In April, the prices of battery-grade nickel sulphate extended the downward trend. The quotations of battery-grade nickel sulphate averaged 35,042-35,857 yuan/mt in April, down 3,143 yuan/mt from a month earlier. The supply of nickel salt became more ample, and the weak downstream demand failed to pick up noticeably.
Nickel sulphate producers thus began to slash output against high inventories and scarce orders. However, there was still an accumulation of 3,554 mt with Ni content in nickel sulphate inventories in the month. This, combined with a stock accumulation of 8,397 mt with Ni content in March, intensified nickel sulphate oversupply, when downstream buyers were keen to destock.
As a result, ample nickel sulphate supply and falling demand together lowered nickel sulphate prices.
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