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

Published: Apr 2, 2026 13:35

Save

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

4 hours ago

[SMM Analysis] Ternary Cathode Transaction Sentiment Slightly More Active This Week

Most second-quarter orders in the domestic EV market have been signed sequentially. While some manufacturers saw modest upward adjustments in payables, overall market changes remained limited.

4 hours ago

10 hours ago

Cost Push or Supply-Demand Restructuring?—The Real Logic Behind Iron Phosphate Price Increases in April

Iron phosphate negotiations in April were deadlocked, with offers hitting 13,000 yuan/mt. The price surge appeared raw-material driven, but in fact reflected pricing power shifting upstream after a reversal in supply-demand fundamentals. Downstream buyers cited “cost increases” to push back, yet conveniently forgot the upstream losses quietly absorbed over the past three years. This was never about simple cost pass-through—it was a restructuring of profit distribution across the chain.

10 hours ago

Apr 1, 2026 17:55

Sungrow: The Global Energy Storage Market Is Expected to Grow by 30–50 in 2026

At a conference call on March 31, Sungrow stated regarding the company’s overall target plan for energy storage shipments in 2026 that the global market is expected to grow by 30–50 in 2026. With raw material prices rising, some projects were in a wait-and-see stage, but the demand should still exist and would only be deferred. The company will strive based on the upper end of market growth, hoping to achieve more than 60 Gwh.

Apr 1, 2026 17:55