[SMM Analysis] Spot-Order Payables Remain Strong, Pullback in Nickel Sulphate Prices Drags Down Precursor Prices

Published: Jun 11, 2026 12:17

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This week, ternary cathode precursor prices weakened somewhat, with nickel sulphate prices slipping, while cobalt sulphate and manganese sulphate prices held steady.

Regarding discounts, for June and Q2 orders, as sulphate raw materials were relatively tight and prices trended strong, some producers showed a willingness to increase discounts. For long-term contracts, some producers have already settled long-term agreements and no upward adjustments have been made. For spot orders, since nickel sulphate prices remained at relatively high levels, the nickel coefficient for some consumer-related spot orders in June rose notably, but cobalt sulphate prices performed relatively weakly, with the coefficient not yet rebounding significantly.

On the production side, boosted by downstream demand from Europe, South Korea, etc., some producers' export orders performed well; meanwhile, driven by rising raw material prices and gradually improving end-use demand, downstream customers in China also entered a stockpiling phase, with top-tier producers maintaining relatively high production schedules.

Looking ahead, sulphate prices have recently pulled back overall, and future new order prices will need to watch the pace of downstream stockpiling in Q3.

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