[SMM Nickel Sulphate Daily Review] January 22: Nickel Salt Prices Rise

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On January 22, the SMM battery-grade nickel sulphate index price was 26,568 yuan/mt, with the quotation range for battery-grade nickel sulphate at 26,380-27,020 yuan/mt, and the average price increased compared to yesterday.

Cost side, LME nickel prices fluctuated around $16,000 today, providing strong 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 their nickel salt restocking for January, with only a small portion still requiring restocking. Spot order market activity remained weak. Supply side, finished product inventories at salt plants are critically low, leading to tight supply. Overall, under the scenario of tight supply and rising costs, there is still room for price increases.

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