SMM

On August 16, the SMM battery-grade nickel sulphate index price was 27,826 yuan/mt, down 71 yuan/mt WoW. The battery-grade nickel sulphate prices ranged from 27,550 to 27,950 yuan/mt, with an average price down 50 yuan/mt WoW.

Demand side, although downstream ternary cathode precursor and ternary cathode material companies saw some increase in August, it is not the end or beginning of the month for restocking as needed. Therefore, most precursor companies are only willing to purchase nickel salts at low prices. Most of the precursor companies that needed to restock had already made some purchases in the market last week, and their acceptance of high-priced nickel salts remains weak. The mainstream transaction coefficient in the market rose slightly to 95-96% from last week. Supply side, due to increased demand, the production of nickel sulphate in August grew slightly, but the growth space is limited. After two consecutive months of production cuts and inventory reductions, the current finished product and raw material inventory levels are relatively low, and the sentiment to hold prices is strong. Cost side, the current market transaction coefficient for high-grade nickel matte is 84-85, for MHP is 79-80, and for ternary cathode precursor powder is around 73-75. At present, nickel prices are fluctuating at low levels, and overall raw material prices remain high and stable, resulting in the production cost and selling price of salt plants continuing to be inverted. In the short term, nickel salt prices are expected to rebound slightly with the restocking of precursors from the end of August to early September, but the upward space is limited.