[SMM Analysis] Nickel Raw Materials Prices Ran Strong, Ternary Cathode Precursor Prices Rose This Week

Published: Apr 23, 2026 11:31

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This week, ternary cathode precursor prices rose. Nickel sulphate prices increased today, cobalt sulphate prices declined, and manganese sulphate prices held steady.

This week, ternary cathode precursor prices rose. Today, nickel sulphate prices increased, cobalt sulphate prices declined, and manganese sulphate prices remained stable.

Discount side, for May and Q2 orders, some producers were willing to raise discounts due to significant raw material price fluctuations. Long-term contract side, some producers had finalized long-term agreements. Due to relatively limited downstream demand recovery, some producers saw slight increases in nickel and cobalt discounts, while some producers had certain room for negotiation on processing fees. Spot order side, May spot order nickel payables had some upside room driven by the strong upward fluctuation of raw material prices, but cobalt payables weakened slightly due to the relatively weak performance of raw materials.

Production side, downstream demand recovered slightly, and production schedules of some leading producers in China saw some recovery.

Looking ahead, sulphate cost support has been relatively strong recently, but downstream price acceptance is expected to 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.

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