[SMM Nickel Sulphate Daily Review] November 11 Nickel Salt Prices Slightly Declined

On November 11, the SMM battery-grade nickel sulphate index price was 28,285 yuan/mt, and the quotation range for battery-grade nickel sulphate was 28,320-28,600 yuan/mt, with the average price slightly lower than yesterday.

Cost side, LME nickel prices were suppressed by high inventory fundamentals, and the immediate production cost for nickel salt recently continued to fluctuate at lows; Supply side, nickel salt smelters maintained low inventory levels, spot cargo circulation in the market was relatively tight, coupled with raw material cost pressure, which provided some support to nickel salt smelters' quotations; Demand side, the monthly procurement period had passed, downstream purchasing sentiment pulled back recently, and price acceptance slightly declined MoM. Today, the upstream nickel salt smelters' Willingness to Sell Sentiment Factor was 1.7, the downstream precursor plants' Purchasing Sentiment Factor was 2.7, and the integrated enterprises' Sentiment Factor was 2.7 (historical data can be queried by logging into the database).

Looking ahead, nickel sulphate prices are expected to remain stable due to strong support from raw material costs.

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