[SMM Nickel Sulphate Daily Review] November 5 Nickel Salt Prices Slightly Declined

On November 5, the SMM battery-grade nickel sulphate index price was 28,328 yuan/mt, with the quotation range for battery-grade nickel sulphate at 28,370-28,600 yuan/mt; the average price pulled back from yesterday.

Cost side, the expectation of a delayed US Fed interest rate cut strengthened the US dollar, further suppressing LME nickel prices, leading to a recent pullback in the immediate production cost for nickel salt smelters. Supply side, nickel salt smelters maintained low inventory levels with limited spot order availability in the market, coupled with raw material cost pressure, providing some support to their quotations. Demand side, the monthly procurement period had passed, and price acceptance this week showed no significant rise compared to last month. Today, the Willingness to Sell Sentiment Factor for upstream nickel salt smelters was 1.7, the Purchasing Sentiment Factor for downstream precursor plants was 2.8, 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 remain stable due to strong raw material cost support.

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