Raw material side, this week lithium carbonate and nickel sulphate prices fluctuated, while cobalt sulphate prices continued to decline.

This week, second-life battery market prices remained flat. Cost side, lithium carbonate prices saw a notable decline, cobalt sulphate extended its weakness with persistent declines, and nickel sulphate prices were basically flat. Meanwhile, new battery cell prices were generally stable; ternary new battery cell prices remained stable, while LFP energy storage new battery cell prices edged up. Correspondingly, downgraded A- and B-grade battery cells, anchored by new cell prices, also stabilized. Dismantled battery cells, supported by previous high procurement costs and rigid dismantling costs, had entered a phase of stability; coupled with limited circulation of qualified low-priced supply, prices had little upside and downside room.

This week, ternary cathode precursor prices weakened somewhat, nickel sulphate and cobalt sulphate prices edged lower, while manganese sulphate prices remained stable.

Mid-Month Market Transactions Sluggish, Nickel Salt Prices Slightly Declined This Week As of this Thursday, the SMM average price of battery-grade nickel sulphate declined. Demand side, with it being mid-month and approaching the mid-report period, the downstream sector primarily consumed inventory, stockpiling sentiment was weak, and acceptance of nickel salt prices was relatively low. Supply side, as MHP payables and auxiliary material prices remained high, some producers faced elevated immediate costs, and nickel salt quoted prices stayed high. Looking ahead, expectations of tight nickel sulphate raw material supply have not yet improved, and attention must be paid to the cost support strength of nickel prices and intermediate products for nickel salt prices. Inventory side, this week the upstream nickel salt smelter inventory index declined from 8.7 days to 8.5 days, the downstream precursor plant inventory index slid from 11.2 days to 10.9 days, and the integrated enterprise inventory index rose from 6.8 days to 7.0 days. In terms of buying and selling strength, this week the upstream nickel salt smelter Willingness to Sell Sentiment Factor remained at 1.8, the downstream precursor plant procurement sentiment factor remained at 2.5, and the integrated enterprise sentiment factor remained at 2.4. (Historical data can be queried in the database.) Nickel prices rebounded somewhat, and nickel salt costs recovered. From the cost side, MHP raw material market circulation was tight. Affected by the combined impact of intermediate product production cuts caused by sulphur shortages and downstream ternary just-in-time procurement, MHP payables fluctuated at highs this week. On the nickel price front, the US-Iran situation released signals of reconciliation, market expectations of interest rate hikes faded somewhat, and the previously oversold nickel prices rebounded somewhat this week. Overall, for the week, nickel prices rebounded, MHP payables remained stable, and the immediate cost of nickel salt production rose WoW.

As of now, the FOB price of Indonesian MHP nickel is $16,326/mt Ni, and the FOB price of Indonesian MHP cobalt is $51,353/mt Co. The MHP payables (against SMM battery-grade nickel sulphate index) are 86-87, and the MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) is 95. The FOB price of Indonesian high-grade nickel matte is $16,412/mt Ni.

According to SMM data, on June 18, the SMM average battery-grade nickel sulphate price dropped by 50 yuan/mt from the previous day.