Weak demand and sluggish transactions lead to a decline in nickel salt prices this week
As of Friday this week, the SMM battery-grade nickel sulphate index price was 26,963 yuan/mt, with the quotation range for battery-grade nickel sulphate being 26,980-27,480 yuan/mt, and the average price declining WoW.
Demand side, some producers have restocking demands recently, and purchasing sentiment has slightly recovered compared to last week. However, due to not yet reaching the purchasing period, the overall market enthusiasm for buying goods remains low. As downstream demand has not significantly improved, the price acceptance of nickel salts by precursor plants has not significantly increased. Supply side, the overall inventory levels of nickel salt smelters are low, with limited available finished products. Coupled with the cost pressure from high-priced raw materials, some producers have a reluctance to budge on prices, but weak demand has resulted in fewer transactions. Looking ahead, based on the tight circulation of nickel sulphate in the market and the restocking demands of precursor plants, it is expected that nickel salt prices may slightly recover.
Nickel prices continue to weaken this week, with lower production costs for nickel salts
Cost side, purchasing sentiment in the raw material market has been weak this week, with coefficients remaining stable. Regarding nickel prices, the ongoing uncertainty surrounding global tariff policies in the US continued this week, and the latest CPI data rising disrupted market expectations for an interest rate cut, causing LME nickel prices to fluctuate downward. Throughout the week, nickel prices have generally weakened, and the immediate production costs of nickel sulphate have decreased. As of Friday this week, the profit margin using MHP was -0.1%, using crude slag was -2.8%, using nickel briquette was -2.5%, and using high-grade nickel matte was 3.8%.
