[SMM Analysis] Mid-year period impacted downstream willingness, nickel sulphate prices dragged down precursor prices

Published: Jul 2, 2026 13:23

Save

This week, ternary cathode precursor prices weakened. Nickel sulphate and cobalt sulphate prices edged lower this week, while manganese sulphate prices rose slightly.

On the discount side, for July and Q3 orders, due to relatively tight sulphate raw materials, some producers showed willingness to raise discounts. For long-term contracts, some producers' annual contracts were already settled at the beginning of the year, with coefficients not yet raised; for quarterly contracts, downstream players also showed weak acceptance of coefficient increases. For spot orders, nickel and cobalt coefficients for some consumer-type spot orders in June rose, but with nickel and cobalt salt prices relatively weak recently, coefficients for July orders have not been raised further.

Production side, export orders for top-tier producers remained strong this month, with production schedules at relatively high levels. However, some producers experienced a buildup of finished product inventories due to downstream mid-year inventory control, leading to reduced production loads.

Looking ahead, sulphate prices have pulled back overall recently, and future new order prices will depend on the pace of downstream stockpiling in Q3.

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

8 mins ago

Data: SHFE, DCE market movement (Jul 02)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 02 Jul , 2026

8 mins ago

1 hour ago

[SMM Stainless Steel Flash] Chinese Taiwan's Stainless Steel Market Shifting to a Wait-and-See Stance

Following Chinese Taiwan's upstream mills announcing flat July prices, midstream and downstream players share a broadly cautious market outlook, with inventories remaining high and actual demand sluggish. Market participants note that mounting destocking pressure among local distributors has fueled speculation that mills may adjust actual ex-factory prices downward to align with current market trends. However, some industry players argue that since real demand has yet to materialize, indiscriminate price cuts would only weaken the price trend without helping to clear inventory or improve sales performance, doing more harm than good. Overall, the market has shifted into a wait-and-see mode, with price stability under scrutiny.

1 hour ago

[SMM Stainless Steel Flash] Chinese Taiwan's Tang Eng Pauses Stainless Steel Price Increases for July

Tang Eng Iron Works has issued flat prices for its July stainless steel products, snapping a seven-month streak of consecutive price increases. The decision covers its main 304 hot-rolled and cold-rolled coils as well as 316L surcharges, aligning with major upstream peers Yusco and Walsin Lihwa, which also rolled over their rates yesterday, keeping both sheet products and wire rods steady across the industry. The move marks a temporary pause to seven months of sustained price increases, bringing a period of stability to Chinese Taiwan's domestic stainless steel market.

1 hour ago