[SMM Nickel Sulphate Daily Review] February 11: Trading Sluggish Ahead of Holiday, Nickel Salt Prices Remain Stable

On February 11, the SMM battery-grade nickel sulphate index price was 31,628 yuan/mt. The quotation range for battery-grade nickel sulphate was 31,400-32,500 yuan/mt, with the average price flat from the previous day.

Cost side, the Indonesian nickel mine quota (RKAB) policy was consistent with previous market expectations, boosting market sentiment. Nickel prices rose today, driving a rebound in the immediate production cost of nickel sulphate. Supply side, some producers suspended quotations as they approached shutdowns for the Chinese New Year holiday, with relatively weak shipment sentiment upstream. Demand side, some producers had already stocked up on raw materials for the holiday and showed weak acceptance of high-priced nickel salt. Today, the Willingness to Sell Sentiment Factor for upstream nickel salt smelters was 1.7, the Purchasing Sentiment Factor for downstream precursor plants was 2.3, and the Sentiment Factor for integrated enterprises was 2.3 (historical data can be queried by logging into the database).

Looking ahead, the market is expected to remain relatively stable before the holiday, with transactions likely to wait until after the holiday.

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