[SMM Nickel Sulphate Daily Review] Nickel Salt Prices Remain Unchanged From Yesterday on September 10

On September 10, the SMM battery-grade nickel sulphate index price was 27,753 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,800-28,000 yuan/mt, and the average price remained flat from the previous day.

Cost side, the latest US PPI and CPI data are expected to be released, and as they affect interest rate cut expectations, the market remained relatively cautious; LME nickel prices further declined yesterday, leading to a pullback in immediate production costs for nickel salt. Supply side, nickel salt smelters maintained low inventory levels, with limited spot order availability in the market, coupled with raw material cost pressures, providing strong support for nickel salt smelters' quotations. Demand side, the mainstream purchase period has passed, and market transactions relatively decreased, but some manufacturers still had purchase demand recently. Today, the upstream nickel salt smelters' Willingness to Sell Sentiment Factor was 1.5, the downstream precursor plants' Purchase Sentiment Factor was 2.9, and the integrated enterprises' Sentiment Factor was 2.6 (historical data can be queried by logging into the database).

Looking ahead, nickel sulphate supply is expected to remain relatively tight in the near term, and nickel salt prices may still have upside room.

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