[SMM Analysis] Trading Sentiment Rebounded Notably, Nickel Salt Prices Rose

Published: Apr 23, 2026 11:00

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

Demand side, with the Labour Day holiday approaching, some producers recently stockpiled ahead of the holiday. Combined with recovering expectations for downstream orders at some enterprises, acceptance of nickel salt prices increased. Supply side, as nickel prices, MHP payables, and auxiliary material prices all edged up this week, spot costs at some producers rose significantly, and nickel salt offer prices were raised accordingly. Looking ahead, cost support for nickel salt has strengthened recently, but upside room for prices depends on downstream procurement pace.

Inventory side, the upstream nickel salt smelter inventory index fell from 6.4 days to 5.5 days this week, the downstream precursor plant inventory index rose from 8.7 days to 11 days, and the integrated enterprise inventory index remained at 7.3 days. In terms of buying and selling strength, the upstream nickel salt smelter Willingness to Sell Sentiment Factor held at 1.9 this week, the downstream precursor plant procurement sentiment factor rose from 2.7 to 2.9, and the integrated enterprise sentiment factor rose from 2.3 to 2.6. (Historical data can be accessed via 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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