【SMM Analysis】Ternary Cathode Market Activity Remains Subdued

Published: Jul 9, 2026 16:37

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Demand in the EV market remains at historically high levels, though no further near-term growth momentum is visible. The consumer market remains in the traditional off-season, with overall performance relatively flat.

This week, ternary cathode material prices declined. On the raw material front, nickel sulfate and cobalt sulfate prices continued to edge down, while lithium carbonate and lithium hydroxide posted notable declines this week, driving ternary cathode material prices lower.

In terms of transactions, market activity remained subdued recently, mainly due to the current order execution phase at the beginning of the month. Despite falling raw material prices, battery cell manufacturers hold sufficient inventory and have no urgent purchasing needs. Demand in the EV market remains at historically high levels, though no further near-term growth momentum is visible. The consumer market remains in the traditional off-season, with overall performance relatively flat.

On payables, there have been no significant changes recently in either the EV or consumer markets. While absolute prices of nickel sulfate and cobalt sulfate are declining, precursor producers remain firm on payables, but cathode producers' acceptance of payable increases remains limited.

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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