[SMM Nickel Sulphate Daily Review] May 12, nickel sulphate prices remained stable

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On May 12, the SMM index price for battery-grade nickel sulphate was 27,863 yuan/mt, with a quotation range of 27,860-28,370 yuan/mt for battery-grade nickel sulphate, and the average price remained stable 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, some precursor plants had relatively sufficient inventory, resulting in low procurement activity. However, some precursor plants still had procurement needs in May and were expected to start inquiring about prices this week. 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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