[SMM Analysis] Month-End Buying Sentiment Saw No Rebound; Nickel Salt Prices Slightly Rose This Week

Published: Jul 30, 2026 11:59

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As of Thursday this week, the SMM average price for battery-grade nickel sulphate held steady with a slight increase.

Demand side, though it was month-end, the delivery of Q3 orders had already begun in July, leaving raw material inventories at some downstream enterprises relatively stable. Sentiment for spot order stockpiling was weak, and acceptance of nickel sulphate prices remained low. Supply side, MHP payables and auxiliary material prices remained high. Some producers held expectations for production cuts, and with nickel prices gradually stabilizing, enterprises had the willingness to raise quotes. Looking ahead, overall market destocking is expected to continue this month, with nickel sulphate prices largely tracking cost support from nickel prices.

In inventory, this week the upstream nickel salt smelter inventory index slipped from 8.9 days to 8.1 days, the downstream precursor plant inventory index edged down from 9.2 days to 8.4 days, and the integrated enterprise inventory index held at 7.6 days. In terms of buying/selling strength, the upstream nickel salt smelter Willingness to Sell Sentiment Factor remained at 1.8 this week, the downstream precursor plant purchasing sentiment factor rose from 2.5 to 2.6, and the integrated enterprise sentiment factor stayed at 2.5. (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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