PCAM Prices Dropped in April

The monthly average price of PCAM (for NMC 523) lost 6.5% MoM to 86,000 yuan/mt in April. In April, the prices of nickel and cobalt continued to decline, and the demand did not see any significant improvement. The market sold off at lower prices, driving down prices of PCAM. It is expected that the prices of nickel and cobalt will still be slightly lowered in May, and thus the prices of precursors will continue to fall slightly.

In the first half of April, the prices of nickel-cobalt salts continued its downward trend. The lower cost of raw materials drove down PCAM prices. On the demand side, NMC plants prioritised stock liquidation amid falling raw material prices and the absence of significant recovery of consumption, refraining from purchasing precursors. Falling costs and poor demand sent precursor prices down.

In the second half of the month, the prices of nickel salt continued to fall, while the prices of cobalt stabilised. The price decline of five-series precursors slowed down. Meanwhile, the decline in lithium prices also slowed down. CAM plants increased inquiries but pushed for lower prices.

In early May, the prices of nickel and cobalt salts were lowered, and the prices of precursors fell accordingly. The demand for NMC has picked up, and lithium prices stabilised. As such, CAM plants stepped up delivery taking. Precursor prices dropped due to lower raw material cost.

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