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In May 2025, the production of SMM's ternary cathode precursors decreased by 3.99% MoM and increased by 4.53% YoY.
From the perspective of series structure, 5-series ternary cathode precursors accounted for 19%, 6-series accounted for 42%, and 8-series accounted for 28%. Among them, 6-series products, due to their significant cost advantages, have gained more favour from producers amid the ongoing intensification of price wars in the current end-user automotive market. Their market share continues to rise, squeezing the shares of 5-series and 8-series products. In the NEV market, domestic end-user vehicle sales fell short of expectations, with an overall weak performance. The overseas market also showed signs of weakness, accompanied by a certain degree of order transfer. In the consumer market, the end-use demand for downstream 3C and small power NEV sectors was moderate. However, influenced by the concentrated release of orders in the previous two months, the precursor sector is currently in a destocking phase. Although orders remained stable in May, there is still uncertainty regarding the demand trend in June. Overall, the market performance of ternary cathode precursors in May was poor.
Looking ahead to June, the destocking trend in the consumer market is expected to continue, with orders potentially declining. However, in the NEV market, some new car models that are about to be launched may drive producers to stockpile in advance, which is expected to boost the production schedules of some precursor enterprises. Based on a comprehensive assessment, it is anticipated that the production of ternary cathode precursors will increase by 1.63% MoM in June.
