[SMM Analysis] Review of Ternary Cathode Material Prices This Week

Published: Feb 13, 2025 16:59

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This week, the ternary cathode material market exhibited a divergent trend. Among them, the costs and prices of 5-series and 6-series ternary cathode materials were affected by the decline in lithium carbonate prices, leading to varying degrees of decrease. As one of the key raw materials for ternary cathode materials, fluctuations in lithium carbonate prices had a significant impact on the costs of related products. Meanwhile, the costs of 8-series ternary cathode materials remained stable, primarily due to the prices of lithium hydroxide and sulphuric salts showing no significant changes this week, thereby maintaining a relatively stable cost structure for 8-series ternary cathode materials.

In terms of production supply, the overall production schedule of the ternary cathode material industry in February was still influenced by the off-season at the beginning of the year for both the terminal power and consumer sectors, with order volumes relatively mediocre compared to previous months. Some producers, mainly supplying ternary cathode materials to overseas clients, experienced relatively smaller declines in orders, primarily due to the resilience of overseas market demand for ternary cathode materials, especially in certain high-end application fields. However, unlike the domestic trend of demand recovery and growth after March, the demand growth momentum overseas in H1 was relatively weaker compared to domestic markets. From an industry-wide perspective, market concentration further increased, with mid-to-lower-tier enterprises experiencing more significant order reductions, intensifying market competition and driving resources and orders to concentrate among top-tier enterprises.

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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