【SMM Nickel Sulphate Daily Review】March 28, Tug-of-War Between Sellers and Buyers in the Nickel Salt Market

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On March 28, the SMM battery-grade nickel sulphate index price was 28,023 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,970-28,550 yuan/mt, and the average price remained stable compared to the previous day.

Cost side, the MHP market circulation remains tight, with most traders' Q2 inventory 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 their Q2 MHP stockpiling, leading to expectations for production cuts. Nickel salt smelter inventory remains at low levels, with a significant shortage of nickel salt circulation in the market, 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. Currently, buyers and sellers are still in a price negotiation phase, and nickel sulphate prices are expected to have further upside room in the short term.

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