[SMM Nickel Sulphate Daily Review] On August 25, nickel salt prices increased.

On August 25, the SMM battery-grade nickel sulphate index price was 27,456 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,490-27,790 yuan/mt; the average price rose WoW.

Cost side, US Fed officials were cautious about interest rate cuts last week, LME nickel prices pulled back, and the immediate cost of nickel salt declined, but Powell's dovish signal on Friday and today's LME closure led to a rise in SHFE nickel prices. Supply side, nickel salt smelters had low spot inventory levels, with few spot order quotations recently, and continued to refuse to budge on prices amid raw material cost pressure. Demand side, downstream restocking period arrived, with some precursor plants having restocking needs recently, active inquiries, and increased price acceptance. Today, the upstream nickel salt smelter sentiment factor was 1.4, the downstream precursor plant purchasing sentiment factor was 3.0, and the integrated enterprise sentiment factor was 1.8 (historical data available in the database).

Looking ahead, as the month-end purchasing period approaches, the nickel sulphate market supply-demand pattern is tight, and nickel sulphate prices are expected to rebound.

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