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In March 2025, China's ternary cathode precursor production increased by 19.75% MoM, but decreased by 10.57% YoY.
By series, the 5-series ternary cathode precursor accounted for 20% in March, the 6-series for 37%, and the 8-series for 33%, with the 6-series precursor increasing slightly.
Supply side, due to more natural days in March and the recovery from the production decline in February caused by holidays and shutdowns, the overall market supply has basically returned to pre-holiday levels. Demand side, affected by the sharp rise in raw material prices in March, some ternary cathode material producers, anticipating further price increases, stockpiled in advance, driving a short-term increase in precursor orders.
However, in the long term, the uncertainty of raw material price fluctuations and the continuous squeeze of LFP on the ternary market have kept the overall demand for ternary cathode precursors weak. The production of ternary cathode precursors is expected to increase by 3.49% MoM in April.
SMM New Energy Research Team
Cong Wang 021-51666838
Xiaodan Yu 021-20707870
Rui Ma 021-51595780
Ying Xu 021-51666707
Disheng Feng 021-51666714
Yujun Liu 021-20707895
Yanlin Lyu 021-20707875
Ye Yuan 021-51595792
Zhicheng Zhou 021-51666711
Haohan Zhang 021-51666752
Zihan Wang 021-51666914
Xiaoxuan Ren 021-20707866
Yushuo Liang 021-20707892
Jie Wang 021-51595902
Yang Xu 021-51666760
Lianting Yang 021-51595835
