[SMM Analysis] Long-term Contracts Remain Market Dominant, Nickel Salt Prices Decline This Week

Published: Aug 20, 2026 12:39

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

Demand side, the overall market was mediocre in the middle of the month. Some downstream enterprises mainly picked up goods under long-term contracts, or still had certain raw material inventory, and had weak sentiment for spot order stockpiling, with low acceptance of nickel sulphate prices. Supply side, some upstream enterprises had high inventory levels and planned to reduce operating rates, seeking shipments and destocking. Looking ahead, the market is expected to continue destocking this month, and prices are expected to remain under pressure by month-end.

Inventory side, the inventory index of upstream nickel salt smelters remained at 8.1 days this week, while the inventory index of downstream precursor enterprises decreased from 10.7 days to 10 days, and the inventory index of integrated enterprises decreased from 9.9 days to 9.7 days. Buying and selling strength side, the Willingness to Sell Sentiment Factor of upstream nickel salt smelters remained at 2 this week, the Willingness to Purchase Sentiment Factor of downstream precursor enterprises remained at 2.3, and the sentiment factor of integrated enterprises remained at 2.3. (Historical data can be queried 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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