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On March 20, the SMM battery-grade nickel sulphate index price was 27,867 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,800-28,400 yuan/mt. The average price remained unchanged from yesterday.
Cost side, this week, some traders increased the pricing coefficient of cobalt in MHP by about five points. The MHP coefficient remains at a high level, and for now, there is insufficient downward pressure on raw material coefficients throughout Q2. LME nickel prices decreased compared to yesterday, slightly weakening the cost support for nickel salt smelters. However, sentiment to stand firm on quotes still exists among smelters, and this has not yet been passed on to the nickel salt market. Demand side, influenced by fluctuations in the cobalt market, the purchasing pace of precursor manufacturers has slowed down, but some still have essential stocking demands. Supply side, with raw material prices fluctuating at high levels, the sentiment to stand firm on quotes has spread among nickel salt smelters. Inventory levels of nickel salt smelters remain low, and the market's nickel salt supply is tightening. In summary, considering the ongoing demand, low inventory levels, and the sentiment to stand firm on quotes among nickel salt smelters, it is expected that nickel sulphate prices will have room for further increases in the short term.
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