[SMM Daily Review of Nickel Sulphate] July 29: Nickel Salt Prices Continue to Rise

On July 29, the SMM battery-grade nickel sulphate index price stood at 27,116 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,130-27,610 yuan/mt, and the average price rose slightly compared to the previous day.

Cost side, macro bullish sentiment faded, LME nickel prices continued to decline, leading to a pullback in immediate nickel salt production costs. Supply side, nickel salt smelters maintained low spot inventory levels with limited finished product availability, coupled with raw material cost pressures, reinforcing their reluctance to budge on prices. Demand side, some precursor plants recently exhibited restocking needs, with improved inquiry sentiment and slightly higher price acceptance, though overall market transactions remained subdued.

Looking ahead, as precursor plants enter a restocking period, the current tight supply in the nickel sulphate market is expected to drive a potential rebound in nickel salt prices.

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