It is expected that ternary cathode materials will continue to fluctuate next week [SMM Ternary Cathode Material Market Weekly Review].

Ternary cathode material prices remained basically stable this week. On the raw material side, nickel sulphate prices continued to experience minor declines, cobalt sulphate prices saw some increases, manganese sulphate prices held steady, while lithium carbonate and lithium hydroxide showed slight fluctuations; overall, ternary material prices saw limited changes. Producers are currently in the negotiation phase for next year's long-term contract business terms, but significant differences remain between upstream and downstream players, and it is expected that final outcomes will take time to materialize.

On the supply-demand front, as the traditional peak season ended, demand in both the domestic power and consumer markets pulled back. Approaching year-end, some producers have minor destocking needs, and coupled with high uncertainty in the future trend of raw material prices, enterprises generally controlled production pace, leading to a cautious overall production schedule. In terms of product structure, although orders for mid-to-high nickel materials declined, they remained at relatively high levels; high-nickel materials, affected by shrinking overseas market demand, saw some reductions. It is expected that mid-to-high nickel materials will remain the main growth driver in the ternary market next year. Price-wise, ternary cathode material prices are expected to have limited upside room next week, continuing a fluctuating trend overall.