[SMM Nickel Sulphate Daily Review] January 20: Nickel Salt Prices Rise

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On January 20, the SMM battery-grade nickel sulphate index price was 26,534 yuan/mt, with the quotation range for battery-grade nickel sulphate at 26,310-26,990 yuan/mt, and the average price increased compared to yesterday.

Cost side, LME nickel prices rose today, widening cost support. Currently, the production of nickel sulphate from high-grade nickel matte and intermediate products is experiencing negative profit margins. Demand side, most precursor plants have completed nickel salt restocking for January, with a small portion still requiring restocking. Spot order market inquiries showed weak activity. This week, some precursor plants will sign February nickel sulphate monthly contracts. Supply side, finished product inventories at salt plants are critically low, leading to tight supply. Overall, under the pattern of tight supply and rising costs, there is still room for price increases.

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