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On March 13, the SMM battery-grade nickel sulphate index price was 27,553 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,500-28,200 yuan/mt. The average price increased compared to the previous day.
Cost side, recent LME nickel prices fluctuated at high levels in the short term. Meanwhile, the decision by Congo to suspend cobalt exports caused a significant rise in cobalt prices, further driving up the cobalt coefficient in MHP. Additionally, MHP sellers showed strong sentiment to stand firm on quotes, leading to a continuous increase in the MHP coefficient, with some traders halting quotations. Nickel sulphate costs are expected to continue rising. Demand side, last week, due to the sharp increase in cobalt sulphate prices, precursor plants suspended quotations for precursors, making their raw material procurement more cautious. This slowed down the procurement pace of nickel salts by precursor plants during traditional procurement periods, though procurement demand still exists. Supply side, influenced by rising raw material procurement costs, nickel salt producers showed stronger sentiment to stand firm on quotes. Comprehensive analysis suggests that considering the existing market demand 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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