[SMM Analysis] Market Activity Showed No Significant Recovery at Month-end; Nickel Sulphate Prices Slipped This Wee

Published: Aug 27, 2026 14:24

Save

As of Thursday this week, the average price of SMM battery-grade nickel sulphate declined.

Demand side, this week entered the month-end procurement period. Some enterprises took stockpiling actions, while some downstream enterprises mainly relied on picking up goods under long-term contracts, with weak sentiment for spot order stockpiling and low acceptance of nickel sulphate prices. Supply side, some upstream enterprises had relatively high inventory levels and planned to lower operating rates and seek to sell to destock. Looking ahead, the market is expected to remain dominated by destocking in the short term, and prices are expected to remain under pressure overall.

In terms of inventory, the inventory index of upstream nickel salt smelters remained at 8.1 days this week, the inventory index of downstream precursor plants fell from 10 days to 9.3 days, and the inventory index of integrated enterprises slipped from 9.7 days to 9.4 days. In terms of buying and selling strength, the Willingness to Sell Sentiment Factor of upstream nickel salt smelters remained at 2.0 this week, the Purchasing Sentiment Factor of downstream precursor plants remained at 2.3, and the sentiment factor of integrated enterprises remained at 2.3. (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.

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

6 mins ago

Data: SHFE, DCE market movement (Aug 27)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 27 Aug , 2026

6 mins ago

14 mins ago

SMM High-Grade NPI Market Sentiment Rises Slightly, Trading Remains Weak

[SMM Nickel Flash] Aug 27 news, the SMM high-grade NPI market sentiment factor was 1.86, up 0.01 MoM. The upstream sentiment factor for high-grade NPI was 2.02, flat MoM, and the downstream sentiment factor was 1.69, up 0.01 MoM. The high-grade NPI market continued to grind lower, with overall trading remaining weak.

14 mins ago

1 hour ago

Indonesian MHP Nickel and Cobalt FOB Prices Rise, High-Grade Nickel Matte Up $39/mt Ni

According to SMM data, on August 27, the FOB price of nickel in Indonesian MHP rose by $36/mt Ni from yesterday, and the FOB price of cobalt in Indonesian MHP rose by $0/mt Co. The FOB price of Indonesian high-grade nickel matte rose by $39/mt Ni.

1 hour ago