Domestic NMC precursor output was 53,444 mt in April, a month-on-month drop of 1% and a year-on-year growth of 1%. The output totalled 231,847 mt in the first four months of the year, a year-on-year decrease of 2.3%.
The average operating rate of the precursor plants was low amid continued output cuts. Although the downstream electronics market has warmed up, the improvement was insignificant. On the power battery front, the overseas market has weakened, and the domestic market has shown no signs of recovery. Affected by poor downstream demand, some leading manufacturers stopped production in April. At present, the competition in the precursor market is fierce, and the selling prices are almost lower than the costs. Some small factories without raw material advantages could not sell at low prices and are forced to cut output further.
It is expected that in May, export-oriented top-tier precursor plants will have more stable production schedules, and medium and low-nickel precursor projects at some factories will bring about a slight increase in supply. The previously suspended bases are also expected to resume production in May. China’s ternary precursor output in May is estimated at 56,026 mt, a month-on-month increase of 5% and a year-on-year increase of 2%.
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