[SMM Nickel Sulphate Daily Review] On March 2, Cost Fluctuations Continued to Affect the Market and the Average Price of Nickel Salts Slightly Declined

On March 2, the average price of SMM battery-grade nickel sulphate declined slightly compared to yesterday.

Cost side, affected by the situation in the Middle East and its own weak fundamentals, nickel prices have declined, leading to a pullback in the immediate production costs of nickel sulphate. Supply side, the willingness to sell among nickel salt smelters has improved after the holiday, with quotes rising due to expectations of potential increases in raw material costs. Demand side, some producers have started purchasing raw materials for March, with improved sentiment in inquiries. However, due to the slow progress in passing costs downstream, producers' acceptance of high-priced nickel salts remains weak. Today, the Willingness to Sell Sentiment Factor for upstream nickel salt smelters is 1.8, the purchasing sentiment factor for downstream precursor plants is 2.7, and the sentiment factor for integrated enterprises is 2.3 (historical data can be accessed by logging into the database).

Looking ahead, purchasing and selling sentiment in the market is expected to rebound after the holiday. Attention should also be paid to the support of nickel prices and intermediate product supply for nickel sulphate prices from the cost side.

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