SMM, 26 April:
Battery grade nickel sulfate premium to primary nickel (bean)
Price trend of Grade I Nickel (Bean)
The price of battery grade nickel sulfate is higher, and the premium trend of battery grade nickel sulfate over primary nickel (bean) tends to be stable. According to SMM data, the average premium of battery grade nickel sulfate to grade I nickel (bean) in April is 10736 yuan / metal ton.
When the premium of battery grade nickel sulfate to first grade nickel sulfate is 80000 yuan / metal ton, it can cover the processing fee of dissolving nickel bean to form liquid nickel sulfate. The economy of nickel bean autolysis nickel sulfate used in precursor factory is greater than that of direct purchase battery grade nickel sulfate. However, at present, many precursor factories do not choose to use nickel bean autolysis nickel sulfate. SMM believes that, on the one hand, because of considering the problem of capital flow, the purchase of nickel bean autolysis needs to be paid in advance, and the purchase of battery grade nickel sulfate can have account turnover; on the other hand, most precursor plants do not have their own acid solution production line and their geographical location is limited, if they choose to buy nickel bean autolysis, they need to find a substitute processing plant that conforms to the transportation distance of liquid nickel sulfate.
According to SMM research, the precursor plant in May orders have been reduced by the foreign epidemic, battery-grade nickel sulfate recent high prices or difficult to support, while the macro mood moderated nickel prices rebounded slightly, up and down resistance Shanghai nickel short-term will continue to shock, or difficult to fall sharply.
To sum up, the purchase of nickel bean autolytic nickel sulfate by the precursor factory in April is more economical than the purchase of battery grade nickel sulfate; SMM expects the premium of battery grade nickel sulfate to that of grade I nickel (bean) to be narrowed in May.
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