Customer structure is an important strategy for cathode producers to secure market share [SMM Weekly Review of Ternary Cathode Material Market]

This week, the prices of 5-series, 6-series, and 8-series ternary cathode materials all rose slightly. In terms of raw material costs, the prices of nickel sulphate and manganese sulphate remained relatively stable, while the prices of cobalt sulphate and lithium carbonate increased significantly. The price of lithium hydroxide, however, continued to fall slightly.

Demand performance was mixed. Domestic demand for 6-series products in the NEV market was relatively concentrated, with orders mainly flowing to leading producers. Recently, auto sales at the terminal level have been relatively mediocre, and the material side has mainly focused on maintaining existing long-term contractual supply agreements. In overseas NEV markets, due to the impending cancellation of EV tax credit policies, there may be a short-term boost in sales. However, in the long term, the demand prospects for ternary power batteries in the US market are concerning, which may pose a certain impact on some domestic cathode material suppliers. Against the backdrop of weak terminal demand and increased market volatility, optimizing the customer structure has become a key strategy for cathode material producers to safeguard their market share. In terms of supply, driven by a slight restocking in the market in July, production is expected to rebound. However, the market for ternary cathode materials has long been in a state of supply surplus, and the long-term growth space is expected to be relatively limited.