[SMM Nickel Sulphate Daily Review] June 18: Transaction Sentiment Was Mediocre and Nickel Salt Prices Slightly Declined

On June 18, SMM’s average battery-grade nickel sulphate price edged down slightly.

Cost side, yesterday’s speech by Waller sent hawkish signals, causing the overall nonferrous metals complex to pull back under pressure; immediate costs for nickel sulphate production decreased. Supply side, tight supply of intermediate products persisted, with MHP payables and auxiliary materials such as sulphuric acid prices staying high, while nickel salt smelters held offers firm. Demand side, entering the mid-year period, downstream restocking sentiment was weak, and coupled with relatively soft nickel prices, acceptance of nickel salt prices remained relatively low. Today, the Willingness to Sell Sentiment Factor for upstream nickel salt smelters stands at 1.8, the procurement sentiment factor for downstream precursor plants at 2.5, and the sentiment factor for integrated enterprises at 2.4 (historical data can be accessed by logging into the database).

Looking ahead, the tightness in raw material supply is expected to persist, and nickel sulphate prices are likely to hold up well in the near term, though attention should be paid to how nickel prices affect cost support.

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