Producers are generally reluctant to actively increase inventory [SMM Ternary Cathode Material Market Weekly Review]

Ternary cathode material prices rose slightly overall this week. On the raw material side, lithium carbonate and lithium hydroxide prices rebounded after minor fluctuations, while nickel sulphate prices fell slightly further. Cobalt sulphate and manganese sulphate prices rose slightly but to a limited extent. Overall raw material prices are currently in a volatile phase, and the subsequent trend remains unclear. Producer quotations for cathode materials changed relatively little but showed an overall upward trend.

Demand side performance was steady, with the overall domestic EV market performing well. Leading ternary cathode material enterprises maintained high operating rates and prioritized fulfilling long-term contracts. Based on current data, domestic ternary cathode material production changed relatively little overall in November, and the market still showed a slight growth trend. Looking ahead to December, as year-end approaches, some producers have a need for minor destocking. Combined with high uncertainty regarding future raw material price trends, producers are generally reluctant to actively increase inventory. Furthermore, demand is expected to pull back by year-end. Comprehensive assessment suggests production may decline somewhat in December. Overseas market demand has also weakened recently.