Platts launches daily European nickel sulfate assessments

Platts, part of S&P Global Commodity Insights, has launched daily European nickel sulfate in-warehouse Rotterdam assessments, effective Dec. 18, 2023.

The new IW Rotterdam assessments complement Platts established battery metals assessments in Asia and follow earlier additions of DDP China nickel sulfate and CIF North Asia mixed hydroxide precipitate (MHP), as well as the world-first launch of a global suite of daily black mass assessments.

The launch responds to growing demand from market participants for increased pricing information on nickel sulfate as the battery supply chain further develops in Europe. Nickel sulfate has become the preferred chemical feed in the production of cathode materials for lithium-ion batteries with a nickel-cobalt-manganese (NCM) chemistry. Higher nickel content in an NCM battery allows for greater energy density, which means the overall driving range of the electric vehicle that the battery is used in is higher.

For light-duty electric vehicles, high-nickel content NCM batteries are forecast to take a near-50% market share globally by 2030, according to S&P Global Mobility, and are expected to remain the leading battery chemistry in the Europe and US electric vehicle battery markets.

The new assessments reflect a daily differential over the prevailing exchange value for nickel metal and an all-in calculation representing the sum of the differential and the LME official cash price multiplied by the minimum nickel content. Assessment specifications are as follows:

All origins of nickel sulfate meeting these specifications will be taken into consideration, while other grades of nickel sulfate may be normalized to Platts base standards.

Platts European nickel sulfate assessments consider market information reported to Platts and published throughout the day, including firm bids and offers, transactions and indications, as well as any other data deemed relevant to the assessment process.

The daily assessments are timestamped to 4:30 pm London time.

Full description of the Platts assessments methodology can be found here: https://www.spglobal.com/commodityinsights/plattscontent/_assets/_files/en/our-methodology/methodology-specifications/platts-assessments-methodology-guide.pdf

The assessments are published on Platts Nonferrous Metals Alert pages, Platts Metals Daily, Platts Connect, Platts Market Center, and in the Platts price database under the symbols listed above.

The assessments are included on pages MTL8888 and PMA8888, and the monthly averages on pages PMA0663 and MTL0663, alongside Platts full suite of battery metals assessments. Publication of the monthly average assessments will commence on Jan. 31, 2024, following the first full month of publication of the daily spot assessment.

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