【SMM Analysis】Ternary Cathode Outlook Remains Positive

This week, ternary cathode material prices continued their upward trend. On the raw material front, prices of nickel sulfate, cobalt sulfate, and manganese sulfate were largely flat week-on-week. The main driver was the continued sharp rise in spot prices of lithium carbonate and lithium hydroxide, pushing ternary cathode material prices to a cyclical high.

In terms of transactions, lithium carbonate and lithium hydroxide prices saw a modest pullback in the latter half of the week, creating a pricing opportunity for some manufacturers and resulting in small-batch order placements. On the long-term contract front, payables have shown no significant changes recently.

On the demand side, the domestic EV market is currently in a phase of concentrated stockpiling for new models, with orders rebounding notably. The overseas market is also strong, driven by robust European vehicle sales and stockpiling for new product launches by some brands, collectively boosting orders for domestic cathode manufacturers. In the consumer market, due to the traditional off-season and persistently high raw material prices, demand remains relatively subdued in the near term.