On September 21, SMM battery-grade nickel sulphate average price edged down slightly.
Cost side, after the US Fed's rate hike landed, the market has yet to see a new main theme, nickel prices continued to consolidate, and immediate production costs for nickel sulphate remained stable; supply side, some producers held relatively high inventory levels and sought production cuts to destock, with overall supply edging slightly lower; demand side, approaching the pre-holiday period, some downstream enterprises suspended spot purchases and continued to rely mainly on long-term contract supply, showing relatively low acceptance of nickel salt prices. Today, the Willingness to Sell Sentiment Factor for upstream nickel salt smelters stood at 2.1, the purchasing sentiment factor for downstream precursor plants stood at 2.1, and the sentiment factor for integrated enterprises stood at 2.2 (historical data can be queried in the database).
Looking ahead, transportation was hindered during the Mid-Autumn Festival and National Day period, and the spot order market is expected to remain subdued in the short term, with nickel sulphate prices under overall pressure.
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![[SMM Nickel Midday Review] Nickel prices moved sideways on September 21, as China-US trade consultations are about to begin](https://imgqn.smm.cn/usercenter/VstiG20251217171732.jpeg)
