[SMM Analysis] Overall NCM Trading Sentiment Recovered This Week

This week, ternary material prices saw a slight decline but remained within a high range. In terms of raw materials, lithium carbonate futures prices experienced significant volatility, generally falling compared to the previous week. Lithium hydroxide prices followed the downward trend, while cobalt sulfate prices remained stable. Nickel sulfate and manganese sulfate prices saw slight increases. Influenced by the rapid surge in raw material prices last week, some manufacturers engaged in bulk purchases and stockpiling during this week's price correction window, leading to more active market transactions overall compared to last week.

On the demand side, demand for mid-high nickel materials in the EV market showed a slight decline. However, orders for high-nickel materials from some manufacturers increased due to a rush for early exports ahead of the upcoming cancellation of export tax rebate policies, though the scale of exports fell short of earlier expectations. In the consumer electronics market, the continued rise in raw material prices this month dampened purchasing sentiment among downstream battery cell manufacturers. Combined with the traditional off-season at the beginning of the year, overall orders experienced a decline. In terms of material categories, although the proportion of high-nickel materials increased in January, 6-series materials still dominated the market, maintaining a stable market share of around 50%.

Looking ahead to February, due to the arrival of the traditional off-season, fewer effective production days, and planned maintenance by some manufacturers, overall output is expected to experience a relatively noticeable decline.