[SMM Analysis] Limited Upward Momentum in Ternary Cathode Prices

Published: Aug 13, 2026 13:55

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This week, ternary cathode material prices rebounded slightly. Raw material side, nickel sulphate and cobalt sulphate prices continued to trend lower, while lithium carbonate and lithium hydroxide prices rebounded. However, ternary cathode material quotes changed little overall and remained at relatively low levels.

Trading sentiment, some cathode plants and battery cell manufacturers only carried out small-volume restocking for rigid demand, with relatively limited procurement volumes. The overall market still held expectations for lower prices ahead. Discount side, nickel, cobalt and lithium discounts have not been adjusted recently. As the lithium battery consumption tax is about to be reinstated, battery cell manufacturers may pass on some cost pressure upstream, and expectations for higher discounts remain weak.

Demand side, August orders grew steadily. Stockpiling for new models ahead of the traditional September-October peak season boosted cathode order demand in China; auto sales outside China, especially in Europe, remained strong and continued to boost ternary demand. Consumer market side, stable supply mainly relied on long-term contracts, spot order trading was relatively sluggish, and demand still showed no clear signs of recovery.

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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