[SMM Analysis] Nickel Salt Smelter Quotations Remained Firm This Week, Nickel Sulphate Prices Rose

Nickel salt smelters' quotations remained firm this week, with nickel sulphate prices rising.

As of Thursday this week, the SMM battery-grade nickel sulphate index price stood at 27,808 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,820-28,340 yuan/mt, and the average price increased WoW. Cost side, the nickel coefficient in MHP continued to fluctuate at highs this week, providing strong cost support for nickel salt smelters. Supply side, smelters using primary materials for nickel sulphate production maintained firm quotations this week, while those using recycled materials also raised their quotations, with no extreme low-priced nickel sulphate in the market. Demand side, this week marked the traditional procurement period for nickel salts in May, with precursor plants showing increased sentiment for nickel sulphate procurement, and both inquiries and transaction activity rose this week. Looking ahead, based on tight raw material supply, solid cost support, and sustained downstream demand, nickel salt prices are expected to show a mild upward trend in the short term.

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