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LME nickel price hits sulphate prices","falling-lme-nickel-price-hits-sulphate-prices","article/falling-lme-nickel-price-hits-sulphate-prices",{"_uid":557,"date":558,"tags":559,"editor":566,"content":576,"excerpt":689,"featured":50,"reporter":690,"_editable":694,"component":695,"seo_title":553,"categories":696,"visibility":699,"author_company":49,"featured_image":700,"seo_description":689,"author_full_name":49,"author_job_title":49,"formattedDate":705,"formattedArticleDate":706},"4c9e8da0-9ba5-48ae-9661-54bcbce46964","2023-11-08 00:00",[560,563],{"slug":561,"name":562},"lme","LME",{"slug":564,"name":565},"nickel-prices","Nickel prices",[567],{"slug":568,"name":569,"content":570},"didi-bostock","Didi Bostock",{"job_title":571,"image":572,"bio":574,"linkedin":575},"Editor - Energy Transition & Economics",{"filename":573},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":577,"content":578},"doc",[579,586,601,606,611,616,621,634,639,644,651,656,661,666,671,676],{"type":580,"attrs":581,"content":582},"paragraph",{"textAlign":49},[583],{"text":584,"type":585},"Nickel sulphate prices in Asia fell to their lowest level in over two years at the end of October, as the nickel price on the London Metal Exchange (LME) reached its lowest monthly level since July 2021.","text",{"type":580,"attrs":587,"content":588},{"textAlign":49},[589,591,599],{"text":590,"type":585},"Average prices for nickel sulphate in the CIF Asian spot market declined 6.9% in October to $4,400 per tonne to reach their lowest level since May 2021, according to the ",{"text":592,"type":585,"marks":593},"Benchmark Nickel Price Assessment",[594],{"type":595,"attrs":596},"link",{"href":597,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://www.benchmarkminerals.com/price-assessments/nickel/portal/?tab=table","url",{"text":600,"type":585},". CIF Asian nickel sulphate prices are down 35% so far this year.",{"type":580,"attrs":602,"content":603},{"textAlign":49},[604],{"text":605,"type":585},"Chinese nickel sulphate prices have also fallen by 21% year-to-date to an average of RMB 31,350 ($4,295) per tonne in October. That’s around a $1,000 discount to the Shanghai Futures Exchange nickel price. ",{"type":580,"attrs":607,"content":608},{"textAlign":49},[609],{"text":610,"type":585},"The falling nickel price will put further pressure on nickel miners, who have faced weaker global steel demand this year, as well as a slower uptake of high nickel batteries in China. ",{"type":580,"attrs":612,"content":613},{"textAlign":49},[614],{"text":615,"type":585},"The price of nickel on the LME has fallen by almost 40% year-to-date to $17,905 a tonne. ",{"type":580,"attrs":617,"content":618},{"textAlign":49},[619],{"text":620,"type":585},"“There’s still a large oversupply in the nickel market with both stainless steel and NCM battery demand being weak at the minute,” said Spencer Ingall, an analyst with Benchmark.",{"type":580,"attrs":622,"content":623},{"textAlign":49},[624,626,632],{"text":625,"type":585},"China, ",{"text":627,"type":585,"marks":628},"the world’s leading electric vehicle market",[629],{"type":595,"attrs":630},{"href":631,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://source.benchmarkminerals.com/article/three-reasons-why-chinas-ev-market-is-still-strong",{"text":633,"type":585},", has rapidly adopted lower cost lithium iron phosphate (LFP) cathodes over NCM chemistries. ",{"type":580,"attrs":635,"content":636},{"textAlign":49},[637],{"text":638,"type":585},"Ingall said recent discussions with market participants in China suggest that NCM demand will continue to fall throughout the fourth quarter with about 5% to 10% month-over-month lower demand levels in November. This can be attributed to the growing share of LFP batteries and generally weak EV sales.",{"type":580,"attrs":640,"content":641},{"textAlign":49},[642],{"text":643,"type":585},"Amid weak demand for NCM cathode, Benchmark has also not seen evidence of any meaningful stockpiling by producers. ",{"type":645,"attrs":646,"content":648},"heading",{"level":647,"textAlign":49},4,[649],{"text":650,"type":585},"Indonesia ore crackdown",{"type":580,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":585},"Meanwhile, a crackdown on illegal mining in Indonesia, however, has tightened supply of nickel ore in recent months. ",{"type":580,"attrs":657,"content":658},{"textAlign":49},[659],{"text":660,"type":585},"In late October, French miner Eramet, reduced its nickel ore production targets for its Weda Bay mine in Indonesia, citing a slowdown in permit approvals.",{"type":580,"attrs":662,"content":663},{"textAlign":49},[664],{"text":665,"type":585},"Most of Indonesia’s nickel refining capacity addition is to produce mixed hydroxide precipitate (MHP), an intermediate nickel product that needs to be further processed into nickel sulphate for use in batteries. ",{"type":580,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":585},"Nickel MHP, CIF Asia payables to the LME were assessed in the range of 75-78% during October, representing a slight increase of half a percentage point m-o-m.",{"type":580,"attrs":672,"content":673},{"textAlign":49},[674],{"text":675,"type":585},"Still, although ore prices may increase, downstream prices will be largely unaffected as there is still an oversupply of nickel, according to Ingall.",{"type":580,"attrs":677,"content":678},{"textAlign":49},[679,681,687],{"text":680,"type":585},"Indonesia, the world’s largest nickel producer, is ramping up capacity both with new projects that are being planned and those that are coming online. According to the ",{"text":682,"type":585,"marks":683},"Benchmark Nickel Forecast",[684],{"type":595,"attrs":685},{"href":686,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://www.benchmarkminerals.com/forecasts/nickel/",{"text":688,"type":585},", refined supply in Indonesia is estimated to grow by 144% between 2022 and 2027.","Nickel sulphate prices in Asia fell to their lowest level in over two years at the end of October, as the nickel price on the London Metal Exchange (LME) reached its lowest monthly level since July 2021. Average prices for nickel sulphate in the CIF Asian spot market declined 6.9% in October to $4,400 per […]",[691],{"slug":568,"name":569,"content":692},{"job_title":571,"image":693,"bio":574,"linkedin":575},{"filename":573},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4c9e8da0-9ba5-48ae-9661-54bcbce46964\", \"id\": \"\"}-->","article",[697],{"slug":698,"name":150},"nickel","private",{"id":49,"alt":701,"name":701,"focus":701,"title":701,"source":701,"filename":702,"copyright":701,"fieldtype":703,"meta_data":704,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/5909955fe5/bm-sudbury-nickel-operations1-e1643820203892.jpg","asset",{"alt":701,"title":701,"source":701,"copyright":701},"Nov 08, 2023","8th November 2023",[],[],1792773908467]