[SMM Analysis] Subdued Downstream Buying Weigh on Nickel Sulphate Prices This Week

Published: Aug 6, 2026 13:29

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As of Thursday this week, the SMM average price of battery-grade nickel sulphate edged down.

Demand side, the month-end procurement period had passed, and some downstream enterprises mainly picked up goods under long-term contracts, with raw material inventory remaining relatively stable. Sentiment for spot order stockpiling was weak, and acceptance of nickel salt prices was low. Supply side, MHP payables and auxiliary material prices remained at high levels, and some enterprises had a strong willingness to hold prices firm. Looking ahead, the market is expected to be dominated by destocking this month, and nickel sulphate prices will mainly depend on the cost support from nickel prices.

In terms of inventory, this week, the upstream nickel salt smelter inventory index remained at 8.1 days, the downstream precursor plant inventory index rebounded from 8.4 days to 11.5 days, and the integrated enterprise inventory index remained at 7.6 days. In terms of buying and selling strength, this week, the upstream nickel salt smelter's Willingness to Sell Sentiment Factor remained at 1.8, the downstream precursor plant's procurement sentiment factor declined from 2.6 to 2.5, and the integrated enterprise sentiment factor remained at 2.5. (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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