[SMM Analysis] Post-holiday raw material side disturbances reemerged, nickel salt prices rose.

Published: Feb 26, 2026 14:01

Save

As of Thursday this week, the SMM battery-grade nickel sulphate index price was 31,813 yuan/mt, the quotation range for battery-grade nickel sulphate was 31,570-33,000 yuan/mt, and the average price rose compared to pre-holiday levels.

Demand side, some producers began inquiries after the holiday, but downstream raw material inventory was generally ample, large-scale purchasing had not yet commenced, with only a few producers making purchases; Supply side, some producers resumed production after the holiday, willingness to sell sentiment recovered somewhat. Recent nickel price increases and raw material side disturbances raised concerns about rising production costs for enterprises, leading some firms to raise their quotations. Looking ahead, post-holiday work resumption is expected to boost purchasing and sales sentiment, and attention should be paid to the support for nickel sulphate prices from the cost side.

Inventory side, this week the upstream nickel salt smelter inventory index remained at 4.7 days, the downstream precursor plant inventory index decreased from 9.0 days to 6.9 days, and the integrated enterprise inventory index decreased from 7.3 days to 7.0 days. During the Chinese New Year period, there was some destocking upstream and downstream. In terms of buying and selling strength, this week the upstream nickel salt smelter willingness to sell sentiment factor increased from 1.7 to 1.8, the downstream precursor plant purchasing sentiment factor rose from 2.3 to 2.6, indicating a slight recovery in transaction sentiment, while the integrated enterprise sentiment factor remained at 2.3. (Historical data can be queried in the database.)

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

[SMM Stainless Steel Flash] Indonesian Major Mill Hiked 316 Export Price by $100/t Amid Tight Molybdenum Supply

According to SMM, on February 25, an Indonesian major stainless steel mill sharply raised its 316 export quotation by USD 100/mt, widening the price gap with 304 to USD 1,700/mt. This surge is heavily driven by a rallying molybdenum market, which saw gains prior to the break due to rising international oxide molybdenum prices and downstream restocking. Following the resumption of operations, domestic molybdenum mines have maintained tight supply due to seasonal weakness and declining ore grades. With strong cost support and a surge in restocking from steel mills, the ferromolybdenum market is projected to maintain a strong, volatile upward trend in the short term.

1 hour ago

Common.Time.hoursAgo

[SMM Nickel Sulphate Daily Review] February 26: Nickel Salt Prices Slightly Rise Amid Raw Material Cost Fluctuations

On February 26, the SMM battery-grade nickel sulphate index price was 31,813 yuan/mt, with the quotation range for battery-grade nickel sulphate at 31,570-33,000 yuan/mt, and the average price increased slightly compared to the previous day.

Common.Time.hoursAgo

[SMM Nickel Flash] Suspected Fire at the Lime Storage Area of Huafei Smelter

[SMM Nickel Flash] Suspected Fire at Huafei Smelter's Lime Storage Facility Jakarta Bloomberg Technology Report — It is suspected that a fire broke out in the lime storage facility of the high-pressure acid leaching (HPAL) hydrometallurgy smelter operated by PT Huafei Nickel Cobalt, located within the Indonesia Weda Bay Industrial Park (IWIP) in Central Halmahera, North Maluku. Multiple videos widely circulated on social media show flames engulfing a building believed to be the lime storage facility. The incident is thought to have occurred on the evening of Wednesday, February 25, 2026. It remains unclear whether there were any casualties.

Common.Time.hoursAgo