[SMM Analysis] Review of the Nickel Sulphate Market During the 2026 Chinese New Year Holiday and Post-Holiday Outlook

Published: Feb 23, 2026 19:42

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During the Chinese New Year period, the nickel sulphate market remained relatively quiet, with procurement and sales largely coming to a halt. On the production side, some producers continued operations, while others suspended production for maintenance. In terms of procurement and sales, most downstream enterprises that did not halt operations during the holiday had stocked up on raw materials in advance, resulting in subdued procurement sentiment during the holiday period.

Looking ahead to the post-holiday market, on the cost side, nickel prices during the holiday were mainly influenced by US tariff policies and tailings landslides in Indonesia, showing a noticeable rebound in the latter half of the holiday period, which led to an increase in the immediate production costs of nickel sulphate. On the supply side, fewer production days in February combined with the impact of holiday shutdowns are expected to result in an overall decline in nickel sulphate supply. Meanwhile, relatively high nickel prices are likely to continue prompting refined nickel producers to reduce external sales of nickel sulphate. On the demand side, downstream production was also affected by the holiday, leading to an overall pullback in procurement demand. However, procurement sentiment is expected to rebound by month-end as operations resume after the holiday.

Overall, the supply-demand structure of the nickel sulphate market is expected to improve slightly after the holiday compared to the pre-holiday period, with nickel prices likely to provide cost-side support for nickel sulphate prices.

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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