[SMM Analysis] Ternary Cathode Precursor Market Was Sluggish Pre-Holiday, Prices Remained Relatively Stable

Published: Feb 12, 2026 18:10

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This week, ternary cathode precursor prices held steady. Today, nickel sulphate and cobalt sulphate prices remained stable, while manganese sulphate prices rose slightly with a very limited increase.

Regarding discounts, the market generally no longer signs annual long-term contracts, and monthly or quarterly negotiations have become more common practice. For February orders, due to the approaching Chinese New Year holiday, some producers planned to maintain existing discounts before the holiday without adjustments. Currently, discounts for long-term contracts and spot orders are not expected to change significantly before the holiday, basically flat compared to January.

On the production side, some small and medium-sized producers completed orders on hand and gradually halted production for the holiday before the holiday; some leading producers also slowed down their production pace before the holiday; meanwhile, some producers maintained high production intensity due to the export rush. Overall, the precursor market will enter the traditional off-season during the Chinese New Year period.

Looking ahead, prices of raw materials such as nickel, cobalt, and manganese have been generally strong recently. With the post-holiday demand rebound, sulphate prices may provide further support to precursor prices from the cost side.

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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