Nickel sulfate prices in China to move up
2024-03-08 11:28:21 [Print]
BEIJING (Asian Metal) 8 Mar 24 - Given supply shortage of nickel hydroxide, the raw material for producing nickel sulfate, nickel sulfate producers show strong intention to raise prices. This Thursday, mainstream prices of Chinese battery grade nickel sulfate Ni 22%min, Co 0.4%max stood at RMB29,000-29,500/t (USD4,031-4,101/t) delivered D/A, up by RMB500/t (USD69.50/t) from last Friday. In view of limited supply but growing downstream demand on the current battery grade nickel sulfate market, insiders believe that prices of Chinese battery grade nickel sulfate would move up in the coming week.
A producer in Central China revealed that now precursor producers are active in replenishing raw materials and his targeted sales orders for March have all been contracted, and he even refused some orders while normally he would not refuse clients offering reasonable purchase prices. "This Thursday we provided no quotations for battery grade nickel sulfate, and if there were clients enquiring, we would not sell at below RMB29,000/t (USD4,031/t) delivered D/A, while last Friday we could accept prices as low as RMB28,500/t (USD3,962/t) delivered D/A. We concluded no deals this week and last sold 450t at RMB28,600/t (USD3,976/t) delivered D/A on March 2," the producer stated, believing that prices of Chinese battery grade nickel sulfate would go up in the coming week given tight supply but strong demand for the material at present.
With an annual production capacity of 36,000t of nickel sulfate, the producer produced about 3,200t in 2023, expecting to produce 1,350t this month, compared with about 360t last month. He holds no stocks at the moment.
Another producer in Central China revealed that, owing to strong demand for battery grade nickel sulfate now, he has contracted all his targeted sales orders for March and will accept new orders, while in late January he still held a large volume of stocks. "This Thursday we quoted battery grade nickel sulfate at RMB30,000/t (USD4,170/t) delivered D/A, while last Friday we could accept RMB28,500/t (USD3,962/t) delivered D/A. We concluded no deals this week and sold 100t at RMB28,000/t (USD3,892/t) delivered D/A on March 1," the producer stated. Considering that now the battery grade nickel sulfate market sees supply shortage but downstream clients are active in making replenishments, he believed that prices of Chinese battery grade nickel sulfate would go up in the coming week.
With an annual production capacity of 27,000t of nickel sulfate, the producer produced about 10,800t in 2023, expecting to produce 900t this month, compared with about 450t last month. He holds no stocks at the moment.
A producer in Central China revealed that now precursor producers are active in replenishing raw materials and his targeted sales orders for March have all been contracted, and he even refused some orders while normally he would not refuse clients offering reasonable purchase prices. "This Thursday we provided no quotations for battery grade nickel sulfate, and if there were clients enquiring, we would not sell at below RMB29,000/t (USD4,031/t) delivered D/A, while last Friday we could accept prices as low as RMB28,500/t (USD3,962/t) delivered D/A. We concluded no deals this week and last sold 450t at RMB28,600/t (USD3,976/t) delivered D/A on March 2," the producer stated, believing that prices of Chinese battery grade nickel sulfate would go up in the coming week given tight supply but strong demand for the material at present.
With an annual production capacity of 36,000t of nickel sulfate, the producer produced about 3,200t in 2023, expecting to produce 1,350t this month, compared with about 360t last month. He holds no stocks at the moment.
Another producer in Central China revealed that, owing to strong demand for battery grade nickel sulfate now, he has contracted all his targeted sales orders for March and will accept new orders, while in late January he still held a large volume of stocks. "This Thursday we quoted battery grade nickel sulfate at RMB30,000/t (USD4,170/t) delivered D/A, while last Friday we could accept RMB28,500/t (USD3,962/t) delivered D/A. We concluded no deals this week and sold 100t at RMB28,000/t (USD3,892/t) delivered D/A on March 1," the producer stated. Considering that now the battery grade nickel sulfate market sees supply shortage but downstream clients are active in making replenishments, he believed that prices of Chinese battery grade nickel sulfate would go up in the coming week.
With an annual production capacity of 27,000t of nickel sulfate, the producer produced about 10,800t in 2023, expecting to produce 900t this month, compared with about 450t last month. He holds no stocks at the moment.
