【SMM Analysis】Ternary Cathode Prices Range Low, EV Production Schedules Remain High

This week, ternary cathode material prices remained range-bound at low levels. On the raw material front, nickel sulfate prices edged down, cobalt sulfate and manganese sulfate held steady, while lithium carbonate and lithium hydroxide saw modest rebounds. With prices still fluctuating and battery cell manufacturers currently holding sufficient inventory with no urgent restocking needs, transaction activity remained subdued recently.

EV market orders were largely finalized by the end of May, and the market is currently in the delivery phase with no new contract signing demand. The consumer market continues to maintain need-based procurement.

On the demand side, EV production schedules remain high, mainly driven by the concentrated launch and delivery of new models in China and strong demand from the European auto market. In addition, overseas orders, particularly for South Korean ternary cathode materials, have seen new increases due to rising demand from end customers in the United States.

In terms of product series, the current pattern remains unchanged: medium-to-high nickel series dominate the domestic market, while high-nickel series lead the overseas market. It is worth noting that with the gradual ramp-up of large cylindrical battery production, the share of 9-series materials is rising rapidly both domestically and internationally. Meanwhile, European end customers are also progressively increasing the use of 6-series materials due to cost considerations.