Chinese nickel sulfate market sees declining demand
2024-03-21 11:56:00 [Print]
BEIJING (Asian Metal) 21 Mar 24 - Depressed by the continuous decline in nickel metal prices, the purchase enthusiasm of downstream electroplating grade nickel sulfate customers declined significantly this week. On Wednesday, mainstream prices for Chinese electroplating grade nickel sulfate Ni 22%min; Co 0.05%max stood at RMB34,000-34,500/t (USD4,724-4,794/t) delivered D/A, unchanged from Tuesday. Insiders reckoned that prices for electroplating grade nickel sulfate would keep firm in the coming week supported by the continuous increase in battery grade nickel sulfate price this week.
A producer in South China revealed that the purchase enthusiasm of their downstream customers declined obviously this week, and their sales volume this week decreased by about 10% compared with last week. "On Wednesday, we offered RMB35,000/t (USD4,863/t) delivered D/A for electroplating grade nickel sulfate and could accept a concession of RMB1,000/t (USD139/t) for regular customers who purchase large volumes of the material, the same as Tuesday. We sold 10t at RMB34,000/t (USD4,724/t) delivered D/A today and 2t at RMB35,000/t (USD4,863/t) delivered D/A yesterday," the source said, adding that the price of battery grade nickel sulfate keeps rising now, so prices for electroplating grade nickel sulfate in Chinese market might keep firm in the week to come.
With an annual production capacity of 12,000t of nickel sulfate, the company produced about 6,500t in 2023. They produced about 250t in February and expect to produce about 500t in March, holding about 100t of stocks now.
A producer in Northwest China reported that their downstream customers became significantly less interested in restocking this week decreased by the continuous decline in nickel metal price. They didn't close any deals until Wednesday this week, while they could close deal every day last week. "On Wednesday, we would not sell electroplating grade nickel sulfate at prices lower than RMB38,000/t (USD5,280/t) delivered D/A, unchanged from last Friday. We didn't close deals this week while sold 10t of Jinco nickel sulfate at RMB38,000/t (USD5,280/t) delivered D/A last Friday," the source said, adding that the price of battery nickel sulfate keeps increasing now because of the short supply of nickel hydroxide, so prices for Chinese electroplating grade nickel sulfate might keep firm in the following week.
With an annual production capacity of 20,000t, the company produced about 11,000t in 2023. Holding about 500t of stocks currently, they expect to produce about 9,000t in March, stable from Tuesday.
A producer in South China revealed that the purchase enthusiasm of their downstream customers declined obviously this week, and their sales volume this week decreased by about 10% compared with last week. "On Wednesday, we offered RMB35,000/t (USD4,863/t) delivered D/A for electroplating grade nickel sulfate and could accept a concession of RMB1,000/t (USD139/t) for regular customers who purchase large volumes of the material, the same as Tuesday. We sold 10t at RMB34,000/t (USD4,724/t) delivered D/A today and 2t at RMB35,000/t (USD4,863/t) delivered D/A yesterday," the source said, adding that the price of battery grade nickel sulfate keeps rising now, so prices for electroplating grade nickel sulfate in Chinese market might keep firm in the week to come.
With an annual production capacity of 12,000t of nickel sulfate, the company produced about 6,500t in 2023. They produced about 250t in February and expect to produce about 500t in March, holding about 100t of stocks now.
A producer in Northwest China reported that their downstream customers became significantly less interested in restocking this week decreased by the continuous decline in nickel metal price. They didn't close any deals until Wednesday this week, while they could close deal every day last week. "On Wednesday, we would not sell electroplating grade nickel sulfate at prices lower than RMB38,000/t (USD5,280/t) delivered D/A, unchanged from last Friday. We didn't close deals this week while sold 10t of Jinco nickel sulfate at RMB38,000/t (USD5,280/t) delivered D/A last Friday," the source said, adding that the price of battery nickel sulfate keeps increasing now because of the short supply of nickel hydroxide, so prices for Chinese electroplating grade nickel sulfate might keep firm in the following week.
With an annual production capacity of 20,000t, the company produced about 11,000t in 2023. Holding about 500t of stocks currently, they expect to produce about 9,000t in March, stable from Tuesday.
