[SMM Analysis] Demand Reduction Expectations Weigh on Nickel Salt Prices This Week

Published: Sep 10, 2026 15:00

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

Demand side, affected by the pullback in downstream stockpiling sentiment, the operating rates of some downstream enterprises moved lower this month, with long-term contract cargo pick-up as the main activity. Spot order stockpiling sentiment remained 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 balance 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 held at 8 days, the downstream precursor plant inventory index rose from 12.9 days to 12.2 days, and the integrated enterprise inventory index held at 9.8 days. In terms of buying and selling strength, this week the upstream nickel salt smelter Willingness to Sell Sentiment Factor rose from 2.0 to 2.1, the downstream precursor plant purchasing sentiment factor slipped from 2.2 to 2.1, 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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