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On March 11, the SMM battery-grade nickel sulphate index price was 27,227 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,180-27,880 yuan/mt, and the average price showing a WoW increase.
Cost side, LME nickel prices have been rising recently. Meanwhile, the decision by Congo to suspend cobalt exports has led to a significant increase in cobalt prices, further driving up the cobalt coefficient in MHP. Additionally, MHP sellers have shown 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 sharp increase in cobalt sulphate prices, precursor plants suspended quotations for precursors, leading to cautious raw material procurement. This slowed down the procurement pace of nickel salts by precursor plants during traditional procurement periods, despite the current high inventory demand. Supply side, affected by the rising raw material procurement prices, nickel salt producers have shown stronger sentiment to stand firm on quotes. In summary, 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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