[SMM Nickel Sulphate Daily Review] May 26: Weak Trading Sentiment, Nickel Salt Prices Slightly Declined

Published: May 26, 2026 11:53

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On May 25, the SMM battery-grade nickel sulphate average price remained stable.

On May 26, SMM battery-grade nickel sulphate average price edged down slightly.

Cost side, expectations for the reopening of the Strait of Hormuz heated up briefly yesterday, sending nickel prices notably under pressure and pulling back the immediate production cost of nickel sulphate. Supply side, nickel prices, MHP payables and prices of auxiliary materials such as sulphuric acid remained high, and nickel salt smelters kept their quotations elevated. Demand side, as month-end approached, some downstream enterprises started stockpiling nickel sulphate for June, but as nickel prices kept falling, their acceptance of nickel salt prices declined. Today, the Willingness to Sell Sentiment Factor of upstream nickel salt smelters stood at 2, the procurement sentiment factor of downstream precursor plants at 2.7, and the sentiment factor of integrated enterprises at 2.4 (historical data can be accessed via the database).

Looking ahead, with the monthly procurement period underway, nickel sulphate prices are expected to hold up well in the short term, and attention should be paid to the cost support from nickel prices and intermediate products.

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