[SMM Nickel Sulphate Daily Review] On 23 July, Nickel Prices Strengthen Cost Support, Driving Nickel Sulphate Prices to Rebound

Published: Jul 23, 2026 11:44

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On July 23, the SMM battery-grade nickel sulphate average price rose.

On July 23, the SMM battery-grade nickel sulphate average price edged higher.

Cost side, nickel prices were boosted by stronger nonferrous metals market sentiment, coupled with destocking and technical repair, driving a rebound in spot production costs for nickel sulphate. Supply side, the tight supply of intermediate products persisted, MHP payables and prices of auxiliary materials such as sulphuric acid remained elevated, some nickel salt smelters held expectations for production cuts, and in response to the recovery in nickel prices, some enterprises showed willingness to hold prices firm. Demand side, as nickel prices dropped sharply MoM, and some downstream enterprises accumulated inventory, downstream sentiment for building inventory was relatively 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 through the database).

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

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