[SMM Nickel Sulphate Daily Review] March 23, Market Transactions Were Sluggish, Nickel Salt Prices Remained Stable

Published: Mar 23, 2026 12:59

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On March 23, the average SMM battery-grade nickel sulphate price remained stable.

Cost side, the strong US dollar and elevated oil prices triggered by tensions in the Middle East continued to affect the market, while nickel prices remained relatively stable on cost support, and the immediate production cost of nickel sulphate rebounded; Supply side, MHP payables have recently shown an upward trend, and nickel salt smelters raised their offers somewhat due to higher raw material costs; Demand side, some producers made purchases recently, but as downstream orders were still unclear and costs had not yet been passed on downstream, acceptance of high-priced nickel salts remained weak. Today, the upstream nickel salt smelters' Willingness to Sell Sentiment Factor was 1.8, the downstream precursor plants' purchasing sentiment factor was 2.6, and the integrated enterprises' sentiment factor was 2.3 (historical data is available in the database).

Looking ahead, with the monthly procurement period approaching, attention should be paid to downstream orders to determine the level of demand for nickel salts.

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