[SMM Daily Review of Nickel Sulphate] July 9: Nickel Salt Prices Rise Slightly

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On July 9, the SMM battery-grade nickel sulphate index price stood at 27,225 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,200-27,640 yuan/mt. The average price rose slightly compared to the previous day.

Cost side, the US announced tariff hikes on multiple countries starting in August, amplifying macroeconomic uncertainties and causing LME nickel prices to continue declining. Overall, near-term costs for nickel salts may decrease. Supply side, some nickel salt smelters intend to raise prices due to recent raw material cost increases, but weak buyer demand has resulted in few transactions, keeping overall inventory and production schedules low. Demand side, despite some producers showing slightly higher procurement intention prices, overall purchasing enthusiasm remains low, with most buyers adopting a wait-and-see approach after completing stockpiling by month-end.

Looking ahead, although nickel salt smelters continue to refuse to budge on prices, declining production costs combined with weak downstream demand suggest nickel sulphate prices may remain rangebound at low levels.

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