[SMM Analysis] Downstream Orders Remained Unclear, and Ternary Cathode Precursor Prices Held Steady

Published: Mar 12, 2026 11:03

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This week, ternary cathode precursor prices were broadly stable. Raw materials, nickel sulphate prices edged up today, while cobalt sulphate prices and manganese sulphate prices held steady.

Discounts, for March orders, as raw material prices were expected to rise to some extent, some producers recently showed willingness to raise nickel discounts. Long-term contracts, as downstream orders remained unclear, acceptance of higher discounts did not improve significantly and was basically flat from February. Spot orders, discounts for some earlier orders had already been finalised before the Chinese New Year, while discounts for the remaining March orders rose slightly from February; production, precursor production schedules in March recovered overall from February, with some leading producers in China and producers with relatively large export orders maintaining high operating rates. Looking ahead, sulphate prices have recently remained generally firm and may provide further support for precursor prices from the cost side.

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