The ternary cathode material market saw a slight recovery in July [SMM Weekly Review of Ternary Cathode Material Market]

This week, the prices of 5-series ternary cathode materials rose, while those of 6-series and 8-series products saw a slight correction. Raw material side, nickel sulphate and manganese sulphate prices remained basically flat, cobalt sulphate and lithium carbonate prices increased, and lithium hydroxide continued to decline. The 5-series products received some cost support, driving their absolute prices upward. However, due to weak market demand and battery cell manufacturers still dominating pricing negotiations, ternary cathode material prices overall lacked room for significant increases. Downstream battery cell manufacturers reacted relatively mildly to the rise in cobalt sulphate prices, and the discount coefficient is expected to remain stable.

Demand side, some new car models in the NEV market drove moderate stockpiling, with orders mainly concentrated among leading battery cell manufacturers. Overseas battery cell manufacturers experienced some order transfers, which impacted cathode material orders. The consumer market is in the traditional off-season, with recent order performance being mediocre. Supply side, as July entered the restocking phase, overall ternary cathode material production is expected to rebound slightly.