[SMM Nickel Sulphate Daily Review] March 21, Market Transactions Were Sluggish, and Nickel Salt Prices Remained Stable

On March 21, the average SMM battery-grade nickel sulphate price remained stable.

Cost side, the strong US dollar and elevated oil prices triggered by tensions in the Middle East continued to affect the market, while nickel prices remained relatively stable with cost support, and the immediate production cost of nickel sulphate rebounded; Supply side, MHP payables have recently shown an upward trend, and nickel salt smelter quotations have been raised due to higher raw material costs; Demand side, some producers recently made purchases, but as downstream orders were still unclear and costs had not yet been passed on downstream, acceptance of high-priced nickel salt remained weak. Today, the upstream nickel salt smelter Willingness to Sell Sentiment Factor was 1.8, the downstream precursor plant procurement sentiment factor was 2.6, and the integrated enterprise sentiment factor was 2.3 (historical data is available in the database).

Looking ahead, as the monthly procurement period approaches, attention should be paid to downstream orders to determine the level of nickel salt demand.

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