[SMM Analysis] Spot Costs Remained Elevated, Nickel Salt Prices Rose

Published: May 7, 2026 13:17

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As of this Thursday, the SMM average price of battery-grade nickel sulphate rose compared to pre-holiday levels.

Demand side, downstream players had not yet initiated large-scale procurement after the holiday, while some enterprises saw a recovery in May production schedules and still had certain raw material demand. Supply side, as nickel prices, MHP payables, and auxiliary material prices remained elevated this week, some producers faced high spot costs, and nickel salt quotations were correspondingly pushed up. Looking ahead, nickel salt cost support remains relatively strong in the near term, and attention should be paid to the cost support from nickel prices and intermediate products going forward.

Inventory, the upstream nickel salt smelter inventory index rose slightly from 5.5 days to 5.6 days this week, the downstream precursor plant inventory index declined from 11 days to 10 days, and the integrated enterprise inventory index held at 6.8 days. In terms of buying and selling strength, the upstream nickel salt smelter Willingness to Sell Sentiment Factor held at 2 this week, the downstream precursor plant procurement sentiment factor declined from 2.9 to 2.6, and the integrated enterprise sentiment factor held at 2.6. (Historical data can be accessed by logging into 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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