[SMM Nickel Sulphate Daily Review] April 20: Downstream Purchasing Sentiment Rebounded, Nickel Salt Prices Held Steady

Published: Apr 20, 2026 11:36

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On April 20, the SMM battery-grade nickel sulphate average price remained stable.

Cost side, last Friday night news briefly emerged from the Strait about easing measures, causing nickel prices to pull back, and the spot production cost of nickel sulphate declined slightly. Supply side, nickel prices, MHP payables, and auxiliary material prices such as sulphuric acid have all been at elevated levels recently, and nickel salt smelters raised their quotes due to rising costs. Demand side, with the Labour Day holiday approaching, some downstream enterprises have had stocking demand recently, and their acceptance of nickel salt prices has slightly increased. Today, the upstream nickel salt smelter Willingness to Sell Sentiment Factor was 1.9, the downstream precursor plant procurement sentiment factor was 2.7, and the integrated enterprise sentiment factor was 2.3 (historical data available via database login).

Looking ahead, as the month-end procurement period approaches, attention should be paid to downstream demand conditions and the extent of cost pass-through to downstream.

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