The ternary market is expected to perform poorly [SMM Weekly Review of Ternary Cathode Material Market]

This week, the prices of 5-series ternary cathode materials edged up slightly, while those of 6-series and 8-series materials remained relatively stable.

On the raw material cost side, nickel sulphate and manganese sulphate prices held steady, cobalt sulphate rebounded due to the extended cobalt export ban in the DRC but with slowing momentum, lithium carbonate showed a fluctuating trend, and lithium hydroxide continued its pronounced downward trajectory.

Demand side, the domestic ternary NEV market overall exhibited mediocre performance, with only some newly launched car models driving order growth for mid-high nickel ternary cathode materials. In the small power sector, end-use products like two-wheelers and power tools demonstrated relatively better demand in Southeast Asia and India, providing some support for consumer-grade ternary cathode material orders. Supply side, June's actual ternary cathode material production and July's production schedule were generally flat without significant increments, and the market maintained cautious expectations for H2 and Q4.

Price-wise, the cobalt sulphate increase and lithium chemicals decline offset each other. Against persistently weak overall demand, ternary cathode material prices are expected to maintain minor fluctuations in the short term, lacking strong upward momentum.