The price of ternary cathode precursor lacks long-term upward support [SMM Weekly Review of Ternary Cathode Precursor Market]

Published: Jul 10, 2025 15:13

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This week, the price of ternary cathode precursor rose slightly.

This week, ternary cathode precursor prices rose slightly. Cost side, nickel sulphate and manganese sulphate prices remained relatively stable, while cobalt sulphate prices increased, driving up the absolute price of precursors. Currently, spot order discount coefficients showed no significant adjustments. Battery cell manufacturers still held pricing power over discount coefficients, with muted reactions to cobalt sulphate price increases, maintaining overall stable discount strategies. Long-term contract discounts are expected to remain largely unchanged in the short term.

Demand side, domestic NEV market demand for 6-series products improved, while overseas demand for 8-series products increased slightly, though orders remained concentrated among leading producers. The consumer market continued its mediocre performance. Supply side, as July entered a restocking phase, overall production schedules were projected to rebound slightly. However, amid weak end-use demand, ternary cathode precursor prices lacked sustained upward momentum.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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