【SMM Analysis】Ternary Cathode Precursor Prices Weaken as Cobalt, Nickel Sulphate Decline; Manganese Stays Stable

Published: Oct 15, 2026 10:41 (GMT+8)

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

On discounts, for November and Q4 orders, some producers still showed willingness to hold coefficients firm due to higher sulphate raw material costs earlier. For long-term contracts, some producers had already agreed annual contracts at the start of the year, and most producers had not yet raised coefficients. Downstream acceptance of coefficient increases for quarterly contracts was also weak, with Q4 long-term contract coefficients expected to remain stable and in the doldrums. For spot orders, given the relatively weak performance of nickel and cobalt salt prices recently, coupled with soft downstream demand for some producers, November order coefficients are expected to decline.

On production, top-tier producers continued to see strong export orders this month, with production schedules at elevated levels. However, some domestic top-tier producers saw operating rates decline due to end-use demand falling short of expectations and tightness in key raw materials. Although there was slight MoM improvement this month, overall levels remained below Q3 highs.

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

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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