[SMM Nickel Sulphate Daily Review] February 9th: Pre-Holiday Trading Remained Weak, Nickel Salt Prices Held Steady

Published: Feb 9, 2026 13:20

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On February 9, the SMM battery-grade nickel sulphate index price was 31,646 yuan/mt, with the quotation range for battery-grade nickel sulphate at 31,400–32,500 yuan/mt, and the average price decreased compared to the previous day.

On February 9, the SMM battery-grade nickel sulphate index price was 31,646 yuan/mt, and the quotation range for battery-grade nickel sulphate was 31,400-32,500 yuan/mt, with the average price declining compared to the previous day.

Cost side, nickel prices were still fluctuating between macro sentiment and weak fundamentals; nickel prices rebounded today, but the immediate production cost for nickel sulphate still pulled back. Supply side, some producers had suspended quotations ahead of the Chinese New Year holiday shutdowns, and upstream shipment sentiment remained relatively weak. Demand side, some producers had already stocked up on raw materials for the Chinese New Year and showed weak acceptance of high-priced nickel salt. Today, the upstream nickel salt smelters' Willingness to Sell Sentiment Factor was 1.7, the downstream precursor plants' Purchasing Sentiment Factor was 2.4, and the integrated enterprises' Sentiment Factor was 2.3 (historical data can be queried by logging into the database).

Looking ahead, if nickel prices decline further, the cost support for nickel sulphate prices is expected to weaken.

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