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On March 7, the SMM battery-grade nickel sulphate index price was 26,916 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,040-27,760 yuan/mt, and the average price showing an increase compared to the previous day.
Cost side, recent LME nickel prices rose to $16,270. 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, causing the MHP coefficient to continue rising, with some traders halting quotations. Nickel sulphate costs are expected to have further upward potential. Demand side, last week, due to the sharp 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 prices, 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 rise further in the short term.
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