[SMM Daily Review of Nickel Sulphate] June 25, 2024: Nickel salt prices remain stable

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On June 25, the SMM index price for battery-grade nickel sulphate was 27,200 yuan/mt, with a quotation range of 27,200-27,600 yuan/mt for battery-grade nickel sulphate. The average price remained stable compared to the previous day.

On the cost side, influenced 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 declining. 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 an impact on sentiment in the nickel sulphate market, but downstream demand remains relatively weak.

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

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