[SMM Daily Review of Nickel Sulphate] August 11: Nickel salt prices rose slightly

On August 11, the SMM battery-grade nickel sulphate index price stood at 27,223 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,190-27,710 yuan/mt, showing a slight increase from the previous day.

Cost side, weak US non-farm payrolls data heightened market expectations for a September interest rate cut, driving a rebound in LME nickel prices and pushing up the immediate costs for nickel salt smelters. Supply side, nickel salt smelters maintained low spot inventory levels with limited finished product availability, coupled with raw material cost pressures, leading to their continued refusal to budge on prices. Demand side, some precursor plants still exhibited restocking needs recently, with active inquiries and improved price acceptance.

Looking ahead, the current tight supply-demand pattern in the nickel sulphate market is expected to drive a rebound in nickel salt prices.

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