[SMM Analysis] Market Transactions Sluggish Mid-Month, Nickel Salt Prices Slightly Dropped This Week

Published: Jul 16, 2026 18:41

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Mid-month market trading was sluggish, and nickel salt prices dipped slightly this week.

Market transactions sluggish mid-month; nickel salt prices edged down this week

As of Thursday this week, SMM battery-grade nickel sulphate average price edged down.

Demand side, being mid-month, downstream enterprises still hold raw material inventories, with weak stockpiling sentiment and low acceptance of nickel sulphate prices. Supply side, on one hand, some recycling enterprises sought shipments mid-month; on the other hand, with MHP payables and auxiliary material prices remaining high, some producers also have expectations for production cuts, expected to accelerate the overall market destocking process. Looking ahead, the market is expected to mainly destock this month, with nickel sulphate prices under pressure.

Inventory side, this week, upstream nickel salt smelter inventory index dropped from 9.5 days to 9.3 days, downstream precursor plant inventory index dropped from 11.7 days to 10.6 days, and integrated enterprise inventory index remained at 8.1 days. On the buying/selling strength side, this week, upstream nickel salt smelter Willingness to Sell Sentiment Factor remained at 1.8, downstream precursor plant purchasing sentiment factor remained at 2.5, and integrated enterprise sentiment factor remained at 2.4. (Historical data can be queried 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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