[SMM Analysis] Some Producers' Spot Order Coefficients Rose, but Pullback in Sulphate Prices Drove Precursor Prices Lower

This week, ternary cathode precursor prices declined. Today, nickel sulphate prices held steady, cobalt sulphate prices declined, and manganese sulphate prices held steady.

Discount side, for June and Q2 orders, as nickel sulphate raw materials remained relatively tight and prices fluctuated upward, some producers showed willingness to raise discounts. Long-term contract side, some producers had finalized long-term agreements, with no direct raises yet. Spot order side, June spot order nickel payables rose, driven by the strong performance of raw material prices, but cobalt sulphate prices performed relatively weakly, and the coefficient had not yet recovered notably.

Production side, driven by end-use demand, some producers saw strong export orders. Combined with rising raw material prices, this boosted downstream stockpiling willingness in China, and top-tier producers maintained high production schedule levels.

Looking ahead, sulphate cost support remained strong recently, but downstream acceptance of prices will depend on downstream demand conditions in Q2.