[SMM Analysis] High Nickel Prices Stimulate Sentiment to Hold Prices Firm, Nickel Salt Prices Slightly Increase

Published: Jan 29, 2026 15:49

Source: SMM

Save

On January 29, the SMM battery-grade nickel sulphate index price was 32,857 yuan/mt, with the quotation range for battery-grade nickel sulphate at 32,300-34,500 yuan/mt, and the average price rose slightly compared to yesterday.
Cost side, nickel prices continued to fluctuate amid macro sentiment support and Indonesian policy disruptions, and nickel prices rose slightly again today, pushing up the immediate production costs for nickel salt smelters. Supply side, following today's rise in nickel prices, some nickel salt producers showed stronger willingness to hold prices firm due to expectations of rising raw material costs. Demand side, as the Chinese New Year approaches, some producers have certain raw material stocking demand, but others that have already stocked up for the holiday are mainly adopting a wait-and-see stance amid highly volatile nickel prices, resulting in relatively sluggish market transactions. 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 market 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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

8 hours ago

[SMM Stainless Steel Flash] Fu'an Aims for $246B in Stainless Steel Output by 2026, Advances 600,000-Ton CR Project

According to the Fu'an City Development and Reform Bureau, as outlined in its 2026 economic and social development plan released on March 6, the city is set to continuously consolidate its leading advantage in the stainless steel new materials industry. A key focus for the year is accelerating the construction and implementation of major downstream projects, specifically highlighting Runhengxin's 600,000-ton stainless steel cold-rolling project and a new titanium alloy materials manufacturing industrial park. Through these strategic capacity expansions, Fu'an aims to push the total output value of its stainless steel new materials industry to 246 billion RMB in 2026, targeting a year-on-year growth rate of over 5%.

8 hours ago

[SMM Stainless Steel Flash] Fujian Tsingshan's Stainless Steel Deep Processing Project Receives Construction Permit

According to the Zhouning County Natural Resources Bureau, the Fujian Tsingshan Special Materials stainless steel deep processing project officially received its construction engineering planning permit on February 14, 2026. The major facility, covering a land area of over 207,700 square meters with a total construction area of approximately 156,482 square meters, marks a significant step forward in capacity expansion for the Tsingshan-affiliated entity in Fujian province, further solidifying its downstream processing footprint.

8 hours ago

[SMM Stainless Steel Flash] EU Fastener Distributors Warn CBAM Acts as Penalty Tariff; Import Costs Surge Up to 50%

According to EFDA, the CBAM is severely penalizing importers of screws, nuts, and other fasteners, with costs reportedly surging by 30% to 50% since the mechanism took full effect in January 2026. The EFDA attributes this drastic cost increase to structural failures by the European Commission, specifically the absence of a functioning verification system that forces importers to rely on exorbitantly high default emissions values rather than actual data. This issue is heavily compounded by a severe shortage of certified verifiers, whose accreditation is delayed until summer 2027. Warning that these bureaucratic complexities are threatening the global competitiveness of European end products like automobiles and machinery.

8 hours ago