[SMM Nickel Sulphate Daily Review] July 29: Nickel prices drive cost support to strengthen, nickel sulphate prices hold steady

Published: Jul 29, 2026 14:55

Save

On July 29, SMM battery-grade nickel sulphate average price remained stable.

On July 29, the SMM battery-grade nickel sulphate average price held steady.

Cost side, affected by Middle East peace talks, nickel prices drifted lower today, but the immediate production cost of nickel sulphate still rebounded recently; Supply side, the tight supply pattern of intermediate products remained unchanged, MHP payables and auxiliary material prices such as sulphuric acid stayed high, some nickel salt smelters had expectations for production cuts, and some enterprises showed willingness to hold prices firm amid a rebound in nickel prices; Demand side, as nickel prices fell sharply MoM and some downstream enterprises accumulated inventory, downstream stockpiling sentiment was weak and acceptance of nickel sulphate 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 2.6, and the sentiment factor for integrated enterprises was 2.5 (historical data can be accessed on the database).

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

[For more content, subscribe to SMM nickel research team products 《China Nickel, Chrome, Stainless Steel Industry Chain Regular Report》, 《China Nickel, Chrome, Stainless Steel Industry Chain High-end Report》, to get the latest data analysis and market analysis of nickel ore, NPI (China + Indonesia), refined nickel, nickel sulphate, chrome ore, ferrochrome, and stainless steel (China + Indonesia)! ]

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

2 hours ago

[SMM Stainless Steel Flash] Chinese Taiwan 300-Series Stainless HRC Imports and Costs Surge in June

Chinese Taiwan’s imports of 300-series stainless steel hot-rolled products rebounded to around 54,400 mt in June, up 46.4% month on month, ending two consecutive months of decline and reaching the second-highest level this year. Import prices rose for a fifth straight month to a two-year-and-eight-month high. Market participants attributed the increase to Indonesia’s nickel production restrictions, which lifted raw material costs and prompted Tsingshan to raise export offers. First-half imports reached approximately 284,400 mt, up 3.7% year on year, adding to cost pressure on local mills.

2 hours ago

3 hours ago

High-Grade NPI Orders Scarce, Market Cautious Amid Bearish Sentiment

[SMM Nickel Flash] On July 29, fixed-price actual orders for high-grade NPI remain scarce, with market transactions generally based on a premium/discount negotiation model. Premiums for mainstream supply have edged down from earlier levels, but upstream and downstream price levels remain difficult to match. Bearish sentiment persists on the demand side, and the market remains cautious about the outlook for August.

3 hours ago

SMM High-Grade NPI Market Sentiment Remains Steady in July, Spot Market Sees Ongoing Tug-of-War

[SMM Nickel Flash] July 29 news, SMM high-grade NPI market sentiment factor was 1.98, flat MoM, the upstream sentiment factor for high-grade NPI was 2, flat MoM, and the downstream sentiment factor for high-grade NPI was 1.95, flat MoM. Today, the tug-of-war atmosphere in the spot high-grade NPI market continued.

3 hours ago