SMM

Last week, from the cost perspective, supported by favorable macro policy factors, LME nickel prices showed an increasing trend, providing strong cost support for nickel sulphate prices. Demand remained weak as precursor producers had mostly completed nickel salt restocking in the previous week, leading to a significant decline in market inquiries and trading volume. Supply side, nickel sulphate costs remained inverted, and nickel salt smelters' quotation coefficients stood firm at the levels of the previous week. Looking ahead to the near-term market trend, nickel salt smelters are expected to raise their coefficients under the dual influence of cost pressure and inventory levels, and nickel salt prices may rise slightly.