On May 23rd, The price of SMM battery grade nickel sulfate index is 32389 yuan/ton, an increase of 189 yuan/ton compared to the previous working day. The price of battery grade nickel sulfate is 32000-32500 yuan/ton, an average increase of 100 yuan/ton compared to the previous working day. The supply of nickel salts is limited by the current situation and expectations of raw materials, and finished product inventory remains at a low level. The combination of high raw material coefficients and high nickel prices has driven up raw material costs, forcing salt factories to deepen their profit inversion and triggering strong price hikes. Although the demand has weakened somewhat, it is constrained by the difficulties in building warehouses for some precursor factories in the early stage, and the temporary replenishment demand caused by order increments has forced downstream to accept high priced nickel salts. Therefore, nickel salt prices have rebounded. However, due to the high opening of nickel prices on Monday, the extent of profit recovery for salt plants is limited.