[SMM Analysis] The sentiment of holding prices firm is relatively strong, and nickel salt prices are rising

Published: Jan 27, 2026 17:26

Source: SMM

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On January 27, the SMM battery-grade nickel sulphate index price was 32,884 yuan/mt, with the quotation range for battery-grade nickel sulphate at 32,350–34,200 yuan/mt, and the average price rose compared to the previous day.
Cost side, nickel prices continued to fluctuate amid macro sentiment support and policy disruptions in Indonesia; nickel prices retreated today, but the immediate production cost for nickel salt remained high. Supply side, some nickel salt producers were affected by expectations of rising raw material costs, and the recent nickel price increase further stimulated sentiment to hold prices firm. Demand side, due to significant volatility in nickel prices, some downstream producers adopted a wait-and-see approach, with continued weak acceptance of high-priced nickel salt, leading to relatively sluggish market transactions. Today, the upstream nickel salt smelter's Willingness to Sell Sentiment Factor was 1.9, the downstream precursor plant's Purchasing Sentiment Factor was 2.7, and the integrated enterprise's Sentiment Factor was 2.4 (historical data can be queried in the database).
Looking ahead, as the stockpiling period before the Chinese New Year approaches, if nickel prices continue to hold up well, cost support may bolster nickel sulphate prices.

nickel prices Nickel

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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