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On March 12, the SMM battery-grade nickel sulphate index price was 27,332 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,280-27,980 yuan/mt. The average price increased WoW.
Cost side, recent LME nickel prices fluctuated at high levels within a short cycle. Meanwhile, the decision by Congo to suspend cobalt exports caused a significant rise in cobalt prices, further driving up the cobalt coefficient in MHP. Additionally, MHP sellers showed strong sentiment to stand firm on quotes, leading to a continuous increase in the MHP coefficient, with some traders halting quotations. Nickel sulphate costs are expected to continue rising. Demand side, last week, the significant increase in cobalt sulphate prices led precursor plants to suspend quotations for precursors, making their raw material procurement more cautious. This slowed the procurement pace of nickel salts by precursor plants during traditional procurement periods, though procurement demand still exists. Supply side, due to 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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