[SMM Analysis] This Week's Ternary Cathode Precursor Prices Increased Significantly and May Continue to Rise Next Week

This week, the prices of 5-series and 6-series consumer-grade ternary cathode precursors, as well as 8-series power-grade precursors, all showed significant increases.

In terms of raw material costs, the prices of nickel sulphate and manganese sulphate remained relatively stable, while the price of cobalt sulphate surged significantly, mainly due to the announcement of the cobalt export ban in the DRC. This change drove varying degrees of price increases across different precursor series.

Demand side, the overall performance of the domestic and international precursor markets remained weak. Coupled with the continued pressure from the lithium iron phosphate market on the ternary market, overall demand has not met expectations, even though downstream material plants have largely resumed operations. Supply side, the domestic precursor market is highly competitive, with some manufacturers still grappling with losses. Expanding into the Japan and South Korea markets has become a way out for some precursor enterprises.

The four-month cobalt export ban is expected to continue driving up cobalt raw material prices in the short term. Looking ahead to next week, considering the sentiment to stand firm on quotes among precursor manufacturers facing losses and the anticipated rise in cobalt salt prices, precursor prices may further increase.

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