[SMM Analysis] Nickel Sulphate Prices Continue to Rise This Week Amid Tight Balance

Spot Nickel Sulphate Supply-Demand Pattern Tightens, Nickel Salt Prices Continue to Rise This Week

As of Thursday this week, the SMM battery-grade nickel sulphate index price stood at 27,925 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,980-28,180 yuan/mt, and the average price rose further WoW.

Demand side, mid-month transactions relatively decreased, but some producers still had raw material demand recently, with acceptance of nickel salt prices increasing; supply side, nickel salt smelters had less spot supply, coupled with high-cost raw material cost pressure, supporting continued upward nickel salt quotations. Looking ahead, some downstream enterprises still have procurement demand, and with current spot nickel sulphate in short supply, nickel salt prices are expected to have further room to rise.

Inventory side, this week the upstream nickel salt smelter inventory index remained at 4.5 days, the downstream precursor plant inventory index remained at 9.5 days, with inventory levels for buyers and sellers generally low; integrated enterprise inventory index dropped from 7.3 days to 6.8 days; buying and selling strength side, this week the upstream nickel salt smelter willingness to sell sentiment factor remained at 1.5, the downstream precursor plant procurement sentiment factor rose from 2.9 to 3.0, and the integrated enterprise sentiment factor rose from 2.6 to 2.9, as some producers still had procurement demand mid-month. (Historical data can be queried in the database.)