【SMM Analysis】Ternary Cathode Orders Show Stable Growth in August

This week, ternary cathode material prices remained largely flat. On the raw material front, nickel sulfate and manganese sulfate prices held steady, cobalt sulfate transaction prices continued to decline, while lithium carbonate and lithium hydroxide remained in a phase of modest fluctuation.

In terms of transaction sentiment, battery cell manufacturers maintained need-based procurement, and market transactions remained relatively subdued. On the payable front, battery cell manufacturers showed limited acceptance of upward payable adjustments amid lackluster demand growth. Meanwhile, with the upcoming reinstatement of the lithium battery consumption tax, battery cell manufacturers may shift part of their cost pressures upstream, further complicating any upward payable adjustments.

On the demand side, the EV market maintained relatively high demand levels in July, with actual production largely in line with earlier expectations. The impending consumption tax reinstatement has prompted some battery cell manufacturers to build inventories ahead of time, contributing to stable growth in August orders. In the consumer market, demand showed no signs of recovery and remained relatively subdued. With the traditional peak season of September and October approaching, overall ternary market demand is expected to see further room for growth.