sell at lower prices. Battery-grade nickel sulphate prices are expected to move between 33,000-34,000 yuan/mt this week.