【SMM Nickel Sulphate Daily Review】September 18: Nickel Salt Prices Rose

On September 18, the SMM battery-grade nickel sulphate index price was 27,925 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,980-28,180 yuan/mt. The average price rose compared to yesterday.

Cost side, the US Fed interest rate cut landed, with the magnitude not exceeding market expectations, leading to a broad decline in nonferrous metals and a slight pullback in the immediate production cost of nickel salt. Supply side, nickel salt smelters maintained low inventory levels, with limited spot order circulation in the market, coupled with raw material cost pressure, strongly supporting nickel salt smelters' quotations. Demand side, market transactions relatively decreased mid-month, but some manufacturers still had purchase needs recently. Today, the willingness to sell sentiment factor for upstream nickel salt smelters was 1.5, the procurement sentiment factor for downstream precursor plants was 3.0, and the sentiment factor for integrated enterprises was 2.9 (historical data can be queried by logging into the database).

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

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