[SMM Nickel Sulphate Daily Review] Market Transactions Sluggish on July 20, Nickel Sulphate Prices Hold Steady

Published: Jul 20, 2026 10:38

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

July 20, SMM battery-grade nickel sulphate average price remained stable.

Cost side, uncertainty in the Strait of Hormuz persisted, and a significant tug-of-war between longs and shorts in nickel prices sent the spot cost of nickel sulphate production consolidating. Supply side, the tight supply pattern of intermediate products remained unchanged, with MHP payables and prices of auxiliary materials such as sulphuric acid staying high. Some nickel salt smelters held expectations for production cuts, while some recycling enterprises released inventories. Demand side, as nickel prices dropped sharply MoM and some downstream enterprises accumulated certain inventories, downstream stock-building sentiment was weak, and acceptance of nickel salt prices was relatively low. Today, the Willingness to Sell Sentiment Factor for upstream nickel salt smelters was 1.8, the Procurement Sentiment Factor for downstream precursor plants was 2.5, and the sentiment factor for integrated enterprises was 2.5 (historical data can be accessed in the database).

Looking ahead, approaching the month-end procurement period, the market is expected to gradually regain activity, and nickel sulphate prices may rebound.

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