[SMM Analysis] Strong Cost Support, Ternary Cathode Precursor Prices Remained Stable This Week

Published: May 14, 2026 13:57

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This week, ternary cathode precursor prices held steady. Nickel sulphate prices edged down today, while cobalt sulphate and manganese sulphate prices remained stable.

Discount side, for May and Q2 orders, some producers were willing to raise discounts due to significant raw material price fluctuations. Long-term contract side, some producers had finalized long-term agreements. As downstream demand recovery remained relatively limited, some producers saw slight increases in nickel and cobalt discounts, while others had some room for negotiation on processing fees. Spot order side, the May spot order nickel coefficient rose, driven by the strong upward movement in raw material prices, while the cobalt coefficient weakened due to softer raw material price performance.

Production side, driven by both end-use demand and rising raw material prices, downstream stockpiling willingness in China recovered somewhat, with some top-tier producers maintaining relatively high production schedules.

Looking ahead, sulphate cost support has been relatively strong recently, and precursor prices are expected to fluctuate upward.

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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