[SMM Analysis] Overview of Ternary Cathode Material Prices in the First Week of 2025

This week, on the cost side of ternary cathode materials, the daily average price fluctuation of sulphates was relatively small. In contrast, the prices of lithium carbonate and lithium hydroxide saw more significant increases due to the still-active restocking by downstream enterprises before the Chinese New Year. This provided some support to the raw material costs of ternary cathode materials, with the prices of 5-series, 6-series, and 8-series ternary materials all rising to varying degrees this week.

Regarding this week's supply and demand situation in the industry, domestic ternary cathode material producers saw a slight decline in production schedules, with the decrease being relatively limited. Overseas ternary cathode material producers continued to operate at low operating rates. On the demand side, domestic battery producers slightly reduced their production schedules for ternary power batteries before the Chinese New Year, but the decline was relatively small compared to previous years. On the consumption side, the purchase willingness for ternary cathode materials at the current period remained mediocre.