[SMM Daily Review of Nickel Sulphate] June 23 Nickel salt prices remained stable

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On June 23, the SMM index price for battery-grade nickel sulphate was 27,195 yuan/mt, with a quotation range of 27,200-27,600 yuan/mt for battery-grade nickel sulphate, and the average price remained stable WoW.

On the cost side, affected by the extension of the cobalt ban in the DRC, the demand for nickel from ternary materials was suppressed, driving LME nickel prices to continue to decline. Overall, the production cost of nickel salts decreased. Supply side, the extension of the cobalt ban fueled the reluctance to budge on prices among some nickel salt smelters, with some halting quotations. Demand side, some precursor plants raised their price acceptance for nickel salts, while most remained on the sidelines. Overall, the extension of the cobalt ban had an impact on sentiment in the nickel sulphate market, but downstream demand remained relatively weak.

Looking ahead, it is expected that sentiment will drive nickel salt prices higher, but the extent of the increase will still be limited by weak downstream demand.

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