[SMM Analysis] Spot order coefficients still trended upward; cobalt sulphate price pullback drove precursor prices lower

Published: Jun 4, 2026 11:05

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This week, ternary cathode precursor prices pulled back. Nickel sulphate prices performed relatively strongly this week, while cobalt sulphate prices declined and manganese sulphate prices remained stable.

Discount side, for June and Q2 orders, as nickel sulphate raw materials were relatively tight and prices ran strong, some producers were willing to raise discounts. Long-term contract side, some producers' long-term contracts had been agreed upon, with no direct raises yet. Spot order side, as nickel sulphate prices remained at a relatively high level, nickel coefficients for some consumer-segment spot orders in June rose notably, but cobalt sulphate prices performed relatively weakly, and coefficients had not yet recovered significantly.

Production side, driven by end-use demand, some producers saw strong export orders; coupled with raw material price increases, this pushed downstream stockpiling willingness in China to recover, with top-tier producers maintaining high production schedule levels.

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

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