[SMM Analysis] After the holiday, raw material prices and the price of ternary cathode precursors increased

Published: Feb 26, 2026 17:55

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This week, ternary cathode precursor prices increased. Today, nickel sulphate prices rose slightly, cobalt sulphate prices remained stable, and manganese sulphate prices edged up only marginally.

This week, ternary cathode precursor prices increased. Today, nickel sulphate prices rose slightly, cobalt sulphate prices remained stable, and manganese sulphate prices edged up only marginally.

Discount-wise, it has become more common for the market to negotiate discounts on a monthly or quarterly basis. For March orders, due to significant fluctuations in raw material prices, some producers intended to raise discounts after the holiday. However, downstream acceptance of higher discounts on long-term contracts did not improve significantly. Currently, spot order discounts for March are expected to increase slightly. There is some upside room for cobalt discounts in long-term contracts, while nickel and manganese discounts are projected to remain basically flat compared to February.

Production side, most precursor producers gradually resumed their production pace after the holiday. Some producers with substantial export orders maintained relatively high production intensity.

Looking ahead, post-holiday nickel, cobalt, and manganese raw material prices generally showed strong momentum. As purchasing demand rebounds following downstream resumption of work, sulphate prices may provide further support to precursor prices from the cost side.

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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