[SMM Analysis] Raw material supply tightness elevated costs, battery PMI was in contraction territory in April

In April, the PMI for the battery industry was 49.56%. For nickel-metal hydride batteries, market feedback indicated that April purchase decreased MoM due to continuously rising raw material prices and scarcity of raw materials in the spot market. The situation for ternary lithium batteries was similar to that of nickel-metal hydride batteries. Therefore, the production index for the battery industry in April was 49.56%, and the raw material inventory index was 50%. According to the SMM survey, entering May, nickel-metal hydride battery makers had a cautious outlook, and the market held a bearish expectation for future raw material prices. Ternary lithium battery makers kept the same price expectations for raw materials as nickel-metal hydride battery makers.