[SMM Daily Review of Nickel Sulphate] July 28: Nickel salt prices rose

On July 28, the SMM battery-grade nickel sulphate index price stood at 27,098 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,100-27,600 yuan/mt. The average price rose WoW.

Cost side, macro bullish sentiment faded, and nickel prices returned to fundamentals, leading to a pullback in immediate nickel salt costs. Supply side, nickel salt smelters maintained low inventory levels with limited finished product availability, coupled with raw material cost pressure, driving up their reluctance to budge on prices. Demand side, some precursor plants recently showed restocking needs, with improved inquiry sentiment and slightly higher price acceptance, though overall market transactions remained thin.

Looking ahead, as precursor plants enter a restocking period, the tight spot nickel sulphate supply is expected to push nickel salt prices higher.

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