[SMM Nickel Sulphate Daily Review] March 25, Sluggish Market Transactions Keep Nickel Salt Prices Stable

Published: Mar 25, 2026 13:05

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

On March 25, the SMM average price of battery-grade nickel sulphate held steady.

Cost side, signs of easing tensions in the Middle East drove a rebound in nickel prices, and the spot production cost of nickel sulphate rebounded; supply side, MHP payables have recently shown an upward trend, and nickel salt smelters raised their offers as raw material costs increased; demand side, some producers recently made inquiries, but as downstream orders remained unclear and costs had not yet been passed on downstream, acceptance of high-priced nickel salts was relatively weak. Today, the Willingness to Sell Sentiment Factor of upstream nickel salt smelters was 1.8, the procurement sentiment factor of downstream precursor plants was 2.6, and the sentiment factor of integrated enterprises was 2.3 (historical data is available in the database).

Looking ahead, as the monthly procurement period approaches, attention should be paid to the support for nickel sulphate prices from the cost side stemming from nickel prices and intermediate product supply.

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