Souring losses pushed nickel sulphate to hold prices firm [SMM Nickel Sulphate Daily Review]

Published: May 21, 2024 14:35

Source: SMM

Save

On May 21, SMM battery-grade nickel sulphate index price was 32,004 yuan/mt, up 417 yuan/mt from the previous working day.

On May 21, SMM battery-grade nickel sulphate index price was 32,004 yuan/mt, up 417 yuan/mt from the previous working day. The battery-grade nickel sulphate price was 31,500-32,500 yuan/mt, with an average price increase of 400 yuan/mt from the previous working day. Nickel sulphate supply was constrained by current and expected shortage of raw materials, and finished product inventories remained at low levels. As raw material costs rose amid the high raw material discount coefficient and high nickel prices, nickel sulphate smelters suffered soaring losses, thereby they held prices strongly firm. Although demand weakened somewhat, downstream had to accept high-priced nickel sulphate as some precursor makers did not secure enough inventories. As a result, nickel sulphate prices rebounded. However, due to high nickel prices on Monday, the profit recovery was limited.

Market forecast

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

Data: SHFE, DCE market movement (Sep 17)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 17 Sep , 2026

1 hour ago

4 hours ago

SMM #1 Refined Nickel Price Up 2,200 Yuan/mt to 125,400 Yuan/mt on September 17

On September 17, the average price of SMM #1 refined nickel was 125,400 yuan/mt, up 2,200 yuan/mt from the previous trading day. In terms of spot premiums, the average premium for Jinchuan #1 refined nickel was 4,250 yuan/mt, up 400 yuan/mt from the previous trading day, while mainstream domestic brands of electrodeposited nickel ranged from 0 to 500 yuan/mt.

4 hours ago

5 hours ago

[SMM Nickel Flash News] Indonesia Update — September 17, 2026

Indonesian nickel ore CIF average prices edged down across the main grades: · 1.2% Ni: CIF average price at $27/wmt, unchanged · 1.4% Ni: CIF average price at $51.8/wmt, down $0.6/wmt · 1.5% Ni: CIF average price at $58.5/wmt, down $0.3/wmt · 1.6% Ni: CIF average price at $63.4/wmt, down $0.5/wmt The Indonesian nickel ore market remains in a wait-and-see period, with the market monitoring further RKAB approvals and potential quota adjustments. Meanwhile, Indonesia's Ministry of Energy and Mineral Resources (ESDM) has revised the nickel ore HPM formula under Kepmen ESDM No. 363.K/MB.01/MEM.B/2026, effective September 15. The revision mainly lowers the corrective factor for low-grade nickel ore, significantly reducing the HPM benchmark for low-grade limonite and bringing it closer to prevailing market prices. The revised formula puts the HPM for 1.2% Ni ore at around $24.89/wmt, down about 45% from the previous level. The government said the revision aims to make nickel ore feedstock more economical for smelters, while its impact will continue to be evaluated.

5 hours ago