[SMM Daily Review of Nickel Sulphate] May 29, nickel salt prices weakened

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On May 29, the SMM battery-grade nickel sulphate index price was 27,705 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,700-28,130 yuan/mt, and the average price weakened WoW.

On the cost side, LME nickel prices dropped back slightly to $15,125 today, weakening the cost support. Demand side, despite signs of a MoM recovery in nickel salt demand in June, overall demand remains in a sluggish phase. Affected by some raw material inventory and weak order demand, the inquiry and transaction activity of precursor companies for nickel salts were low during this week's traditional procurement period. Supply side, nickel salt producers had poor order signing performance for June this week, with some large nickel salt enterprises planning to conduct production shutdowns and maintenance in June. Given weak demand coupled with falling costs, some nickel salt producers have shown signs of loosening their quotations.

Looking ahead, considering the continued mediocre downstream demand and the weakened bargaining power of some buyers, nickel salt prices are expected to weaken further in the short term.

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