[SMM Nickel Sulphate Daily Review] October 9 Nickel Salt Prices Unchanged from Pre-Holiday Levels

On October 9, the SMM battery-grade nickel sulphate index price was 28,128 yuan/mt. The quotation range for battery-grade nickel sulphate was 28,160-28,360 yuan/mt, with the average price flat from the pre-holiday level.

Cost side, weak US employment data and expectations of loose market liquidity drove a rebound in nickel prices, leading to a recent rise in the immediate production costs for nickel salt smelters. Supply side, low inventory levels at nickel salt smelters and limited spot order availability in the market, combined with raw material cost pressures, strongly supported smelter quotations. Demand side, some producers reported good downstream demand, with an increased acceptance of higher prices. Today, the Willingness to Sell Sentiment Factor for upstream nickel salt smelters was 1.7, the Purchasing Sentiment Factor for downstream precursor plants was 3.0, and the Sentiment Factor for integrated enterprises was 3.0 (historical data is available in 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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