On May 23, the SMM battery-grade nickel sulfate index price was 32,389 RMB/ton, up 189 RMB/ton from the previous working day. The battery-grade nickel sulfate price was 32,000-32,500 RMB/ton, with an average price increase of 100 RMB/ton from the previous working day. The supply of nickel salts is constrained by the tightness of current and expected raw material availability, and finished product inventories remain at low levels. High raw material coefficients and high nickel prices have pushed up raw material costs, deepening the profit inversion for salt plants and leading to strong price support from these plants. Although demand has somewhat weakened, temporary restocking needs due to previous difficulties in inventory building by some precursor plants and increased orders have forced downstream buyers to accept high-priced nickel salts. Consequently, nickel salt prices have rebounded. However, due to the high opening price of nickel on Monday, the extent of profit recovery for salt plants has been limited.

Stainless Steel: On May 23, according to SMM research, stainless steel futures significantly plummeted, but spot prices rose rationally yesterday. Most traders and agents, to avoid risks, opted to halt trading, resulting in a sluggish market with high pressure on spot sales. Although futures prices still have a substantial premium, spot price increases have been weak. Supported by costs, the probability of a price drop is low, and in the short term, stainless steel spot prices are expected to remain stable. In the morning, 304 cold-rolled in Wuxi was quoted at 14,000-14,300 RMB/ton, 304 hot-rolled in Wuxi at 13,500-13,600 RMB/ton. 316L cold-rolled in Wuxi was quoted at 24,400-25,300 RMB/ton. 201J1 cold-rolled in Wuxi was quoted at 8,850-9,000 RMB/ton. 430 cold-rolled in Wuxi was quoted at 8,050-8,150 RMB/ton. At 10:30 AM SHFE, the SS2409 contract was priced at 14,155 RMB/ton, with Wuxi stainless steel spot premiums at 15-315 RMB/ton. (Spot shearing = rough edge + 170 RMB/ton).