[SMM Analysis] Ternary cathode material production in April was up 7.38% MoM

In April 2025, the production of ternary cathode material increased by 7.38% MoM and decreased by 4.77% YoY.

The overall operating rate of the industry for the month was 41%, showing a rebound compared to March. In terms of the proportion by series, 5-series ternary cathode material accounted for 20% in April, 6-series accounted for 31%, and 8-series accounted for 37%. Among them, the proportion of 6-series material further increased due to its increasingly significant cost advantages. The overall trend towards high-nickel content in ternary cathode material continued, albeit at a slower pace.

In the domestic market, the demand from downstream applications such as power tools and robots has recently performed well, driving the growth in demand for consumer and small power ternary cathode material, with a corresponding significant increase in supply. In contrast, the large power NEV market lacks the boost from new demand. In overseas markets, some NEV sales have performed well, and at the same time, new car models from certain brands are in the pre-launch preparation stage, thus generating certain new demand.

Looking ahead to May, the demand for consumer and small power materials is expected to continue to climb, while the growth in demand for large power materials will remain relatively limited. It is projected that the overall market supply will increase by 2.61% MoM.