[SMM Analysis] Market transactions were relatively mediocre, and nickel salt prices rose slightly this week.

As of Thursday, the SMM battery-grade nickel sulphate index stood at 32,857 yuan/mt, with battery-grade nickel sulphate quotations ranging from 32,300 to 34,500 yuan/mt, the average price slightly increased WoW.
Demand side, approaching the Chinese New Year procurement period, some producers have recent purchasing demand, but enterprises that have already stocked up on raw materials for the holiday are choosing to wait and see amid highly volatile nickel prices, showing relatively low acceptance of high nickel sulphate prices; supply side, producers still hold concerns about rising raw material costs, some maintain a strong willingness to hold prices firm, while others consider maintenance or shifting to refined nickel production, resulting in relatively less nickel sulphate available for external sale. Looking ahead, current nickel sulphate price movements mainly follow cost logic, and subsequent nickel price trends still need monitoring.
Inventory side, this week upstream nickel salt smelter inventory index dropped from 4.8 days to 4.6 days, downstream precursor plant inventory index fell from 9.0 days to 8.8 days, some downstream producers recently engaged in restocking activities, integrated enterprise inventory index held at 7.3 days; buying/selling strength side, this week upstream nickel salt smelter willingness to sell sentiment factor held at 1.9, downstream precursor plant procurement sentiment factor held at 2.7, integrated enterprise sentiment factor rose from 2.4 to 2.5.