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

Published: Feb 26, 2026 14:01

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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.

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