In November 2024, China's ternary cathode materials production increased by 3.7% MoM and 9.2% YoY, with an overall operating rate of 41%, the same as in October. Overseas, overall production increased slightly compared to October. In terms of series proportions, 5-series ternary cathode materials accounted for 24%, 6-series for 31%, and 8-series for 40% in November. Compared to the previous month, the 8-series saw a significant increase, the 6-series increased slightly, while the 5-series proportion declined. In terms of market structure, the CR3 was 45.3%, CR5 was 59%, and CR10 was 79% in the month, with market concentration slightly increasing compared to October. On the demand side, global ternary battery cell production increased by 8%, with the increase mainly coming from China, while overseas ternary battery cell production slightly decreased, with demand remaining relatively weak.
It is expected that in December, ternary cathode materials production will be affected by the year-end rush for installations and exports by downstream battery cell manufacturers, leading to increased demand and a continued slight MoM increase of about 3%.
