【SMM Analysis】Ternary Cathode Material Production Increased 20% MoM in March

In March 2025, the production of ternary cathode material increased by 19.99% MoM, but decreased by 7.59% YoY. The overall operating rate of the industry for the month was 39%, showing a rebound compared to February.

In terms of series distribution, the 5-series ternary cathode material accounted for 22%, the 6-series for 29%, and the 8-series for 43% in March, with no significant changes in the overall distribution structure.

Supply side, due to the higher number of natural days in March and the recovery from the production decline in February caused by holidays and shutdowns, the overall production schedule increased. Demand side, the significant rise in raw material prices in March led some battery cell manufacturers to stock up in advance based on expectations of continued price increases, driving overall market demand growth. Additionally, demand from some overseas battery cell manufacturers rebounded in March, boosting domestic orders.

Looking ahead to April, market demand is expected to continue growing, but the rate of increase may slow down, with ternary cathode material production projected to increase by 7.22% MoM.