【SMM Nickel Sulphate Daily Review】May 6 Nickel sulphate prices rose slightly

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On May 6, the SMM index price for battery-grade nickel sulphate was 27,824 yuan/mt, with a quotation range of 27,830-28,340 yuan/mt, and the average price rose slightly WoW.

Cost side, in April, the production of MHP in Indonesia was significantly impacted by floods, leading to a supply-demand gap and keeping its coefficient firm at highs. Overall, MHP costs provided strong support. Supply side, some nickel salt smelters had limited quantities available for external sale in the remaining days of May, resulting in firm quotations. Some nickel salt smelters, due to incomplete raw material stocking, had expectations for production cuts. Additionally, with raw material prices fluctuating at highs, this further supported firm pricing. Demand side, this week, being a non-traditional procurement phase, some precursor plants had already stocked up on inventories for over half a month, resulting in low procurement activity. Looking ahead, based on fundamental factors such as tight raw material supply, stable cost support, and downstream demand dependence, nickel salt prices are expected to show a mild upward trend in the short term.

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