[SMM Daily Review of Nickel Sulphate] July 21: Nickel salt prices remained stable

On July 21, the SMM battery-grade nickel sulphate index price stood at 26,967 yuan/mt, with the quotation range for battery-grade nickel sulphate at 26,980-27,480 yuan/mt, flat WoW.

Cost side, domestic "anti-rat race" competition drove a rebound in LME nickel prices, pushing up the immediate costs for nickel salts. Supply side, nickel salt smelters maintained low inventory levels with limited finished product availability, coupled with raw material cost pressures, prompting some producers to show reluctance to budge on prices. However, weak demand resulted in thin transactions. Demand side, some producers recently exhibited restocking needs, with procurement sentiment slightly recovering. Yet, as the purchasing period has not yet arrived, overall market buying enthusiasm remained subdued.

Looking ahead, precursor plants are expected to enter the restocking period soon. With tight spot cargo availability in the nickel sulphate market, nickel salt prices are anticipated to rebound modestly.

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