[SMM Analysis] Transaction Sentiment Remained Weak, and Nickel Salt Prices were also Stable

Published: Mar 26, 2026 11:08

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As of this Thursday, the SMM average price of battery-grade nickel sulphate remained stable WoW.

Demand side, trading sentiment was weak in mid-month. Some producers made inquiries recently, but as downstream orders remained unclear, acceptance of high-priced nickel salts was weak. Supply side, as there was uncertainty surrounding recent MHP supply from Indonesia, MHP payables moved higher, driving up raw material costs for some producers and correspondingly lifting quotations. Looking ahead, as the month-end procurement period approaches, attention should be paid to support for nickel sulphate prices from the raw material side.

Inventory side, upstream nickel salt smelter inventory days held at 4.7 days this week, downstream precursor plants' inventory days fell from 6.8 days to 6.5 days, and integrated enterprises' inventory days held at 6.8 days. In terms of buyer-seller dynamics, upstream nickel salt smelters' Willingness to Sell Sentiment Factor held at 1.8 this week, downstream precursor plants' procurement sentiment factor held at 2.6, and integrated enterprises' sentiment factor held at 2.4. (Historical data can be accessed through 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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