In October, the price inversion between nickel sulphate and refined nickel came to an end

Nickel sulphate prices rose in October while nickel prices fell, with battery-grade nickel sulphate at an average premium of 446 yuan/mt over nickel briquette, bringing the price inversion between the two to an end. High cost kept nickel sulphate price at highs, while nickel prices kept falling amid growing inventory.

In November, nickel sulphate prices will underperform due to poor demand, while downside room of nickel prices may be limited due to previous sharp drop and possible demand recovery. The price gap between the two may be maintained.