[SMM Analysis] Trading Sentiment Cooled Down, Nickel Salt Prices Remained Stable

As of this Thursday, the SMM average price of battery-grade nickel sulphate remained generally stable.

Demand side, some enterprises saw a recovery in their production schedules this month and still had certain raw material demand, but as nickel prices pulled back, downstream buyers had not yet initiated large-scale procurement after the holiday. Supply side, as nickel prices, MHP payables, and auxiliary material prices remained high this week, some producers faced relatively high spot costs, and nickel salt quotations stayed high. Looking ahead, nickel salt cost support remains relatively strong in the near term, and attention should be paid to the cost support from nickel prices and intermediate products going forward.

Inventory side, upstream nickel salt smelter inventory index rose from 5.6 days to 8.2 days this week, downstream precursor plant inventory index declined from 10 days to 9.6 days, and integrated enterprise inventory index stayed at 6.8 days. In terms of buying and selling strength, upstream nickel salt smelter Willingness to Sell Sentiment Factor stayed at 2 this week, downstream precursor plant procurement sentiment factor declined from 2.6 to 2.5, and integrated enterprise sentiment factor declined from 2.6 to 2.4. (Historical data can be accessed via the database)