SMM

This week, the price of ternary cathode precursor decreased. Cost side, nickel sulfate price dropped by 285 yuan/mt, cobalt sulfate price by 100 yuan/mt, and manganese sulfate price by 150 yuan/mt. The decline in these sulfate prices pulled down ternary precursor cost, though changes in metal sulfate prices were reflected in the downstream precursor market with some delay. Supply side, precursor merchants gradually produced according to September production plans, making the supply situation relatively stable. Demand side, downstream maintained procurement based on rigid demand, with the market mainly comprising long-term agreements and few spot orders. Both supply and demand sides held a conservative market outlook. It is expected that metal sulfate prices might have some downward potential, but the decrease will be limited, and ternary precursor price will remain weakly stable.