[SMM Nickel Sulphate Daily Review] March 6: Sentiment to Stand Firm on Quotes at Nickel Salt Smelters Continues to Strengthen

》View SMM Nickel Quotations, Data, and Market Analysis

On March 6, the SMM battery-grade nickel sulphate index price was 26,916 yuan/mt, with the quotation range for battery-grade nickel sulphate at 26,840-27,560 yuan/mt. The average price increased compared to the previous day.

Cost side, recent LME nickel prices rose to $16,005. Meanwhile, the decision by Congo to suspend cobalt exports led to a significant increase in cobalt prices, further driving up the cobalt coefficient in MHP. Additionally, MHP sellers showed strong sentiment to stand firm on quotes, with the MHP coefficient continuing to rise, and some traders have stopped quoting. Nickel sulphate costs are expected to have further room for growth. Demand side, last week, due to the significant rise in cobalt sulphate prices, precursor plants suspended quotations for precursors, leading to cautious raw material procurement. This slowed the procurement pace of nickel salts by precursor plants during traditional procurement periods, despite the current high inventory demand. Supply side, influenced by rising raw material procurement prices, nickel salt producers showed stronger sentiment to stand firm on quotes. Comprehensive analysis suggests that considering the existing market demand and the cost-driven sentiment to stand firm on quotes among nickel salt smelters, nickel salt prices are expected to rise further in the short term.

》View SMM Nickel Products Spot Quotations

》Subscribe to View Historical Price Trends of SMM Metal Spot

【For more content, subscribe to SMM Nickel Research Group products, including "China Nickel-Chrome-Stainless Steel Industry Chain Regular Report" and "China Nickel-Chrome-Stainless Steel Industry Chain High-End Report," to access the latest data analysis and market insights on nickel ore, NPI (China + Indonesia), refined nickel, nickel sulphate, chrome ore, ferrochrome, and stainless steel (China + Indonesia)!】

》Click to Subscribe to the SMM China Nickel Industry Chain Annual Report for Comprehensive and In-Depth Industry Chain Data, Survey Information, and SMM Professional Analysis