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On March 17, the SMM battery-grade nickel sulphate index price was 27,812 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,750-28,350 yuan/mt. The average price increased WoW.
Cost side, recent LME nickel prices fluctuated at high levels in the short term. This week, some traders raised the pricing coefficient for cobalt in MHP by approximately 5 points. The MHP coefficient remained at a high level, and currently, there appears to be insufficient downward momentum for raw material coefficients throughout Q2. Demand side, affected by fluctuations in the cobalt market, the procurement pace of precursor plants slowed down, though some still had rigid stocking demand. Supply side, raw material prices fluctuated at high levels, and sentiment to stand firm on quotes spread among nickel salt smelters. Nickel salt smelters maintained low inventory levels, and the market circulation of nickel salts tightened. Comprehensive analysis suggests that considering the existing market demand, low inventory levels, and sentiment to stand firm on quotes among nickel salt smelters, nickel salt prices are expected to have further upward potential in the short term.
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