【SMM Nickel Sulphate Daily Review】April 25, Nickel Sulphate Prices Remained Stable

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On April 25, the SMM battery-grade nickel sulphate index price was 27,813 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,820-28,340 yuan/mt, and the average price remained stable compared to the previous day.

Cost side, LME nickel prices rebounded significantly recently, driven by cost support and the fading of negative sentiment from US policies, which strengthened the cost support range for nickel salt production. Under the cost transmission effect, the production cost pressure for nickel salt smelters continued to rise. Supply side, influenced by the persistently high MHP coefficient and its prices, the sentiment to stand firm on quotes among nickel salt smelters remained. Recently, some nickel salt smelters raised their quotations, and transaction prices also increased. Demand side, most precursor plants have completed raw material stocking for April, and with the arrival of the May procurement cycle, market inquiries became active this week. Given the high prices of nickel salts produced from primary materials, precursor plants prioritized purchasing low-priced nickel salts produced from recycled materials. As of now, the circulation of low-priced nickel salts produced from recycled materials has been exhausted, and downstream inquiries for nickel salts produced from primary materials have started to increase. 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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