[SMM Daily Review of Nickel Sulphate] May 20, nickel salt prices remained stable

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On May 20, the SMM index price for battery-grade nickel sulphate was 27,768 yuan/mt, with a quotation range of 27,760-28,230 yuan/mt for battery-grade nickel sulphate. 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, in April, influenced by destocking at downstream material plants, the production schedule for some precursors declined, weakening the procurement demand for nickel salts. Supply side, amid the tug-of-war between sellers and buyers, nickel salt smelters are currently maintaining stable quotations. Looking ahead, next week is a traditional procurement period. Given the expected improvement in market demand in June and the cost support for nickel salts, nickel salt prices are expected to strengthen next week.

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