[SMM Analysis] Tight Spot Supply of Nickel Sulphate, Nickel Salt Prices Rose This Week

Spot Nickel Sulphate Supply Remains Tight, Nickel Salt Prices Continued to Rise This Week

As of Thursday, the SMM battery-grade nickel sulphate index price stood at 27,708 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,770-27,970 yuan/mt, and the average price further increased WoW.

Demand side, after the month-end raw material procurement peak by downstream enterprises, some precursor plants still had raw material demand this week, with improved acceptance of nickel salt prices. Supply side, nickel salt smelters had limited spot supply, coupled with high-cost raw material pressure, supporting sustained upward nickel salt quotations. Looking ahead, some downstream enterprises still have procurement demand, and with current tight spot nickel sulphate supply, nickel salt prices are expected to have further upside potential.

Inventory side, the upstream nickel salt smelter inventory index dropped from 4.4 days to 4.3 days this week, while the downstream precursor plant inventory index rose from 9.5 days to 9.7 days, as downstream inventory grew post month-end procurement, with integrated enterprises maintaining an inventory index of 7.3 days. Trading strength side, the upstream nickel salt smelter's Willingness to Sell Sentiment Factor increased from 1.4 to 1.5 this week, while the downstream precursor plant's procurement sentiment factor declined from 3.3 to 3.0, as some producers' procurement sentiment pulled back after completing month-end stockpiling, with integrated enterprises' sentiment factor dropping from 2.5 to 2.4. (Historical data is available in the database.)