[SMM Nickel Sulphate Daily Review] June 25, Nickel Prices Plunge Sharply, Nickel Salt Prices Decline

Published: Jun 25, 2026 13:21

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On June 25, the SMM battery-grade nickel sulphate average price edged down.

On June 25, SMM battery-grade nickel sulphate average prices declined.

Cost side, expectations of further interest rate hikes continued to weigh on the non-ferrous metals market, and together with the impact of yesterday's nickel ore quota rumors, nickel prices dropped sharply, with immediate production costs for nickel sulphate falling significantly. Supply side, the tight supply situation for intermediate products remained unchanged, and MHP payables and prices for auxiliary materials such as sulphuric acid stayed high, nickel salt smelters maintained high offer prices, though some enterprises released low-cost inventories. Demand side, as it was the mid-year period, downstream sentiment for inventory building was subdued, and combined with relatively weak nickel prices, acceptance of nickel salt prices was relatively low. Today, the upstream nickel salt smelter Willingness to Sell Sentiment Factor stood at 1.8, the downstream precursor maker Purchasing Sentiment Factor at 2.5, and the integrated enterprise Sentiment Factor at 2.4 (historical data can be accessed via the database).

Looking ahead, as the month-end procurement period approaches, the nickel sulphate market is expected to regain activity at month-end, but attention must be paid to the impact of nickel prices on cost support strength.

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