Stockpiling of ternary cathode materials in advance [SMM Weekly Review of Ternary Cathode Material Market]

This week, the price increases of various types of ternary cathode materials were relatively significant. On the raw material side, nickel sulphate and cobalt sulphate continued to rise, while manganese sulphate saw a slight decrease. However, the prices of lithium carbonate and lithium hydroxide surged significantly. Given the continued upward expectations for the prices of nickel salts, cobalt salts, and lithium chemicals, the prices of ternary cathode materials may continue to climb in the future.

Supply side, as the traditional peak season of "September-October peak season" approaches, cathode producers have entered the stockpiling stage. The production schedules for mid-nickel and mid-to-high-nickel materials have increased more than expected, while the production schedules for high-nickel materials have remained stable.

Demand side, there is a divergence: the domestic NEV market is mainly driven by peak season stockpiling and the launch of new car models, but orders are still concentrated among top-tier enterprises. The overseas market, however, continues to face pressure on demand due to adjustments in tariff policies and the reduction of subsidies for new energy vehicles.

It is worth noting that multiple ternary cathode material enterprises have already started to lay out LFP projects, which may exert certain pressure on the long-term development space of ternary cathode materials.