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On March 10, the SMM battery-grade nickel sulphate index price was 27,142 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,100-27,800 yuan/mt. The average price increased WoW.
Cost side, recent LME nickel prices rose to $16,435. Meanwhile, the decision by Congo to suspend cobalt exports led to a significant increase in cobalt prices, further driving up the cobalt coefficient in MHP. Additionally, MHP sellers showed strong sentiment to stand firm on quotes, pushing the MHP coefficient higher, with some traders halting quotations. Nickel sulphate costs are expected to continue rising. Demand side, last week, the significant increase in cobalt sulphate prices caused precursor plants to suspend quotations for precursors, making them cautious in raw material procurement. This slowed the procurement pace of nickel salts by precursor plants during traditional procurement periods, despite the current high inventory demand. Supply side, rising raw material procurement prices have strengthened the sentiment of nickel salt producers to stand firm on quotes. In summary, considering the ongoing demand in the market and the cost-driven sentiment to stand firm on quotes among nickel salt smelters, nickel salt prices are expected to rise further in the short term.
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