On September 8, the SMM battery-grade nickel sulphate index price stood at 27,726 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,770-27,970 yuan/mt, and the average price remained flat WoW.

[SMM Analysis:With Peak Season Arriving and Profit Margins Marginally Improving, How Did NPI Prices Rise in Early September?]The SMM average price of 10-12% high-grade NPI rose WoW by 6.5 yuan/mtu to 943.6 yuan/mtu (ex-factory, tax included), while the Indonesian NPI FOB index price increased WoW by 0.88 $/mtu to 115.72 $/mtu. This week's analysis of the high-grade NPI market is as follows:

Tight Supply-Demand Pattern for Nickel Intermediate Products Drives Upward Price Trend

Since mid-July, SMM battery-grade nickel sulphate prices have shown an upward trend, with the average price rising from 27,220 yuan/mt on July 15 to 27,800 yuan/mt on September 1. Prices are expected to fluctuate upward overall in Q3. Would Refined Nickel Alter the Tight Supply-Demand Balance of Nickel Sulphate?

The supply-demand pattern for nickel intermediate products remained tight, with prices showing an upward trend.

Nickel prices rose first and then fell this week. As of September 5, the most-traded SHFE nickel 2510 contract closed at 121,310 yuan/mt, down 0.65% WoW. LME nickel prices also weakened, with the latest quote at $15,270/mt, down $130 (0.84%) WoW.

Expected Ore Supply Increase, Better Rainy Season. Cost Support and Demand Recovery Drive High-Nickel Pig Iron Prices Higher

As of now, the FOB price of Indonesian MHP nickel stands at $13,097/mt Ni, while the FOB price of Indonesian MHP cobalt is $23,158/mt Co.