[SMM Nickel Sulphate Daily Review] August 11: Spot order market trading was sluggish, and nickel sulphate prices remained stable.

On August 11, the average price of SMM battery-grade nickel sulphate edged down slightly.

Cost side, nickel prices consolidated on a weak note overall amid recurring news on Indonesian nickel ore quotas, lowering immediate production costs for nickel sulphate; supply side, the tight supply of intermediate product remained unchanged, MHP payables and prices of auxiliary materials like sulphuric acid stayed high, and some enterprises showed willingness to hold prices firm in response to the rebound in nickel prices; demand side, recently, some downstream enterprises relied mainly on long-term contracts for supply, sentiment for building spot order inventories was weak, and their acceptance of nickel salt prices was relatively low. On that day, the Willingness to Sell Sentiment Factor for upstream nickel salt smelters stood at 1.9, the procurement sentiment factor for downstream precursor plants was 2.4, and the sentiment factor for integrated enterprises was 2.4 (historical data can be accessed by logging into the database).

Looking ahead, in the short term, activity in the spot order market is likely to be weak, keeping overall nickel sulphate prices under pressure.

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