[SMM Analysis] Mid-year downstream purchasing sentiment was weak, sulphate price declines drove down precursor prices

Published: Jun 25, 2026 13:55

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This week, ternary cathode precursor prices weakened, nickel sulphate and cobalt sulphate prices both pulled back, and manganese sulphate prices remained stable.

Discount side, for July and Q3 orders, due to relatively tight sulphate raw materials, some producers were willing to raise discounts. Long-term contract side, for some producers, long-term contracts were agreed upon at the beginning of the year, and coefficients have not yet been raised; for quarterly orders, downstream has equally weak acceptance of coefficient increases. Spot order side, in June, some consumer-related spot order nickel and cobalt coefficients edged up, but recently, nickel and cobalt salt prices have been relatively weak, and the coefficients for July orders have not been further lifted.

Production side, top-tier producers' China and export orders performed well this month, with production schedules at high levels, but some producers reduced production loads due to downstream mid-year inventory control.

Looking ahead, recently, sulphate prices have generally pulled back, and future new order prices need to focus on the pace of downstream stockpiling in Q3.

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