[SMM Daily Review of Nickel Sulphate] July 17: Nickel salt prices remained stable

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On July 17, the SMM battery-grade nickel sulphate index price stood at 26,954 yuan/mt, with the quotation range for battery-grade nickel sulphate at 26,980-27,460 yuan/mt, flat from the previous day.

Cost side, US tariffs and uncertainty over US Fed interest rate cuts persisted, keeping LME nickel prices under pressure, while nickel salt spot costs edged lower. Supply side, nickel salt smelters maintained low inventory levels with limited finished product availability, and some producers showed reluctance to budge on prices, but weak demand led to thin transactions. Demand side, some producers recently exhibited restocking needs, with purchasing sentiment slightly recovering, though overall market buying enthusiasm remained subdued as the procurement period had not yet arrived.

Looking ahead, given tight nickel sulphate market availability and precursor plants' ongoing restocking demand, nickel salt prices are expected to rebound slightly.

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