[SMM Nickel Sulphate Daily Review] October 24 Nickel Salt Prices Remain Stable

On October 24, the SMM battery-grade nickel sulphate index price was 28,434 yuan/mt. The quotation range for battery-grade nickel sulphate was 28,450-28,650 yuan/mt, with the average price flat from the previous day.

Cost side, nickel prices rebounded amid planned meetings between China and the U.S. and expectations for interest rate cuts, leading to a recent rise in the immediate production costs for nickel salt smelters. Supply side, nickel salt smelters maintained low inventory levels, with limited spot orders available in the market. Combined with raw material cost pressures, this provided some support to nickel salt smelters' quotations. Demand side, approaching month-end, some producers' inquiry sentiment increased, but price acceptance remained relatively stable. Today, the upstream nickel salt smelters' Willingness to Sell Sentiment Factor was 1.7, the downstream precursor plants' Purchasing Sentiment Factor was 3.1, and the integrated enterprises' Sentiment Factor was 2.7 (historical data is available in the database).

Looking ahead, as the month-end procurement period approaches, nickel sulphate prices are expected to remain at relatively high levels.

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