[SMM Nickel Sulphate Daily Review] July 27: Nickel Prices Strengthen Cost Support, Nickel Sulphate Prices Rebound

Published: Jul 27, 2026 14:23

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On July 27, the SMM battery-grade nickel sulphate average price saw a slight rise.

On July 27, the average price of SMM battery-grade nickel sulphate edged up.

Cost side, affected by news of disruptions to some Indonesian nickel product exports, nickel prices consolidated today, and the immediate cost of nickel sulphate production rebounded recently; 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 faced with the rebound in nickel prices, some enterprises had the willingness to hold prices firm; Demand side, due to the sharp decline in nickel prices MoM, coupled with inventory accumulation at some downstream enterprises, downstream restocking sentiment was weak, and acceptance of nickel salt prices was relatively low. Today, the upstream nickel salt smelters' Willingness to Sell Sentiment Factor was 1.8, the downstream precursor plants' purchasing sentiment factor was 2.6, and integrated enterprises' sentiment factor was 2.5 (historical data can be accessed by logging into the database).

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

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