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On March 14, the SMM battery-grade nickel sulphate index price was 27,660 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,600-28,200 yuan/mt. The average price increased compared to the previous day.
Cost side, LME nickel prices have recently fluctuated at high levels in the short term. Meanwhile, the decision by Congo to suspend cobalt exports has led to 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, causing the MHP coefficient to continue rising. It is expected that the cost of nickel sulphate will still have room to increase. 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 down the procurement pace of nickel salts by precursor plants during traditional procurement periods, though procurement demand still exists. Supply side, influenced by the 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 have further room for short-term increases.
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