SMM

In the week ending March 21, higher raw material costs led to a slight increase in the prices of some precursor series. Higher nickel and cobalt salt prices, along with limited spot market availability for nickel salt, have made companies selective with orders, prioritizing key downstream clients. Demand for ternary materials has increased, boosting sales of 6-series models, with precursor orders in March surpassing expectations due to low battery stock. Facing high nickel and cobalt salt prices, some integrated cathode precursor firms with costly in-house production are choosing to externally source precursors instead of purchasing nickel salts and cobalt salts. This strategy has increased demand and led to a slight improvement in downstream price acceptance. Looking ahead, despite cost pressures potentially pushing ternary cathode precursor prices up, low downstream acceptance of high prices is likely to cap significant increases.