[SMM Nickel Sulphate Daily Review] Nickel Sulphate Prices Decline on October 9 amid Sluggish Downstream Purchasing Sentiment

Published: Oct 09, 2026 11:53 (GMT+8)

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On October 9, SMM battery-grade nickel sulphate average price declined.

Cost side, US Treasury yields stayed high, nickel prices remained under pressure from both macro and fundamentals, and immediate production costs for nickel sulphate slipped; supply side, some producers held elevated inventory levels and sought production cuts to destock, but with the nickel sulphate-SHFE nickel price spread continuing to widen, production schedules at refined nickel conversion and recycling enterprises are unlikely to see a significant decline; demand side, some downstream enterprises still relied mainly on long-term contract supply, with weak sentiment for building spot order inventory and relatively low acceptance of nickel salt prices. Today, the Willingness to Sell Sentiment Factor for upstream nickel salt smelters was 2.1, the procurement sentiment factor for downstream precursor plants was 2.0, and the sentiment factor for integrated enterprises was 2.2 (historical data can be queried in the database).

Looking ahead, spot order market activity is expected to remain weak in the short term, with nickel sulphate prices overall under pressure.

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