[SMM Nickel Sulphate Daily Review] December 5th: Procurement Sentiment Remains Weak, Nickel Salt Prices Slightly Decline

On December 5, the SMM battery-grade nickel sulphate index price was 27,254 yuan/mt. The quotation range for battery-grade nickel sulphate was 27,460-27,600 yuan/mt, with the average price slightly lower than yesterday.

Cost side, the latest US employment data declined, and recent expectations for interest rate cuts continued to heat up, driving nickel prices to fluctuate upward, leading to a rebound in the immediate production costs for nickel salt smelters. Supply side, some enterprises previously showed an inclination to switch from producing refined nickel to nickel salts, creating some expectations of looser raw material supply in the market; however, the recent rebound in nickel prices and the resulting cost increase have led some enterprises to show a tendency to raise quotations. Demand side, as some producers still have raw material inventory, the procurement sentiment for nickel salts has been relatively sluggish recently, and the procurement period is expected to shift later this month-end. Today, the Willingness to Sell Sentiment Factor for upstream nickel salt smelters was 1.8, the procurement sentiment factor for downstream precursor plants was 2.8, and the sentiment factor for integrated enterprises was 2.8, and the sentiment factor for integrated enterprises was 2.7 (historical data can be queried by logging into the database).

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