[SMM Nickel Sulphate Daily Review] Precursor Producers' Price Acceptance Increased on March 25

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On March 25, the SMM battery-grade nickel sulphate index price was 27,989 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,960-28,500 yuan/mt. The average price rose slightly compared to yesterday.

Cost side, the MHP market circulation remains tight, with most traders' inventories nearing depletion. Recently, the MHP transaction coefficient has been on an upward trend, with no downward momentum in the short term. In terms of auxiliary materials for nickel sulphate, the rise in sulphuric acid prices has driven up MHP costs. Supply side, affected by rising MHP prices, some nickel salt smelters have limited acceptance, not yet completing Q2 MHP stockpiling, leading to expectations for production cuts. Nickel salt smelter inventory remains at a low level, with a significant shortage of nickel salt circulation in the market, resulting in a strong sentiment to stand firm on quotes. Demand side, as this week is a traditional procurement period, precursor manufacturers will stockpile, increasing their acceptance of nickel sulphate prices. Some refined nickel producers also have external purchase needs for nickel sulphate, further exacerbating the tight supply situation. Currently, buyers and sellers are still in a price negotiation phase, with nickel sulphate prices expected to have upside room in the short term.

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