This week, the prices of 5-series ternary cathode materials rose slightly, while the prices of 6-series and 8-series ternary cathode materials declined. In terms of raw material costs, nickel sulphate prices fell, manganese sulphate and lithium hydroxide prices remained basically flat, cobalt sulphate prices rose slightly, and lithium carbonate prices increased significantly. Currently, the discount coefficients agreed upon between ternary cathode material producers and downstream battery cell manufacturers have not been adjusted, mainly due to the continued weak demand in the ternary cathode material market, with battery cell manufacturers generally unwilling to accept higher discounts.
Demand side, stockpiling for newly launched car models and the strong sales performance of some car models have driven orders for some leading cathode plants. Currently, orders in the domestic NEV market are concentrated among leading producers, while the overall market order performance remains mediocre. In overseas NEV markets, affected by macro factors such as tariff policy adjustments and the impending cancellation of NEV subsidies, overseas demand for ternary cathode materials has been further suppressed. Additionally, multiple overseas enterprises have begun to deploy LFP projects, squeezing the long-term development space for ternary cathode materials in the future market.
In terms of supply, production schedules for ternary cathode materials are expected to increase in July, but the increase will be limited, with the main increase concentrated among leading producers. The market share of 6-series products is expected to further expand, while the progress of high-nickelization has slowed down due to weaker-than-expected overseas demand.
