On November 22, the SMM battery-grade nickel sulphate index price was 26,179 yuan/mt, down 6 yuan/mt from the previous day. The battery-grade nickel sulphate price ranged from 25,900 to 26,700 yuan/mt, with the average price remaining unchanged from the previous day.
Cost side, recent LME nickel prices saw slight fluctuations and a small upward trend due to the overall rise in non-ferrous metals, but fell back today. As of this Thursday, LME nickel prices had dropped to $15,750/mt. Demand side, precursor manufacturers had completed most of their necessary procurement at the beginning of the month, resulting in relatively low market activity recently. Supply side, facing the continuous decline in nickel sulphate prices, salt plants' sentiment to stand firm on quotes began to strengthen. Some salt plants, facing losses, have started to reduce or halt production. Considering the current weak supply and demand, salt plants' sentiment to stand firm on quotes still exists, leading nickel prices to fluctuate amid the stalemate between upstream and downstream.
