[SMM Daily Review of Nickel Sulphate] April 28: Nickel sulphate prices remain stable

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On April 28, the SMM index price for battery-grade nickel sulphate was 27,815 yuan/mt, with a quotation range of 27,820-28,340 yuan/mt for battery-grade nickel sulphate. The average price remained stable compared to the previous day.

Cost side, LME nickel prices have been supported by cost factors and influenced by Indonesian policies, resulting in strong cost support for nickel sulphate recently. Additionally, due to production cuts in Indonesian MHP and high-grade nickel matte projects, the supply of raw materials has tightened, pushing the MHP coefficient to fluctuate at highs, with insufficient downward momentum. Supply side, some nickel salt smelters have limited quantities available for external sale in the remaining days of May, leading to firm quotations. Some nickel salt smelters, having failed to complete raw material stocking, anticipate production cuts. Moreover, with raw material prices fluctuating at highs, this has contributed to the firmness of their prices. Demand side, as the circulation of nickel salts produced from low-cost recycled materials has largely been exhausted, the inquiry activity of precursor plants for nickel sulphate produced from primary materials has increased this week. Furthermore, precursor plants have shown a higher acceptance of nickel sulphate prices. Looking ahead, based on fundamental factors such as tight raw material supply, stable cost support, and downstream demand dependence, it is expected that nickel salt prices will exhibit a mild upward trend in the short term.

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