[SMM Daily Review of Nickel Sulphate] July 16: Nickel salt prices remain stable

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On July 16, the SMM battery-grade nickel sulphate index price stood at 26,952 yuan/mt, with the quotation range for battery-grade nickel sulphate at 26,980-27,460 yuan/mt. The average price remained unchanged from yesterday.

Cost side, U.S. tariff policies and economic data disrupted market sentiment, causing LME nickel prices to rebound slightly while immediate costs of nickel salts are expected to remain in the doldrums. Supply side, nickel salt smelters maintain low inventory levels with limited tradable finished products. Some producers show reluctance to budge on prices, but weak demand has resulted in few transactions. Demand side, certain producers have restocking needs recently and purchasing sentiment has recovered slightly WoW. However, market buying enthusiasm remains subdued as procurement periods have not yet arrived.

Looking ahead, nickel sulphate supply may tighten relative to precursor manufacturers' procurement demand, with nickel salt prices expected to rebound.

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