[SMM Analysis] Procurement and Sales Sentiment Gradually Recovered; Nickel Salt Prices Rebounded Slightly

Published: Mar 5, 2026 13:40

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

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

Demand side, after gradually consuming inventories accumulated before the holiday, some producers began requesting quotes, and purchasing sentiment improved; however, they remained on the sidelines in the face of high-priced nickel salts. Supply side, due to uncertainty in intermediate product supply, some producers expected raw material costs to rise and showed some willingness to hold prices firm, with offers edging up. Looking ahead, buying and selling sentiment in early month is expected to be somewhat boosted from month-end, and attention should be paid to support from the raw material side for nickel sulphate prices.

Inventory, this week the upstream nickel salt smelter inventory index held at 4.7 days; the downstream precursor plant inventory index rose from 6.9 days to 7.4 days; the integrated enterprise inventory index held at 7 days, and downstream players gradually began to restock after the holiday. Buying and selling strength, this week the upstream nickel salt smelter Willingness to Sell Sentiment Factor held at 1.8; the downstream precursor plant purchasing sentiment factor rose from 2.6 to 2.7, transaction sentiment recovered slightly; and the integrated enterprise sentiment factor rose from 2.3 to 2.4. (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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