[SMM Nickel Sulphate Daily Review] October 14 Nickel Salt Prices Increased

On October 14, the SMM battery-grade nickel sulphate index price was 28,306 yuan/mt, with the quotation range for battery-grade nickel sulphate at 28,340-28,540 yuan/mt; the average price increased from the previous day.

Cost side, renewed uncertainty in Sino-US trade friction led to a decline in nickel prices, and recent spot production costs for nickel salt producers pulled back. Supply side, low inventory levels at nickel salt smelters and limited spot order availability in the market, combined with cost pressure from raw materials, strongly supported smelter quotations. Demand side, mid-month transactions relatively decreased, but some producers still had procurement needs, with price acceptance rising. Today, the Willingness to Sell Sentiment Factor for upstream nickel salt smelters was 1.7, the Purchasing Sentiment Factor for downstream precursor plants was 2.9, and the Sentiment Factor for integrated enterprises was 2.7 (historical data available via database login).

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

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