[SMM Daily Review of Nickel Sulphate] May 8, Nickel sulphate prices remained stable

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On May 8, the SMM battery-grade nickel sulphate index price was 27,857 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,860-28,370 yuan/mt, and the average price remained stable compared to the previous day.

Cost side, the production of MHP in Indonesia was significantly affected by floods in April, resulting in a supply-demand gap, which kept its coefficient firm at highs. Overall, MHP costs provided strong support. Supply side, some nickel salt smelters had limited remaining volumes available for sale in May, leading to firm quotations. Some nickel salt smelters, having not completed raw material stocking, had expectations for production cuts. Additionally, current raw material prices were fluctuating at highs, driving their prices to remain firm. Demand side, this week was not a traditional procurement period, and some precursor plants had stocked up inventories for more than half a month, resulting in low procurement activity. Looking ahead, based on tight raw material supply, solid cost support, and downstream demand dependence, nickel salt prices are expected to show a mild upward trend in the short term.

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