NCM cathode material prices inched lower in the week ending April 18. Lower cobalt and lithium prices reduced cathode costs. EV market oriented cathode prices fell, while consumer market oriented cathode quotations were stable overall. Fluctuating raw material prices and overall positive consumer market gave cathode makers no reason to significantly lower prices. Some are slightly pessimistic over next month’s consumer demand, though. Supply side, most producers maintained stable production in the week, and production growth may slow down in May. Demand side, top-tier battery cell makers have stable demand for medium-nickel cathode while adjusting the proportion of high-nickel cathode. Overall domestic demand is positive. NCM cathode prices may hold largely steady.