SMM Nickel Sulphate Daily Review: March 26, Precursor Plant Price Acceptance Rises

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On March 26, the SMM battery-grade nickel sulphate index price was 27,991 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,960-28,500 yuan/mt, and the average price remained stable compared to the previous day.

Cost side, the MHP market circulation remains tight, with most traders' inventories nearing depletion. Recently, the MHP transaction coefficient has shown an upward trend, with no downward momentum in the short term. In terms of nickel sulphate auxiliary materials, the rise in sulphuric acid prices has driven an increase in MHP costs. Supply side, affected by the rising MHP prices, some nickel salt smelters have limited acceptance and have not completed MHP stockpiling for Q2, leading to expectations for production cuts. Nickel salt smelter inventories remain at low levels, and the market circulation of nickel salt is significantly tight, resulting in a strong sentiment among nickel salt smelters to stand firm on quotes. Demand side, this week, as a traditional procurement period, precursor plants will focus on stockpiling, increasing their acceptance of nickel sulphate prices. Some refined nickel plants also have a demand for externally purchased nickel sulphate, further exacerbating the tight situation of nickel salt. Currently, buyers and sellers are still in a price negotiation phase, and nickel sulphate prices are expected to have upside room in the short term.

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