[SMM Nickel Sulphate Daily Review] On September 22, market transactions were sluggish ahead of the holiday, and nickel sulphate prices declined slightly.

On September 22, the SMM average price of battery-grade nickel sulphate edged lower.

Cost side, expectations for production cuts driven by water shortages in Indonesia spurred a slight rebound in nickel prices, lifting the spot production cost of nickel sulphate; supply side, some producers held relatively high inventory levels and sought to cut production to destock, with overall supply edging lower; demand side, ahead of the holiday, some downstream enterprises paused spot purchases and continued to rely mainly on long-term contracts, showing relatively low acceptance of nickel salt prices. Today, the Willingness to Sell Sentiment Factor for upstream nickel salt smelters was 2.1, the purchasing sentiment factor for downstream precursor plants was 2.1, and the sentiment factor for integrated enterprises was 2.2 (historical data can be accessed via the database).

Looking ahead, hindered transportation during the Mid-Autumn Festival and National Day period is expected to keep spot order market activity subdued in the short term, with nickel sulphate prices under overall pressure.

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