[SMM Analysis] Rising Raw Material Costs Push Ternary Cathode Precursor Prices Higher This Week

Published: May 7, 2026 13:24

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This week, ternary cathode precursor prices rose. Nickel sulphate prices rose today, while cobalt sulphate 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, with nickel and cobalt discounts rising slightly, while some producers also had some room for negotiation on processing fees. Spot order side, the May spot order nickel coefficient had some upside room driven by the strong performance of raw material prices, but the cobalt coefficient weakened due to softer raw material price movements.

Production side, driven by both end-use demand and raw material price increases, downstream cargo pick-up willingness in China recovered slightly, and production schedules of some leading producers remained at relatively high levels.

Looking ahead, sulphate cost support has been relatively strong recently, but downstream price acceptance will depend on demand conditions.

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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