Why is nickel chloride pricing stable while refined nickel metal prices fluctuate?

Why is nickel chloride pricing stable while refined nickel metal prices fluctuate?
Nickel chloride quotes in the Chinese market have remained notably stable through late March to late April, holding at 121 yuan/kg for anhydrous product and 197 yuan/kg for dihydrate, even as SMM 1# electrolytic nickel swung from roughly 135,000 to 145,550 yuan/ton. This divergence reflects the compound market's cost-plus pricing anchored to cobalt salt benchmarks, plus steady contract flows to electroplating and battery precursor customers. Spot availability is ample, and suppliers appear willing to absorb metal price swings rather than reprice daily. Downstream buyers in electroplating and catalyst sectors have not reported supply tightness, suggesting nickel chloride inventory buffers remain healthy. The key risk is if refined nickel sustains its late-April rebound, producers may eventually pass through higher feedstock costs, breaking the current price plateau.