[SMM Analysis] Downstream Orders Remained Unclear, and Ternary Cathode Precursor Prices Held Steady

Published: Mar 12, 2026 11:03

Save

This week, ternary cathode precursor prices were broadly stable. Raw materials, nickel sulphate prices edged up today, while cobalt sulphate prices and manganese sulphate prices held steady.

Discounts, for March orders, as raw material prices were expected to rise to some extent, some producers recently showed willingness to raise nickel discounts. Long-term contracts, as downstream orders remained unclear, acceptance of higher discounts did not improve significantly and was basically flat from February. Spot orders, discounts for some earlier orders had already been finalised before the Chinese New Year, while discounts for the remaining March orders rose slightly from February; production, precursor production schedules in March recovered overall from February, with some leading producers in China and producers with relatively large export orders maintaining high operating rates. Looking ahead, sulphate prices have recently remained generally firm and may provide further support for 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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

24 mins ago

Led by 9 Academicians! Detailed Agenda Released for the 9th Conference on Frontier Energy Storage Technologies

24 mins ago

18 hours ago

Tinci Materials: Net Profit Was up 181% YoY in 2025

Tinci Materials announced that in 2025, the company achieved operating revenue of 16.649 billion yuan, up 33.00% YoY; net profit was 1.362 billion yuan, up 181.43% YoY. The company planned to distribute a cash dividend of 3 yuan (tax included) for every 10 shares to all shareholders.

18 hours ago

CATL: Net Profit Reached 72.2 billion yuan in 2025, up 42.28% YoY

CATL announced that in 2025, it recorded operating revenue of 423.702 billion yuan, up 17.04% YoY, and net profit of 72.201 billion yuan, up 42.28% YoY. The company plans to distribute a cash dividend of 69.57 yuan per 10 shares to all shareholders (tax included). CATL stated that in 2025, it achieved lithium-ion battery sales of 661 Gwh, up 39.16% YoY.

18 hours ago