[SMM Analysis] Some Q2 Order payables Increased, and Ternary Cathode Precursor Prices Rose

Published: Apr 2, 2026 13:35

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

Discounts, for April and Q2 orders, some producers were willing to raise discounts due to large fluctuations in raw material prices. Long-term contracts, some producers recently finalized long-term contracts; some producers saw slight increases in nickel and cobalt discounts, while some producers may still have some room for negotiation on processing fees. However, as downstream demand for high-priced raw materials remained weak, upside room is expected to be limited. Spot orders, the Ni-Co-Mn coefficient for March spot orders had already moved higher, and with current downstream procurement sentiment weak, further upside room is expected to be limited.

Production, as China entered the off-season for demand this month, some enterprises saw their production schedules pull back. The export tax rebate deadline had passed, and production intensity at some enterprises related to the rush to export also declined.

Looking ahead, cost support for sulphates remained relatively strong, but downstream acceptance of prices will depend on Q2 downstream demand.

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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