[SMM Nickel Sulphate Daily Review] Nickel Salt Prices Unchanged from Yesterday on September 23

On September 23, the SMM battery-grade nickel sulphate index price was 27,992 yuan/mt. The quotation range for battery-grade nickel sulphate was 28,050-28,250 yuan/mt, with the average price flat from the previous day.

Cost side, the US Fed interest rate cut was implemented, and the positive effect was fully priced in. LME nickel prices continued to be suppressed by fundamentals, and the immediate production cost for nickel salt smelters pulled back. Supply side, nickel salt smelters maintained low inventory levels, and spot order availability in the market was limited. Combined with raw material cost pressure, this strongly supported nickel salt smelters' quotations. Demand side, approaching the month-end stockpiling period, some manufacturers had recent procurement needs. Today, the Willingness to Sell Sentiment Factor for upstream nickel salt smelters was 1.5, the Procurement Sentiment Factor for downstream precursor plants was 3.1, and the Sentiment Factor for integrated enterprises was 2.9 (historical data is available by logging into the database).

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

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