Cost Support Strengthened, Nickel Sulphate Prices Rose As of this Thursday, SMM battery-grade nickel sulphate average prices rose WoW. Demand side, with Labour Day holiday approaching, some producers recently stockpiled ahead of the holiday. Combined with recovering production schedule expectations for May at some enterprises, acceptance of nickel salt prices increased. Supply side, as nickel prices, MHP payables, and auxiliary material prices all moved up this week, driving a significant rise in spot costs for some producers, nickel salt quoted prices rose accordingly. Looking ahead, recently Inventory, upstream nickel salt smelter inventory index slightly rose from 5.5 days to 5.6 days this week, downstream precursor plant inventory index stayed at 11 days, and integrated enterprise inventory index declined from 7.3 days to 6.8 days. Buy-sell strength, upstream nickel salt smelter Willingness to Sell Sentiment Factor rose from 1.9 to 2 this week, downstream precursor plant procurement sentiment factor stayed at 2.9, and integrated enterprise sentiment factor stayed at 2.6. (Historical data available via database query) Nickel Prices Rose Sharply, Nickel Sulphate Costs Increased Cost side, MHP raw material market circulation was tight. Affected by sulphur shortages and HPM revisions, MHP transaction coefficients stayed high this week, with quoted coefficients further rising. Nickel prices, stimulated by news of intermediate product production halts in Indonesia, rose further this week. Overall for the week, nickel prices basically rose WoW, MHP payables held steady, driving nickel salt production spot costs up WoW.

Intermediate Product Production Cuts Materialized, MHP and High-Grade Nickel Matte Payable Indicator Stayed High This Week

SMM April 29 News: Raw material side, lithium carbonate held up well this week due to supply disruptions from Zimbabwe's latest policy and mine permit renewals in Jiangxi, nickel salt prices fluctuated, the cobalt salt market was sluggish, and prices drifted lower.

SMM April 28 News: Raw material side, lithium carbonate held up well this week due to supply disruptions from Zimbabwe's latest policy and mine license renewals in Jiangxi, nickel salt prices fluctuated.

As of this Thursday, the SMM average price of battery-grade nickel sulphate rose WoW. Demand side, with the Labour Day holiday approaching, some producers recently stockpiled ahead of the holiday. Combined with recovering expectations for downstream orders at some enterprises, acceptance of nickel salt prices increased. Supply side, as nickel prices, MHP payables, and auxiliary material prices all edged up this week, spot costs at some producers rose significantly, and nickel salt offer prices were raised 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 fell from 6.4 days to 5.5 days this week, the downstream precursor plant inventory index rose from 8.7 days to 11 days, and the integrated enterprise inventory index remained at 7.3 days. In terms of buying and selling strength, the upstream nickel salt smelter Willingness to Sell Sentiment Factor held at 1.9 this week, the downstream precursor plant procurement sentiment factor rose from 2.7 to 2.9, and the integrated enterprise sentiment factor rose from 2.3 to 2.6. (Historical data can be accessed via the database.)

According to the latest data from China Customs, China's total nickel sulphate imports in March 2026 reached 6,530 mt in metal content, up 17% MoM and up 61% YoY. China's nickel sulphate exports totaled 114 mt in metal content, up 249% MoM and up 31% YoY. Net imports of nickel sulphate in March 2026 stood at 6,416 mt in metal content, up 16% MoM and up 62% YoY. By country, exports to Japan rose this month, driving total exports higher. On the import side, imports from Indonesia, South Korea and other countries increased this month. Although imports from Finland pulled back, total imports still posted notable growth. Net imports of nickel salts rose this month, largely in line with last month's expectations.