Nickel Sulphate-Refined Nickel Price Inversion To Persist Into January  

In December, battery-grade nickel sulphate's premium over refined nickel (briquettes) fell to negative 5,218.18 yuan/mt. Weak demand drove a sharp price drop before stabilization. Refined nickel prices kept falling due to rising supply and stocks. Nickel sulphate's price decline outstripped nickel's, inverting the price relationship. SMM expects a small January rise in nickel sulphate prices due to better supply-demand balance and cost support. Yet, with refined nickel supply rising and demand staying weak, nickel prices could drop further, likely widening the price gap with nickel sulphate and maintaining the inversion trend.