[SMM Nickel Sulphate Daily Review] November 3: Nickel Salt Prices Remain Stable

On November 3, the SMM battery-grade nickel sulphate index price was 28,395 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, LME nickel prices remained in the doldrums, suppressed by high inventory fundamentals, and the immediate production cost for nickel salt smelters pulled back recently. Supply side, nickel salt smelters maintained low inventory levels, with limited spot orders available in the market. Combined with raw material cost pressure, this provided some support to nickel salt smelters' quotations. Demand side, it was a procurement period, and inquiries from some producers increased recently, but their price acceptance did not show a significant rise MoM. 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 is available in the database).

Looking ahead, nickel sulphate prices are expected to hold steady, supported by strong raw material costs.

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