[SMM Analysis] Weak Downstream Price Acceptance Led to Slight Decline in Nickel Salt Price

Published: Apr 9, 2026 10:27

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As of this Thursday, the SMM average price of battery-grade nickel sulphate declined slightly WoW. Demand side, it was a procurement period, and some producers made purchases recently, but downstream procurement demand fell short of expectations, with weak acceptance of nickel salt prices. Supply side, as MHP payables and auxiliary material prices moved up recently, raw material costs for some producers rose, and quotes were raised accordingly. Looking ahead, cost support for nickel salt remains, but upside room for prices depends on downstream procurement pace.
Inventory side, upstream nickel salt smelter inventory index rose from 5.4 days to 6.4 days this week, downstream precursor plant inventory index remained at 9.1 days, and integrated enterprise inventory index rose from 7 days to 7.6 days. In terms of buy-sell strength, upstream nickel salt smelter Willingness to Sell Sentiment Factor remained at 1.8 this week, downstream precursor plant procurement sentiment factor remained at 2.6, and integrated enterprise sentiment factor remained at 2.4. (Historical data can be accessed by logging into the database.)

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