Battery-grade nickel sulphate remained firm even as macro metal markets stayed range‑bound. Spot supply of Indonesian mixed‑hydroxide precipitate (MHP) tightened, pushing nickel payables to around 86–87% and cobalt to 68–70%. Traders pulled offers and raised fourth‑quarter indications, while sulphate producers reported low inventories and steady downstream restocking. With dovish macro‑policy expectations lending support and stockpiles of refined nickel still high, the near‑term tightness is largely upstream‑led. Rising feedstock payables could squeeze margins for nickel‑manganese‑cobalt (NMC) precursors unless cathode prices adjust.
Nickel sulphate (battery grade, China): The daily index hovered around ¥27,500 per tonne with quotations between ¥27,490 and ¥27,790. Producers held offers as spot material remained scarce and feedstock costs firmed, anticipating a rebound as month‑end restocking peaks.
Mixed Hydroxide Precipitate (Indonesia FOB): Prices rose to roughly US$12,701 per tonne of nickel and US$21,395 per tonne of cobalt. Payables climbed to 86–87% for nickel and 68–70% for cobalt as traders reported few offers and lifted fourth‑quarter quotes.
Rising MHP payables and firmer sulphate pricing suggest upstream pressure will continue into the autumn. This squeezes margins for NMC precursor producers unless cathode prices adjust or feedstock costs retreat. For traders and battery makers, securing MHP‑linked feedstock ahead of the fourth quarter could hedge against further tightening. Meanwhile, large inventories on the London Metal Exchange and Shanghai Futures Exchange may cap any explosive rally, keeping volatility concentrated in salts and intermediate products.
Lock in MHP‑linked feedstock: Buyers exposed to NMC precursors should secure supply contracts before payables rise further.
Monitor macro signals: Dovish interest‑rate expectations support metals, but high refined inventories could limit rallies.
Watch for cathode pricing shifts: If feedstock costs stay high, cathode producers may need to raise prices or accept narrower margins.