SMM Nickel Update: High-Grade NPI Sentiment Factors Rise in June

While upstream MHP payables stayed high, auxiliary material prices such as sulphur and sulphuric acid continued to climb, and downstream ternary production schedules remained at high levels, the performance of battery-grade nickel sulphate prices was not optimistic. SMM believes this was driven by multiple factors, including weakening cost support, front-loaded downstream stockpiling, increased import supplementation, and higher volumes of nickel sulphate converted from refined nickel.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 16 Jun , 2026

[SMM Nickel Flash] On June 16, futures stopped falling in the previous trading session, driving an improvement in market sentiment. NPI market transactions saw a surge in volume, with actual orders placed for various grades of material. The overall trading atmosphere noticeably improved compared to the earlier period, with divergent transaction prices but a concurrent increase in liquidity across different grades. Steady futures supported the restoration of market sentiment, and coupled with the support of bulk spot transactions, the short-term NPI market maintained a pattern of tiered pricing, recovering transactions, and a rebounding price center.