[SMM Daily Review of Nickel Sulphate] July 10: Nickel salt prices remained stable

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On July 10, the SMM battery-grade nickel sulphate index price stood at 27,227 yuan/mt, with a quotation range of 27,200-27,640 yuan/mt for battery-grade nickel sulphate, maintaining parity with yesterday's average price.

From the cost side, the US Fed's latest meeting failed to reach consensus on the global tariff impacts on the US economy, with macro policy uncertainty persisting, keeping LME nickel prices in the doldrums. Overall, immediate nickel salt costs may continue to hover at low levels. On the supply side, smelters' offers remained largely unchanged from yesterday, with some producers recently raising quotes, but weak buyer demand resulted in sparse transactions, keeping overall inventory and production schedules subdued. On the demand side, despite some producers showing procurement intentions recently, overall purchasing enthusiasm remains low, with buyers mostly adopting a wait-and-see approach after completing month-end stockpiling.

Looking ahead, while production costs are expected to pull back alongside weak downstream demand, and despite nickel salt smelters continuing to refuse to budge on prices, nickel sulphate prices are anticipated to remain stable at low levels in the short term.

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