[SMM Nickel Sulphate Daily Review] February 7: Nickel Salt Prices Rise Slightly

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On February 6, the SMM battery-grade nickel sulphate index price was 26,596 yuan/mt, with the quotation range for battery-grade nickel sulphate between 26,400-27,080 yuan/mt. The average price slightly increased compared to the previous day.

Cost side, stimulated by macro policies in the Philippines, LME nickel prices rebounded to $15,825, gradually strengthening cost support. Demand side, some precursor plants have completed February inventory stockpiling, with some manufacturers holding inventory sufficient for immediate needs, though procurement demand still exists. Supply side, some nickel salt smelters have not yet resumed operations, while others that have resumed have started quoting and negotiating orders. Considering the current losses, nickel salt smelters have raised their quotations. Comprehensive analysis: Based on the sentiment to stand firm on quotes among smelters and the persistent procurement demand, prices are expected to strengthen slightly in the near term.

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