[SMM Analysis] Production Schedules Expected to Recover Notably in May, Ternary Cathode Precursor Prices Rose This Week

Published: Apr 30, 2026 11:54

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This week, ternary cathode precursor prices rose. Nickel sulphate prices increased today, cobalt sulphate prices declined, and manganese sulphate prices remained stable.

Discount side, for May and Q2 orders, some producers were willing to raise discounts due to significant raw material price fluctuations. Long-term contract side, some producers had finalized long-term agreements. As downstream demand recovery remained relatively limited, some producers slightly raised nickel and cobalt discounts, while others had some room for negotiation on processing fees. Spot order side, the May spot order nickel coefficient had some upside room driven by strong raw material prices, but the cobalt coefficient weakened due to softer raw material performance.

Production side, driven by both end-use demand and rising raw material prices, downstream cargo pick-up willingness in China recovered slightly, with some leading producers maintaining relatively high production schedule levels.

Looking ahead, sulphate cost support has been relatively strong recently, but downstream price acceptance will depend on downstream demand conditions in Q2.

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