[SMM Analysis] Nickel prices fell and procurement demand was weak, nickel salt prices declined this week

Published: Sep 17, 2026 10:32

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

Demand side, affected by the pullback in downstream stockpiling sentiment, the operating rates of some downstream enterprises declined this month, with long-term contract cargo pick-up as the main activity. Spot order stockpiling sentiment was weak, and acceptance of nickel salt prices was low. Supply side, some upstream enterprises held high inventory levels and had plans to cut production to seek shipments and destocking, but the overall scale of production cuts was weaker than the expected reduction in demand. 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 remained at 8 days, the downstream precursor plant inventory index declined from 12.2 days to 11.9 days, and the integrated enterprise inventory index remained at 9.8 days. In terms of buying and selling strength, this week the upstream nickel salt smelter Willingness to Sell Sentiment Factor remained at 2.1, the downstream precursor plant procurement sentiment factor remained at 2.1, and the integrated enterprise sentiment factor declined from 2.3 to 2.2. (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.

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