The main incremental growth remains concentrated in mid- to high-nickel products [SMM Ternary Cathode Precursor Market Weekly Review].

This week, ternary cathode precursor prices rose slightly. Raw material side, nickel sulphate and cobalt sulphate prices held steady temporarily, while manganese sulphate continued its slight upward trend. Regarding discount coefficients, newly signed spot orders generally saw significantly higher discounts, while some long-term contracts with extended durations maintained their original discount levels. Faced with persistently rising raw material costs, precursor producers are under increasing cost pressure and currently show strong reluctance to budge on prices. Approaching year-end, some manufacturers are expected to initiate preliminary discussions on next year's long-term contract discounts. If next year's discount coefficients remain at this year's levels, precursor producers will face even greater cost pressure.

Demand side, domestic EV market demand continues to improve, with the main growth still concentrated in mid-to-high nickel products. Based on current production schedules, domestic EV market demand is expected to remain robust until the end of the year. Small power and consumer market demand remains relatively stable. Against this backdrop, leading precursor enterprises generally maintain high operating rates and prioritize fulfilling long-term contract supplies. Price side, precursor prices are expected to have further room for increase next week.