[SMM Daily Review of Nickel Sulphate] July 15: Nickel salt prices declined

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On July 15, the SMM battery-grade nickel sulphate index price stood at 26,947 yuan/mt, with a quotation range of 26,980-27,460 yuan/mt for battery-grade nickel sulphate, showing a slight decline in the average price compared to the previous day.

Cost side, macroeconomic uncertainties arising from US tariffs continued to pressure nickel prices downward, while spot costs for nickel salts weakened marginally. Supply side, some producers recently showed reluctance to budge on prices, but weak demand resulted in limited transactions. Nickel salt smelters maintained low overall inventory levels with scarce tradable finished products. Demand side, while some producers engaged in restocking activities, market purchasing enthusiasm remained subdued as procurement periods had not yet arrived.

Looking ahead, nickel sulphate supply is expected to tighten relative to precursor manufacturers' procurement needs, with nickel salt prices anticipated to rebound.

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