[SMM Analysis] Spot Cargo Transactions Relatively Few, Nickel Salt Prices Flat WoW

Spot transactions were relatively low, and nickel salt prices were flat WoW.

As of Thursday this week, the SMM battery-grade nickel sulphate index stood at 28,439 yuan/mt, with the quotation range for battery-grade nickel sulphate at 28,450-28,650 yuan/mt, and the average price was flat WoW.

Demand side, spot transactions decreased in the middle of the month, with some downstream producers starting to inquire about raw materials for the next month, and price acceptance remained stable WoW; supply side, nickel salt smelters basically sold out spot cargo, and coupled with cost pressure from high-priced raw materials, nickel salt quotations were supported to remain high.

Inventory side, this week the upstream nickel salt smelter inventory index maintained at 3.9 days, the downstream precursor plant inventory index dropped from 8.4 days to 7.7 days, inventory levels for buyers and sellers were generally low, and the integrated enterprise inventory index dropped from 6.8 days to 6.5 days; buying and selling strength side, this week the upstream nickel salt smelter willingness to sell sentiment factor maintained at 1.6, the downstream precursor plant purchasing sentiment factor rose from 3.0 to 3.1, some enterprises started to inquire about raw materials for the next month, and the integrated enterprise sentiment factor maintained at 2.7. (Historical data can be queried in the database.)