[SMM Nickel Sulphate Daily Review] March 19: Low In-Plant Inventory at Nickel Salt Smelters

Published: Mar 19, 2025 15:46 (GMT+8)

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On March 19, the SMM battery-grade nickel sulphate index price was 27,867 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,800-28,400 yuan/mt, and the average price remained unchanged from the previous day.

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Cost side, this week, some traders raised the pricing coefficient of cobalt in MHP by approximately 5 points. The MHP coefficient remained at a high level, and currently, there appears to be insufficient downward momentum for raw material coefficients throughout Q2. LME nickel prices declined slightly compared to the previous day, leading to a slight weakening in cost support for nickel salt smelters. However, sentiment to stand firm on quotes among smelters persisted and has not yet been transmitted to the nickel salt market. Demand side, affected by fluctuations in the cobalt market, the procurement pace of precursor plants slowed, though some still exhibited stocking demand due to rigid needs. Supply side, raw material prices fluctuated at high levels, and the sentiment to stand firm on quotes spread among nickel salt smelters. Nickel salt smelters maintained low inventory levels, and the market circulation of nickel salt tightened. Comprehensive analysis suggests that considering the existing market demand, low inventory levels, and the sentiment to stand firm on quotes among nickel salt smelters, nickel salt prices are expected to have further upward potential in the short term.

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