[SMM Analysis] Subdued Downstream Procurement Weighs on Nickel Sulphate Prices This Week

Published: Jul 9, 2026 10:45

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As of this Thursday, the average price of SMM battery-grade nickel sulphate declined.

Demand side, after the mid-June reporting period, downstream enterprises still held certain inventory levels, and stockpiling sentiment in July was weak, leading to low acceptance of nickel sulphate prices. Supply side, currently, MHP payables and auxiliary material prices remained high. Amid weak demand, some producers had expectations for production cuts, which is expected to accelerate market destocking. Looking ahead, in the first half of this month, the market is expected to remain mainly destocking, and nickel sulphate prices are under pressure.

Inventory, this week, the upstream nickel salt smelter inventory index fell from 9.7 days to 9.5 days, the downstream precursor plant inventory index fell from 12.3 days to 11.7 days, and the integrated enterprise inventory index rose from 7.0 days to 8.1 days. Buying and selling strength, this week, the upstream nickel salt smelter's Willingness to Sell Sentiment Factor stayed at 1.8, the downstream precursor plant's Purchasing Sentiment Factor stayed at 2.5, and the integrated enterprise sentiment factor stayed at 2.4. (Historical data can be accessed by logging into the database.)

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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