SMM High-Grade NPI Market: Weak Sentiment, Low Trading Volume, Prices Under Pressure

The European Union has formally clarified the documentary requirements for identifying the “melt and pour country” of imported steel products. From October 1, 2026, importers will be required to declare and substantiate where the original steel was first melted and poured, generally through a Mill Test Certificate containing the melt and pour country and heat number.

Since August, the SMM battery-grade nickel sulphate CIF China price generally remained around $3,700/wmt, while after entering the late month, Chinese buyers' purchase inquiries for South Korean nickel sulphate increased significantly, and their purchasing initiative strengthened. However, this change did not yet translate into a clear recovery in ternary downstream demand. Whether the market could continue to improve in the future still depended on whether relevant inquiries could be converted into actual transactions, and whether there was a substantial rebound in the production of precursors and cathode materials in China and South Korea.

SMM’s Battery-grade Nickel Sulphate, CIF China price remained broadly stable around $3,700/wmt in August, while Chinese buying inquiries for Korean material became more active toward month-end. However, stronger procurement has yet to translate into a clear recovery in ternary downstream demand, leaving the sustainability of the improvement dependent on actual precursor and cathode production growth.