[SMM Nickel Market Flash] Nickel Industries Says Sulfur Averaged $570/t in Q1, ENC Stocks Covered to End-September
According to Nickel Industries’ Q1 2026 conference call, the company said average sulfur prices were around $570/t in the March quarter, creating some cost pressure for HPAL operations. However, it added that sulfur stockpiles remain healthy, with ENC inventory expected to last until the end of September 2026. The company also said these stockpiles were secured at an average price of about $450/t, well below the current spot range of $900-$1,000/t, suggesting near-term sulfur supply remains manageable.