On October 9, SMM battery-grade nickel sulphate index price was 28,033 yuan/mt, up 131 yuan/mt from the previous day. Battery-grade nickel sulphate prices ranged from 27,870 to 28,280 yuan/mt, with an average increase of 120 yuan/mt from the previous day.
Supply side, most nickel salt smelters currently have low finished product inventories, and LME nickel prices continued to rise during the National Day holiday. Therefore, post-holiday price support sentiment has further increased, with most smelters quoting at parity or even a slight premium of 50-100 yuan/mt. Demand side, after the National Day holiday, downstream companies' inventory buildup in early September has depleted October demand for nickel salt. Thus, yesterday's market inquiries and transactions were less active, with most companies remaining cautious and showing weak acceptance of high-priced nickel salt. The mainstream transaction percentage payables remained around 98%, although some companies accepted high-priced nickel salt due to temporary restocking needs, but the trading volume was not large. Cost side, recent LME nickel prices have been fluctuating upward due to macro factors such as the US interest rate cut, providing strong cost support. Most nickel salt smelters are already experiencing losses. Considering the expectation of continued strong nickel prices, nickel salt prices are expected to rise due to smelters' losses.
