[SMM Daily Review of Nickel Sulphate] July 23: Nickel salt prices remained stable

On July 23, the SMM battery-grade nickel sulphate index price stood at 26,989 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,000-27,500 yuan/mt, flat from the previous day.

Cost side, LME nickel prices rose slightly before stabilizing, pushing up the immediate production costs for nickel salts recently. Supply side, nickel salt smelters maintained low inventory levels with limited finished product availability, coupled with raw material cost pressures, prompting some producers to show reluctance to budge on prices. Demand side, some producers have restocking needs recently, leading to a recovery in purchasing sentiment, but overall market buying enthusiasm remains subdued as the restocking period has not fully commenced.

Looking ahead, precursor plants are approaching their restocking period, while the current nickel sulphate market faces tight spot cargo availability. Nickel sulphate prices are expected to rebound slightly.

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