[SMM Nickel Sulphate Daily Review] July 31: Downstream Purchasing Sentiment Weak, Nickel Sulphate Prices Dip Slightly

On July 31, the SMM average price of battery-grade nickel sulphate edged down slightly.

Cost side, yesterday's US Fed decision was in line with market expectations, nickel prices maintained a consolidation pattern, and the spot cost of nickel sulphate production rebounded recently; Supply side, the tight supply pattern of intermediate products remained unchanged, MHP payables and auxiliary material prices such as sulphuric acid were still at high levels, some salt smelters had expectations for production cuts, and in the face of rising nickel prices, some enterprises showed a willingness to hold prices firm; Demand side, although the month-end purchasing period had arrived, some downstream enterprises had certain term contract supply or inventory accumulation, the sentiment for stockpiling spot orders was weak, and the acceptance of nickel salt prices was relatively low. Today, the upstream nickel salt smelter's Willingness to Sell Sentiment Factor was 1.8, the downstream precursor plant's Purchasing Sentiment Factor was 2.6, and the integrated enterprise's Sentiment Factor was 2.5 (Historical data can be accessed by logging into the database).

Looking ahead, the short-term spot order market activity is expected to be weak, putting nickel sulphate prices under overall pressure.

[For more content, please subscribe to SMM Nickel Research Group products “China Nickel, Chrome, and Stainless Steel Industry Chain Regular Report” and “China Nickel, Chrome, and Stainless Steel Industry Chain High-End Report,” to obtain the latest nickel ore, NPI (China + Indonesia), refined nickel, nickel sulphate, chrome ore, ferrochrome, stainless steel (China + Indonesia) related data analysis and market analysis! ]