[SMM Analysis] Weak Downstream Procurement Sentiment, Ternary Cathode Precursor Prices Held Stead

Published: Apr 9, 2026 15:33

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This week, ternary cathode precursor prices held steady. Nickel sulphate prices edged down slightly today, while cobalt sulphate and manganese sulphate prices remained stable.

Discount side, for April and Q2 orders, some producers were willing to raise discounts due to significant raw material price fluctuations. Long-term contract side, some producers recently negotiated long-term contracts, with some seeing slight increases in nickel and cobalt discounts, while others may have had some room for negotiation on processing fees. However, as downstream acceptance of high-priced raw materials remained weak, the overall upside room for coefficients is expected to be limited. Spot order side, Ni-Co-Mn coefficients overall held steady in April. Current downstream procurement sentiment was weak, and further rises are unlikely.

Production side, this month was an off-season for China's demand, and production at some enterprises pulled back. As the export tax rebate deadline had passed, production intensity at some enterprises related to the export rush also declined.

Looking ahead, sulphate cost support remains relatively strong, but downstream price acceptance will depend on downstream demand conditions in Q2.

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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