Nickel Salt Prices Rose This Week Amid Strong Sentiment to Stand Firm on Quotes Among Nickel Salt Smelters
As of Thursday this week, the SMM battery-grade nickel sulphate index price stood at 27,553 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,500-28,200 yuan/mt, showing a WoW increase in the average price. Supply side, LME nickel prices fluctuated at high levels this week, exacerbating the losses faced by nickel salt smelters, which further fueled their sentiment to stand firm on quotes. Currently, nickel salt smelters' inventory levels remain low, and market circulation is relatively limited. Some nickel salt smelters, under the pressure of losses, may consider production cuts. Demand side, some precursor plants have yet to complete their March restocking for rigid demand, indicating a continued need for restocking. However, due to rising raw material costs, precursor plants are facing significant losses, which have slowed their restocking pace. In summary, given the limited circulation in the nickel salt market and the price-raising sentiment driven by losses among nickel salt smelters, nickel sulphate prices are expected to continue rising next week.
