[SMM Nickel Sulphate Daily Review] February 5: Nickel Salt Prices Remain Stable

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On February 5, the SMM battery-grade nickel sulphate index price was 26,576 yuan/mt, with the quotation range for battery-grade nickel sulphate at 26,380-27,040 yuan/mt, and the average price remained flat compared to pre-holiday levels.

Cost side, LME nickel prices continued to decline during the Chinese New Year but rebounded slightly to $15,395 due to favourable macro policies in the Philippines, weakening cost support. Demand side, precursor plants' February production schedule decreased by approximately 9% MoM, with overall demand remaining sluggish this month. Although work resumed today after the Chinese New Year, precursor plants have not yet started inquiries. Supply side, some nickel salt smelters have not resumed operations, and those that have resumed have not yet started quoting prices. As a result, the market remains relatively quiet. Additionally, as nickel salt smelters are still operating at a stage of full-cost losses, there is limited room for price reductions. Overall, under the dual weakness of supply and demand this month, prices are expected to remain stable in the near term.

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