[SMM Nickel Sulphate Daily Review] July 28: Nickel prices drive cost support strengthening, nickel sulphate prices remain stable

On July 28, the average price of SMM battery-grade nickel sulphate remained stable.

Cost side, impacted by Middle East peace talks, nickel prices drifted lower today, but the immediate cost of nickel sulphate production rebounded recently; supply side, the tight supply pattern of intermediate products remained unchanged, MHP payables and auxiliary material prices such as sulphuric acid remained high, some nickel salt smelters had expectations for production cuts, and facing the rebound in nickel prices, some enterprises had intentions to hold prices firm; demand side, as nickel prices dropped significantly MoM, combined with certain inventory accumulation at some downstream enterprises, downstream inventory-building sentiment was weak, and their acceptance of nickel salt prices was relatively low. Today, the upstream nickel salt smelter Willingness to Sell Sentiment Factor was 1.8, the downstream precursor plant procurement sentiment factor was 2.6, and the integrated enterprise sentiment factor was 2.5 (historical data can be queried in the database).

Looking ahead, with the month-end procurement period approaching, the market is expected to gradually regain activity, and nickel sulphate prices may rebound somewhat.

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