[SMM Analysis] Some downstream cargo pick-up willingness weakened, and precursor prices fell under pressure

Published: Sep 10, 2026 15:11

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This week, ternary cathode precursor prices weakened, with cobalt sulphate and nickel sulphate prices declining during the week, while manganese sulphate prices remained stable.

On discounts, for September and Q4 orders, some producers still intend to hold prices firm due to the higher cost of sulphate raw materials in the earlier period. For long-term contracts, some producers had already agreed on annual contracts at the beginning of the year, and most producers have not yet raised their coefficients. Downstream acceptance of coefficient increases for quarterly contracts also remains weak. Except for some top-tier producers with certain bargaining power, most producers are expected to keep overall terms stable with Q2. For spot orders, given the relatively weak performance of nickel and cobalt salt prices recently, coupled with sluggish downstream demand for some producers, September order coefficients remain under pressure.

On production, top-tier producers continued to see strong export orders this month, with production schedules at relatively high levels. However, some domestic top-tier producers have reduced their willingness to stockpile and lowered operating rates due to end-use demand falling short of expectations. Overall, production schedules showed a downward trend this month.

Looking ahead, sulphate prices have yet to show a clear rebound, and pricing for new orders will depend on actual downstream demand in Q4.

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