[SMM Daily Review of Nickel Sulphate] May 16, nickel salt demand weakens

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On May 16, the SMM index price for battery-grade nickel sulphate was 27,752 yuan/mt, with a quotation range of 27,760-28,230 yuan/mt for battery-grade nickel sulphate, and the average price remained stable compared to the previous day.

Cost side, in April, the production of MHP in Indonesia was significantly affected by floods, leading to a supply-demand gap and keeping its coefficient at a high level. Overall, MHP costs provided strong support. Demand side, influenced by destocking at downstream material plants this month, the production schedule for some precursors has declined, weakening the procurement demand for nickel salts. Supply side, this week, some nickel salt smelters lowered their quotation coefficients due to weak demand for precursors. Looking ahead, with both supply and demand in the nickel salt market currently weak, and a tug-of-war between sellers and buyers, nickel salt prices are expected to decline.

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