[SMM Analysis] Downstream Acceptance of Raw Materials Relatively Weak, and Ternary Cathode Precursor Prices Edged Down

Published: Mar 5, 2026 14:03

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This week, ternary cathode precursor prices declined slightly. Raw materials, nickel sulphate prices edged up today, cobalt sulphate prices declined again, and manganese sulphate prices held steady.

This week, ternary cathode precursor prices declined slightly. Raw materials, nickel sulphate prices edged up today, cobalt sulphate prices declined again, and manganese sulphate prices held steady.

Discounts, for March orders, as raw material prices fluctuated significantly, some producers recently showed willingness to raise nickel discounts. Long-term contracts, as downstream demand remained unclear, acceptance of higher discounts did not improve noticeably and was expected to be basically flat versus February. Spot orders, discounts for some orders had been finalised before the holiday, and discounts for the remaining March orders were expected to increase slightly versus February;

Production, most precursor producers gradually resumed their production pace after the holiday; some leading domestic producers and producers with more export orders still maintained relatively high production intensity.

Looking ahead, sulphate prices recently trended stronger overall; as procurement demand rebounded after downstream operations resumed, this may provide further support for precursor prices from the cost side.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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