Nickel Sulfate Prices Expect to Rise

On September 21, the SMM battery grade nickel sulfate index price was 32,003 yuan/ton, an increase of 474 yuan/ton from last Thursday. The battery grade nickel sulfate price was 32,000-32,500 yuan/ton, a lower price than last week. Thursday increased by 100 yuan/ton, and the high price increased by 500 yuan/ton from last Thursday. Nickel sulfate prices continued to rise this week. From the perspective of nickel salt manufacturers, the spot stocks of nickel salt manufacturers in August and September this week are still relatively tight, and the extent of production reduction in September currently seems to be greater than expected at the beginning of the month. Some companies are reluctant to sell under the bullish sentiment of nickel sulfate. On the precursor side, demand still exists and inquiries are active. However, as high-priced nickel sulfate is difficult to transmit to downstream, the profits of precursor companies continue to be squeezed, so the acceptance of high-priced nickel sulfate is still weak. On the electro-nickel side, as some companies are still worried about the tight supply of MHP and high matte nickel, which cannot be improved in the short term, the inquiry and transaction activity is still high. However, it is currently difficult to buy nickel sulfate in stock. The price difference between nickel sulfate and pure nickel has narrowed this week, but there is still a profit. Under the current shortage of nickel sulfate spot, the purchase behavior of nickel sulfate by the electro-nickel end has strengthened the fundamental support for nickel sulfate. The overall demand for precursors remains stable, but rigid purchases also provide strong support for fundamentals. From the cost side, the current tight supply of raw materials and expectations still exist, and the cost of raw materials remains high, which has played a strong supporting role in the price of nickel sulfate. The current price of nickel sulfate still has room to rise, and prices are expected to continue to rise this week.

Written by SMM Nickel Research, if you have any questions about the nickel market, please don't hesitate to talk with me Fancyli@smm.cn