[SMM Daily Review of Nickel Sulphate] July 22: Nickel salt prices rose slightly

On July 22, the SMM battery-grade nickel sulphate index price stood at 26,987 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,000-27,500 yuan/mt, showing an increase in the average price compared to the previous day.

Cost side, the "rat race" competition has driven a continuous rebound in LME nickel prices, pushing up the immediate costs for nickel salt smelters. Supply side, nickel salt smelters maintain low overall inventory levels with limited finished product availability, compounded by raw material cost pressures, leading some producers to show reluctance to budge on prices. Demand side, some producers have recent restocking needs, and procurement sentiment has recovered slightly. However, as the purchasing period has not yet arrived, overall market buying enthusiasm remains subdued.

Looking ahead, precursor plants are approaching their restocking period, and with tight availability in the nickel sulphate market, nickel sulphate prices are expected to rebound modestly.

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