[SMM Analysis] Downstream External Purchase Demand Weak; Nickel Salt Prices Fell This Week

Published: Sep 3, 2026 13:26

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

Demand side, affected by a pullback in downstream orders, the operating rates of some downstream enterprises moved lower this month, with long-term contract cargo pick-up as the main activity. Sentiment for spot order stockpiling was weak, and acceptance of nickel salt prices was low. Supply side, some upstream enterprises held relatively high inventory levels and planned to reduce operating rates to seek shipments and destocking. Looking ahead, the market is expected to maintain a weak supply-demand pattern in the short term, with destocking as the main theme, and prices are expected to remain under pressure overall.

Inventory-wise, this week the upstream nickel salt smelter inventory index slipped from 8.1 days to 8 days, the downstream precursor plant inventory index rose from 9.3 days to 12.9 days, and the integrated enterprise inventory index rose from 9.4 days to 9.8 days. In terms of buying and selling strength, this week the upstream nickel salt smelter Willingness to Sell Sentiment Factor held at 2.0, the downstream precursor plant purchasing sentiment factor slipped from 2.3 to 2.2, and the integrated enterprise sentiment factor held at 2.3. (Historical data can be queried in 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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