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On February 27, the SMM battery-grade nickel sulphate index price was 26,594 yuan/mt, with the quotation range for battery-grade nickel sulphate at 26,410-27,070 yuan/mt, and the average price increased compared to yesterday.
Cost side, today's LME nickel price slightly rose to $15,575, leading to an increase in nickel sulphate production costs. Meanwhile, the recent suspension of cobalt exports from Congo triggered a significant rise in cobalt prices, causing the coefficient of cobalt in MHP to trend upward. Sellers of MHP showed stronger sentiment to stand firm on quotes, further driving up nickel sulphate costs. Demand side, this week is the traditional peak procurement period for nickel sulphate, and precursor plants have not yet completed inventory replenishment of nickel salts for March, thus maintaining procurement demand. Supply side, affected by the rising raw material procurement prices, nickel salt producers also 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 increase in the short term.
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