[SMM Analysis] Weak Downstream Procurement Sentiment, Ternary Cathode Precursor Prices Held Stead

Published: Apr 9, 2026 15:33

Save

This week, ternary cathode precursor prices held steady. Nickel sulphate prices edged down slightly today, while cobalt sulphate and manganese sulphate prices remained stable.

Discount side, for April and Q2 orders, some producers were willing to raise discounts due to significant raw material price fluctuations. Long-term contract side, some producers recently negotiated long-term contracts, with some seeing slight increases in nickel and cobalt discounts, while others may have had some room for negotiation on processing fees. However, as downstream acceptance of high-priced raw materials remained weak, the overall upside room for coefficients is expected to be limited. Spot order side, Ni-Co-Mn coefficients overall held steady in April. Current downstream procurement sentiment was weak, and further rises are unlikely.

Production side, this month was an off-season for China's demand, and production at some enterprises pulled back. As the export tax rebate deadline had passed, production intensity at some enterprises related to the export rush also declined.

Looking ahead, sulphate cost support remains relatively strong, but downstream price acceptance will depend on downstream demand conditions 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 for 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

Jun 26, 2026 18:30

Company Launches RMB 135M Project for Recycling 30,000 Tons of Waste Batteries Annually

Recently, the annual 30,000-ton retired power battery comprehensive utilization project invested by the company commenced construction in the Changjiang (Changjiang) Clean Energy High-tech Industrial Park Circular Economy Demonstration Zone. According to public information, the total investment of the project is RMB 135 million, covering an area of about 30 mu, located in the above-mentioned industrial park, and constructed in two phases. Upon completion, it will achieve an annual processing capacity of 30,000 tons of waste LIB cells, stably producing high value-added recycled products such as comprehensive utilization batteries, copper granules, aluminum granules, battery casings, and LIB black mass.

Jun 26, 2026 18:30

Jun 26, 2026 18:29

EIA Approval Sought for $500M Battery Recycling Plant in Lingang, China

Recently, the management committee and local government released the public notice on the proposed approval of the EIA report for the new energy vehicle power battery material processing, battery cascade utilization and resource center project (re-filed). The project involves a total investment of RMB 500 million, located in the Lingang Economic and Technological Development Zone. It consists of one dismantling & cascade utilization production line, one black mass preparation (cell crushing) production line, and one lithium carbonate production line. Upon completion, it will achieve Phase I annual dismantling capacity of 60,000 tons of power LIB packs (including 20,000 tons of cell crushing and 10,000 tons of cell cascade utilization), and Phase II annual output of 3,973 tons of lithium carbonate.

Jun 26, 2026 18:29

50,000-Ton LIB Recycling Anode Project Launches in Jingmen, Aims for RMB 350M Annual Output

Recently, the annual 50,000-ton LIB recycling anode material project was officially put into operation. According to public information, the project involves a total investment of RMB 1.06 billion, located in Dongbao Industrial Park, Jingmen. It consists of high-performance, multi-type graphite anode material recycling and repairing production lines, covering full processes including waste electrode sheet pulverizing, shaping & grading, acid washing & purification, low-temperature carbonization, high-temperature coating, mixing & screening, etc. After reaching full capacity, it will achieve an annual output of 50,000 tons of recycled graphite anode materials, with an estimated annual output value of RMB 350 million.

Jun 26, 2026 18:29