[SMM Daily Review of Nickel Sulphate] June 24, nickel salt prices remained stable

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On June 24, the SMM battery-grade nickel sulphate index price was 27,200 yuan/mt, with a quotation range for battery-grade nickel sulphate of 27,200-27,600 yuan/mt, 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 in ternary materials was suppressed, driving LME nickel prices to continue to decline. Overall, the production cost of nickel salts has decreased. Supply side, the extension of the cobalt ban has fueled the reluctance to budge on prices among some nickel salt smelters, with some having already ceased quotations. Demand side, some precursor manufacturers have raised their price acceptance for nickel salts. Most precursor manufacturers are adopting a wait-and-see approach. Overall, the extension of the cobalt ban has had a certain impact on sentiment in the nickel sulphate market, but downstream demand remains relatively weak.

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

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