SMM

In 2023, the price of ternary precursors showed a downward trend, with an average price of 82,000 yuan, a 34% decrease from the previous year. The prices were mainly affected by the cost of nickel and cobalt salts due to overcapacity. There were two significant rebounds in the second and third quarters due to market demand and cost increases in nickel and cobalt prices. Looking ahead to 2024, the price of ternary precursors will continue to be influenced by the cost of nickel sulfate. The demand for nickel sulfate is expected to increase, leading to a small recovery in precursor prices. Additionally, competition in the terminal market is increasing, putting pressure on overseas selling prices and profits for precursors. This may result in lower acceptance of premiums for precursors and narrower overseas selling prices.