[SMM Daily Review of Nickel Sulphate] July 8: Nickel salt prices remained stable

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On July 8, the SMM battery-grade nickel sulphate index price stood at 27,209 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,200-27,620 yuan/mt, and the average price unchanged from the previous day.

Cost side, as the US global tariff deadline approaches, persistent risk aversion due to tariff uncertainties led to a further pullback in LME nickel prices. Overall, near-term costs for nickel salts may decline; supply side, some smelters intend to raise prices amid rising raw material costs, but weak buyer demand resulted in few transactions, keeping inventory and production schedules low; demand side, precursor manufacturers' purchasing enthusiasm remains subdued, with market watchfulness prevailing after completing stockpiling by month-end.

Looking ahead, despite persistent price-holding efforts by nickel salt smelters, nickel salt prices may stabilize at low levels due to falling production costs and weak downstream demand.

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