Downstream purchasing demand and high costs led nickel sulphate smelters to hold firm prices [SMM Nickel Sulphate Daily Review]

On May 6, SMM battery-grade nickel sulphate index price was 30,535 yuan/mt, up 28 yuan/mt from the previous working day. The battery-grade nickel sulphate price was 30,400-31,000 yuan/mt, with average prices up 50 yuan/mt from the previous working day. Nickel sulphate supply tightness continued. Precursor makers purchased nickel sulphate for rigid demand in May, with the transaction done at the lower end of the price range or average price. Affected by strong performance of nickel prices after the holiday, the costs of nickel sulphate raw materials rose significantly. The active demand for nickel sulphate from precursor makers led smelters to hold firm prices when they were facing losses.