SMM Analysis: Ternary Cathode Material Prices to Extend Declines in October

SMM, Oct 10: In September, the average price of 5-series ternary materials (polycrystalline/consumer type) was 102,000 yuan/mt, 6-series ternary materials (monocrystalline/power type) averaged 125,000 yuan/mt, and 8-series ternary materials (polycrystalline/consumer type) averaged 132,000 yuan/mt, all showing a decline from the previous month.

On the raw material side, in September, nickel sulphate prices decreased by 225 yuan/mt, cobalt sulphate prices decreased by 550 yuan/mt, manganese sulphate prices decreased by 215 yuan/mt, battery-grade lithium carbonate prices increased by 950 yuan/mt, and battery-grade lithium hydroxide (micro powder) prices decreased by 3,200 yuan/mt. The decline in sulphate prices was minimal, while battery-grade lithium carbonate prices rebounded due to a slight reduction in supply and some recovery in demand. However, battery-grade lithium hydroxide (micro powder) prices continued to show a significant downward trend. Transmitted to the ternary material side, high-nickel material costs continued to decrease. Currently, ternary materials are still in a situation of insufficient demand and oversupply, making it difficult to change the supply-demand pattern in the short term. The industry remains highly competitive, and price rebounds are challenging. It is expected that in October, ternary material prices will continue to fluctuate downward.