[SMM Analysis] Ternary cathode material prices fell in August, will they continue to fall in September?

Looking back at August, the prices of ternary cathode materials were still on a downward trend. Taking the price of 6-series monocrystal/power type as an example, it dropped from 130,000 yuan/mt at the beginning of August to 125,000 yuan/mt, with an average monthly price decrease of 5000 yuan/mt. The price decline was mainly due to fluctuations in raw material prices. Although nickel sulphate prices rose by 370 yuan/mt in August, both battery-grade lithium carbonate and battery-grade lithium hydroxide saw significant declines, with lithium carbonate dropping by 7400 yuan/mt and lithium hydroxide by 6000 yuan/mt. The weakening of raw material prices led to a reduction in the cost of ternary cathode materials, causing their prices to gradually decline in August.

Looking ahead to September, the current stabilization and rebound in lithium carbonate and nickel sulphate prices will provide some support for ternary cathode material prices. Meanwhile, the penetration rate of NEVs has already exceeded 50%, and their sales are expected to continue growing in the upcoming September-October peak season, further driving the demand for ternary cathode materials. With the recovery in demand and the stabilization and rebound of raw material prices, it is expected that the prices of ternary cathode materials will slow their decline and remain stable in September.