[SMM Nickel Sulphate Daily Review] July 29: Nickel prices drive cost support to strengthen, nickel sulphate prices hold steady

Published: Jul 29, 2026 14:55

Save

On July 29, SMM battery-grade nickel sulphate average price remained stable.

On July 29, the SMM battery-grade nickel sulphate average price held steady.

Cost side, affected by Middle East peace talks, nickel prices drifted lower today, but the immediate production cost of nickel sulphate still rebounded recently; Supply side, the tight supply pattern of intermediate products remained unchanged, MHP payables and auxiliary material prices such as sulphuric acid stayed high, some nickel salt smelters had expectations for production cuts, and some enterprises showed willingness to hold prices firm amid a rebound in nickel prices; Demand side, as nickel prices fell sharply MoM and some downstream enterprises accumulated inventory, downstream stockpiling sentiment was weak and acceptance of nickel sulphate prices was relatively low. Today, the Willingness to Sell Sentiment Factor for upstream nickel salt smelters was 1.8, the procurement sentiment factor for downstream precursor plants was 2.6, and the sentiment factor for integrated enterprises was 2.5 (historical data can be accessed on the database).

Looking ahead, with the month-end procurement period approaching, the market is expected to gradually regain activity, and nickel sulphate prices may rebound.

[For more content, subscribe to SMM nickel research team products 《China Nickel, Chrome, Stainless Steel Industry Chain Regular Report》, 《China Nickel, Chrome, Stainless Steel Industry Chain High-end Report》, to get the latest data analysis and market analysis of nickel ore, NPI (China + Indonesia), refined nickel, nickel sulphate, chrome ore, ferrochrome, and stainless steel (China + Indonesia)! ]

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

40 mins ago

Data: SHFE, DCE market movement (Jul 29)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 29 Jul , 2026

40 mins ago

1 hour ago

[SMM Nickel Midday Review] On July 29, nickel prices plunged before rebounding. The US Fed is scheduled to announce its interest rate decision at 2 a.m. Beijing time on Thursday.

1 hour ago

[SMM Nickel Intermediate Products Daily Review] July 29 MHP, High-grade Nickel Matte Nickel Prices Decline

As of now, the FOB price of Indonesian MHP nickel was $15,473/mt Ni, and the FOB price of Indonesian MHP cobalt was $49,311/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) were 84-85, and the MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) were 92. The FOB price of Indonesian high-grade nickel matte was $15,859/mt Ni.

1 hour ago