[SMM Analysis] Nickel Salt Prices Edge Down Amid Weak Downstream Demand and Rising Raw Material Costs

Published: Apr 2, 2026 14:12

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Weak Downstream Procurement Sentiment, Slight Decline in Nickel Salt Prices

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

Demand side, as it was a procurement period, some producers had made inquiries recently, but because overall downstream orders fell short of expectations, acceptance of high-priced nickel salt was relatively weak; supply side, as MHP payables and auxiliary material prices had moved up recently, raw material costs for some producers increased, and quoted prices were raised accordingly. Looking ahead, cost support for nickel salt remained in place, but upside room for prices will depend on the downstream procurement pace.

Inventory, this week the inventory index at upstream nickel salt smelters rose from 4.7 days to 5.3 days, the inventory index at downstream precursor plants increased from 6.5 days to 7.8 days, and the inventory index at integrated enterprises rose from 6.8 days to 7 days; in terms of buyer-seller strength, this week the Willingness to Sell Sentiment Factor at upstream nickel salt smelters held at 1.8, the procurement sentiment factor at downstream precursor plants held at 2.6, and the sentiment factor at integrated enterprises held at 2.4. (Historical data is available 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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