[SMM Analysis] Weak Downstream Transaction Sentiment Weighed on Ternary Cathode Precursor Price

Published: Mar 19, 2026 13:35

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This week, ternary cathode precursor prices declined somewhat. Today, nickel sulphate edged down slightly, while cobalt sulphate and manganese sulphate prices held steady.

Discounts, for April and Q2 orders, some producers were willing to raise discounts due to relatively large fluctuations in raw material prices. Long-term contract, as downstream orders remained unclear and nickel and lithium chemicals prices had been relatively weak recently, acceptance of higher discounts did not improve significantly. Spot order, the Ni-Co-Mn coefficient for spot orders this month already moved up, and with current downstream procurement sentiment weak, further upside room is expected to be limited.

Production side, leading producers in China and producers with relatively large export orders still maintained high production intensity.

Looking ahead, sulphate raw material prices are expected to remain relatively strong overall, but the strength of cost support will need to be assessed based on downstream demand 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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