【SMM Analysis】Ternary Cathode Prices Still Have Room to Decline

This week, ternary cathode material prices moved lower. On the raw material front, nickel sulfate prices continued to weaken, while cobalt sulfate prices saw a notable decline. Lithium carbonate and lithium hydroxide remained at cyclical highs with significant price volatility.

In terms of transaction sentiment, as cobalt prices still have room to decline and the future trend of lithium salts remains uncertain, battery cell manufacturers showed weak restocking appetite this week. Transactions remained relatively subdued, with the market mainly focused on executing existing orders.

On the demand side, some battery cell manufacturers in the domestic EV market have slowed their offtake pace, mainly due to weaker-than-expected orders from automakers. Overseas orders, however, remained at relatively high levels and are expected to continue improving. On the consumer market front, demand remained subdued with no clear signs of improvement. It is worth noting that demand for 9-series materials has performed well in recent months, with its share rising relatively quickly.