[SMM Analysis] Ternary Cathode Material Production in November Edged Down 0.19% MoM

In November 2025, domestic ternary cathode material production was basically flat, down 0.19% MoM and 7.29% YoY. The overall industry operating rate remained stable at 54%.

By material series, the share of 6-series materials increased significantly further to 48.67%, while the shares of other series were correspondingly squeezed. Among them, the share of 5-series materials was 14.18%, with limited change against the backdrop of relatively stable raw material prices; the share of 8-series materials saw a notable pullback to 22.32%, mainly affected by shrinking demand in the overseas ternary EV market; the share of 9-series materials was 13.02%, remaining generally stable. On the demand side, driven by expectations of subsidy phase-outs next year, the EV market maintained relatively high demand levels in November. In the consumer market, downstream cargo pick-up was active at the beginning of the month, leading to a slight increase in overall shipments. Demand in the overseas ternary market, however, pulled back.

Looking ahead to December, as the traditional peak season ends, demand in the EV market is expected to gradually pull back. Approaching year-end, some producers are actively controlling inventory levels. Coupled with expectations of falling raw material prices, enterprises generally lack willingness to build inventories. The industry as a whole is expected to enter a destocking phase, with production schedules being adjusted downward accordingly. Current projections indicate a 6.73% MoM and 3.49% YoY decrease in production for December.