This week, ternary cathode precursor prices rose somewhat. Today, nickel sulphate prices edged down slightly, cobalt sulphate prices held steady, and manganese sulphate prices increased slightly. Discounts, for April and Q2 orders, some producers were willing to raise discounts due to large fluctuations in raw material prices. Long-term contracts, some producers recently finalized long-term contracts; some producers saw slight increases in nickel and cobalt discounts, while some producers may still have some room for negotiation on processing fees. However, as downstream demand for high-priced raw materials remained weak, upside room is expected to be limited. Spot orders, the Ni-Co-Mn coefficient for March spot orders had already moved higher, and with current downstream procurement sentiment weak, further upside room is expected to be limited. Production, as China entered the off-season for demand this month, some enterprises saw their production schedules pull back. The export tax rebate deadline had passed, and production intensity at some enterprises related to the rush to export also declined. Looking ahead, cost support for sulphates remained relatively strong, but downstream acceptance of prices will depend on Q2 downstream demand.

Recently, China’s manganese-based battery materials market has shown an overall pattern of cost-driven dynamics, product differentiation, and gradually recovering demand. Manganese sulphate and Mn3O4 were supported by rising upstream raw material costs and freight rates, with prices trending upward; MnO2 remained stable; LMO held steady amid fluctuations in lithium carbonate, awaiting a recovery in demand in April.

This week, ternary cathode precursor prices were broadly stable. Raw materials, nickel sulphate prices edged up today, while cobalt sulphate prices and manganese sulphate prices held steady. Discounts, for March orders, as raw material prices were expected to rise to some extent, some producers recently showed willingness to raise nickel discounts. Long-term contracts, as downstream orders remained unclear, acceptance of higher discounts did not improve significantly and was basically flat from February. Spot orders, discounts for some earlier orders had already been finalised before the Chinese New Year, while discounts for the remaining March orders rose slightly from February; production, precursor production schedules in March recovered overall from February, with some leading producers in China and producers with relatively large export orders maintaining high operating rates. Looking ahead, sulphate prices have recently remained generally firm and may provide further support for precursor prices from the cost side.

This week, ternary cathode precursor prices declined slightly. Raw materials, nickel sulphate prices edged up today, cobalt sulphate prices declined again, and manganese sulphate prices held steady.

This week, ternary cathode precursor prices increased. Today, nickel sulphate prices rose slightly, cobalt sulphate prices remained stable, and manganese sulphate prices edged up only marginally.

During the Chinese New Year holiday in 2026, the domestic manganese sulphate market continued its pre-holiday upward trend, with prices remaining stable and firm, showing no significant fluctuations. Although some enterprises conducted maintenance during the holiday, causing short-term disruptions, major producers maintained operations, and the industry's low-inventory structure remained unchanged. On the demand side, structural growth momentum persisted, supported by stable long-term contracts with downstream enterprises. As the holiday concluded, downstream enterprises were expected to resume operations collectively in March, with inquiries and transactions likely to gradually increase. The market's supply-demand tightness and cost-driven upward trend were projected to continue.