This week, ternary material prices remained weak. On the raw material side, nickel sulfate prices moved sideways at low levels, cobalt sulfate prices fell sharply early in the week and then held steady, while lithium carbonate and lithium hydroxide prices, after a brief stabilization early in the week, plunged again, dragging ternary material prices further lower.
In terms of payables, since October, amid weak purchasing enthusiasm and the continuous decline in raw material prices, the payable for nickel and cobalt sulfate settled between cathode makers and cell makers has generally been adjusted downward.
On the demand side, orders have shown no major changes recently. The power battery market continued to see weak demand, with producers continuously destocking, slowing their production pace, and showing low enthusiasm for raw material purchasing. In the consumer electronics market, weighed down by lackluster demand for digital end products and the continuous decline in raw material prices, transactions were likewise subdued, with cell makers maintaining need-based procurement and staying on the sidelines.
In terms of production scheduling, end-market demand in the domestic power battery market fell short of expectations, and cell makers' orders were reduced accordingly, which further dragged down cathode orders. Domestic ternary cathode production in October is currently expected to stay flat month on month compared with September, while production schedules for November are projected to decline further in a more pronounced manner.
![[SMM Analysis] Ternary Cathode Production Schedule May Continue to Decline](https://imgqn.smm.cn/usercenter/mzgdV20251217171729.png)
