[SMM Analysis] Weak Trading Sentiment but Strong Cost Support, Ternary Cathode Precursor Prices Edged Up

Published: Mar 26, 2026 11:54

Save

This week, ternary cathode precursor prices increased slightly, while sulphate prices were all flat today.

Discounts, for April and Q2 orders, some producers were willing to raise discounts due to large fluctuations in raw material prices. Long-term contracts, some producers recently finalized long-term agreements. As downstream demand was relatively weak, discount increases were expected to be limited, but there was some room for negotiation on processing fees. Spot orders, the Ni-Co-Mn coefficient for spot orders rose this month, and with current downstream procurement sentiment weak, further upside room was expected to be limited.

Production, leading producers in China and those with relatively large export orders still maintained high operating intensity.

Looking ahead, recent sulphate costs provided strong support, but downstream acceptance remained subject to observation of downstream demand in Q2.

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

33 mins ago

Solid-State Battery Price Transmission and Commercialization Resonance

This week solid-state battery material prices showed structural divergence: sulphide-route LPSC and lithium sulphide prices declined, while oxides remained stable. On the industrial side, the Taiblue–Yadea two-wheeler semi-solid-state battery achieved commercial rollout; BTR’s solid electrolyte orders surged; and WELION New Energy’s 2 billion yuan project was sited in Huadu, Guangzhou. Upstream price cuts resonated with downstream deployment, accelerating the commercialisation process.

33 mins ago

37 mins ago

[SMM Analysis] Ternary Cathode Payables May See Modest Increase in Q2

Although domestic NEV sales have fallen short of expectations, seasonal recovery combined with overseas export rush demand has driven a notable rebound in domestic EV market orders during March.

37 mins ago

20 hours ago

Shaanxi Construction No.7 Group's Hybrid ESS Project in Yuncheng Enters Trial Operation

Recently, the official account of Shaanxi Construction No. 7 Construction Group announced that Phase I of the 200 MW/301.75 MWh hybrid frequency regulation ESS power station project in the Yuncheng Economic and Technological Development Zone, Shanxi, which it undertook, was successfully connected to the grid and officially entered the trial operation stage. The project mainly includes the construction of a 50 MW flywheel independent frequency regulation ESS, a 150 MW LFP electrochemical ESS, a 220 kV substation, and supporting facilities, adopting a hybrid model of “flywheel energy storage + LFP electrochemical energy storage.”

20 hours ago