[SMM Analysis] Spot Costs Rebounded Significantly, Nickel Salt Prices Rose

Published: Apr 16, 2026 10:55

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As of this Thursday, the SMM average price of battery-grade nickel sulphate increased WoW.

Demand side, mid-month procurement sentiment was generally weak. Some producers made inquiries recently, but due to the unclear recovery of downstream orders, acceptance of high-priced nickel salt remained weak. Supply side, as nickel prices, MHP payables, and auxiliary material prices all moved up this week, spot costs of some producers rose significantly, and nickel salt quotations were lifted accordingly. Looking ahead, cost support for nickel salt has strengthened recently, but upside room for prices depends on downstream procurement pace.

Inventory side, the upstream nickel salt smelter inventory index remained at 6.4 days this week, the downstream precursor plant inventory index declined from 9.1 days to 8.7 days, and the integrated enterprise inventory index declined from 7.6 days to 7.3 days. In terms of buying and selling strength, the upstream nickel salt smelter Willingness to Sell Sentiment Factor rose from 1.8 to 1.9 this week, the downstream precursor plant procurement sentiment factor rose from 2.6 to 2.7, and the integrated enterprise sentiment factor remained at 2.3. (Historical data can be accessed via 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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