[SMM Analysis] Mid-Month Market Trading Sluggish; Nickel Salt Prices Fall This Week

Published: Aug 13, 2026 10:37

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As of this Thursday, the SMM average price for battery-grade nickel sulphate declined.

Demand side, the market was generally mediocre mid-month. Some downstream enterprises mainly picked up goods under long-term contracts, or still held certain raw material inventories. Sentiment for spot-order stockpiling was weak, and their acceptance of nickel salt prices was low. Supply side, MHP payables and auxiliary material prices remained high. Some enterprises were willing to hold prices firm, but some upstream enterprises with high inventory levels sought to sell and destock. Looking ahead, the market is expected to remain focused on destocking overall this month, and prices are expected to be weak overall before month-end.

Inventory side, this week the upstream nickel salt smelter inventory index held at 8.1 days; the downstream precursor plant inventory index declined from 11.5 days to 10.7 days; and the integrated enterprise inventory index held at 9.9 days. In terms of buying and selling strength, this week the Willingness to Sell Sentiment Factor for upstream nickel salt smelters rose from 1.8 to 2.0; the purchasing sentiment factor for downstream precursor plants fell from 2.5 to 2.3; and the sentiment factor for integrated enterprises fell from 2.5 to 2.3. (Historical data can be queried by logging in to 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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