Based on international market data as of September 17, 2025, the price range for SMM #1 refined nickel is $18,700–$19,100 per ton. LME nickel inventories continued climbing to a record high of 226,434 tons, exerting significant downward pressure on nickel cathode price. Cautious market sentiment ahead of the Federal Reserve's interest rate decision weighed on near-term nickel cathode price, with the most active SHFE nickel contract trading within a reference range of approximately $16,700–$17,300 per ton. The Indonesian Nickel Index (INI) indicates that several nickel products and key minerals have been added to the U.S. Annex II list for tariff exemption, effective September 8. This includes nine nickel-related customs codes such as ferronickel, nickel matte, and nickel sulfate. This policy change has provided some support to international nickel cathode price.
Price for primary nickel cathode brands in the international market vary significantly due to differences in purity, form, and processing techniques. Below is a price comparison table for each brand:
| Brand | Product Type | Purity | Price Range (USD/ton) | Primary Applications |
|---|---|---|---|---|
| Nichia Corporation | High-Purity Electrolytic Nickel Cathode | ≥99.99% | 19,200-19,600 | Electronic Components, Battery Materials |
| BASF | Standard Electrolytic Nickel Cathode | ≥99.95% | 18,800-19,200 | Electroplating, Chemical Catalysts |
| L&F | Battery-grade Nickel Cathode | ≥99.98% | 19,500-19,900 | Lithium-ion Battery Cathode Material |
| Kansai | Electroplating-specific Nickel Cathode | ≥99.96% | 18,900-19,300 | Decorative and Functional Electroplating |
| POSCO | Stainless Steel Nickel Cathode | ≥99.94% | 18,700-19,100 | Stainless Steel Production |
Price variations among these nickel cathode brands reflect specialized product characteristics and application fields. Battery-grade materials command significant premiums due to their higher purity requirements. (Prices above are for reference only! They do not represent the precise selling prices of these brands' nickel cathodes.)
Precious metal-plated nickel cathodes command substantially higher prices than standard nickel cathodes due to their alloy coatings containing cobalt, palladium, and other precious metals. Price for porous nickel plates (5-130 PPI sintered nickel foam cathodes) decrease with increasing purchase volume: $96.39/piece for 1-499 pieces, $65.66/piece for 500-1,999 pieces, and $38.99/piece for 2,000+ pieces. The premium pricing of these precious metal-coated nickel cathodes stems from their specialized properties: minimum 99.6% nickel content, 50-80% porosity range, and customizable dimensions. Despite their higher cost, these cathodes are indispensable in specific industrial applications, particularly for high-precision electronic components and high-performance batteries. Key factors determining the price of precious metal-coated nickel cathodes include precious metal content, coating thickness, and porosity characteristics. These prices typically incorporate a technical premium due to the specialized manufacturing processes and quality control procedures required for such products.
Precious metal recyclers base their nickel cathode recycling price on whether the scrap contains precious metals, with such cathodes commanding higher prices than pure nickel cathodes. High-grade nickel cathodes maintain robust prices in the recycling market, particularly those with precious metal coatings due to their higher residual value. Nickel recycling companies closely monitor fluctuations in LME nickel and cobalt prices, as spot cobalt and nickel price movements directly impact recycled nickel cathode valuation. Professional recyclers achieve lithium recovery rates exceeding 85% from scrap nickel cathodes, with some firms claiming rates above 90%. This enables them to offer higher recycling prices for high-quality nickel cathodes.
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