[SMM Daily Review of Nickel Sulphate] July 31: Nickel salt prices remain unchanged from yesterday

On July 31, the SMM battery-grade nickel sulphate index price stood at 27,127 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,130-27,610 yuan/mt, flat from the previous day.

Cost side, uncertainty over US Fed interest rate cuts persists, with LME nickel prices continuing to decline, leading to a recent pullback in nickel salt spot costs. Supply side, nickel salt smelters maintain low spot inventory levels with limited finished product availability, compounded by raw material cost pressures, prompting smelters to refuse to budge on prices. Demand side, some precursor plants have restocking needs recently, with improved inquiry sentiment and slightly higher price acceptance.

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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