The price of ternary materials increased this week. From the cost side, nickel, cobalt and manganese have all increased to varying degrees this week, driving up precursor prices, and rising metal prices have driven up the cost of ternary materials. From the perspective of raw materials, the customer supply of lithium by some ternary materials companies has increased recently, and the demand for zero-order external procurement may weaken in the future. From the supply side, due to the reduction in orders of some ternary material manufacturers since mid-to-late May, the production reduction of ternary materials in May exceeded expectations at the beginning of the month. From the demand side, in May, mainstream battery cell manufacturers had a certain decline in their demand for ternary material procurement due to their own finished product inventory and material inventory. In the consumer and small power markets, due to the recent fluctuations in lithium prices, downstream wait-and-see sentiment is gradually rising. The ternary material is expected to run weakly in the future.