[SMM Nickel Sulphate Daily Comment] June 23: Downstream price acceptance was weak, and nickel salt prices declined somewhat.

On June 23, the average price of SMM battery-grade nickel sulphate edged down.

Cost side, uncertainties in US-Iran negotiations persisted, with the US dollar index rising today, keeping nonferrous metals under pressure and volatile overall, and driving the immediate cost of nickel sulphate production lower; supply side, the tight supply of intermediate products remained unchanged, with MHP payables and auxiliary material prices such as sulphuric acid staying high, and nickel salt smelter offers maintaining high levels; demand side, at the mid-year period, downstream stockpiling sentiment was weak, coupled with relatively weak nickel prices, resulting in relatively low tolerance for nickel salt prices. Today, the upstream nickel salt smelter Willingness to Sell Sentiment Factor was 1.8, the downstream precursor plant Willingness to Purchase Sentiment Factor was 2.5, and the integrated enterprise sentiment factor was 2.4 (historical data can be accessed via the database).

Looking ahead, approaching the month-end purchasing period, the nickel sulphate market is expected to gradually regain activity this week, but attention needs to be paid to the impact of nickel prices on cost support strength.

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