[SMM Analysis] Quick Review of Ternary Cathode Material Market This Week

Published: Mar 20, 2025 16:59

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This week, the price of ternary cathode material stabilized somewhat, mainly due to a reversal and slight decline in the prices of nickel sulphate, cobalt sulphate, and lithium carbonate. In the spot market, spot orders remained relatively few. Although raw material prices on the cost side decreased, the production cost and price of ternary cathode material did not decrease promptly because the coefficients for some previous purchase orders between cathode companies and precursor companies had increased. Therefore, this week, spot market prices remained relatively stable.

This week, ternary cathode material prices showed some stabilization, mainly due to a reversal and slight decline in the prices of nickel sulphate, cobalt sulphate, and lithium carbonate. In the spot market, spot order transactions remained relatively few. Although raw material prices on the cost side have decreased, the production costs and prices of ternary cathode materials did not immediately drop because the procurement order coefficients for some cathode and precursor enterprises had increased previously. Therefore, this week's spot market prices remained relatively stable.

In terms of production and orders, it is expected that the increase in the production schedule for ternary battery cells at domestic downstream battery plants in April will be relatively small, with an increase of less than 5% MoM from March. As a result, currently, only a few top-tier enterprises have higher operating rates due to increased market share and more orders under tolling agreements. The production schedules for most ternary cathode material factories in April are still expected to remain relatively stable. It is anticipated that in the short term, ternary cathode material prices will fluctuate in line with raw material prices.

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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