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On March 5, the SMM battery-grade nickel sulphate index price was 26,854 yuan/mt, with the quotation range for battery-grade nickel sulphate at 26,760-27,480 yuan/mt, showing an increase in the average price compared to the previous day.
Cost side, recent LME nickel prices rose to $15,925. Meanwhile, the decision by Congo to suspend cobalt exports led to a significant increase in cobalt prices, further driving up the cobalt coefficient in MHP. Additionally, MHP sellers showed strong sentiment to stand firm on quotes, with the MHP coefficient continuing to rise, and some traders have stopped quoting. Nickel sulphate costs are expected to have further upward potential. Demand side, last week, due to the significant rise in cobalt sulphate prices, precursor plants suspended quotations for precursors, leading to cautious raw material procurement. This slowed the procurement pace of nickel salts by precursor plants during traditional procurement periods, despite the current high inventory demand. Supply side, influenced by rising raw material procurement costs, nickel salt producers showed stronger sentiment to stand firm on quotes. Comprehensive analysis suggests that considering the existing market demand and the cost-driven sentiment to stand firm on quotes among nickel salt smelters, nickel salt prices are expected to have further room for short-term increases.
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