[SMM Nickel Sulphate Daily Review] July 13, the market was quiet at the beginning of the month, with nickel salt prices holding steady.

On July 13, SMM’s battery-grade nickel sulphate average price held steady.

Cost side, with renewed uncertainty in the Strait of Hormuz, nonferrous metals were broadly under pressure, and spot production costs for nickel sulphate consolidated at lows; supply side, the tight supply of intermediate products persisted, with MHP payables and auxiliary material prices such as sulphuric acid remaining elevated—some nickel salt smelters held expectations for production cuts, while others released low-cost inventory; demand side, as nickel prices plunged MoM and some downstream enterprises accumulated inventory, downstream restocking sentiment was subdued, with relatively low acceptance of nickel salt prices. Today, the Willingness to Sell Sentiment Factor for upstream nickel salt smelters stood 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 via the database).

Looking ahead, the stockpiling period in July is expected to shift to the latter part of the month, with attention needed on the impact of nickel prices and intermediate products on cost support.

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