This week, ternary cathode material prices edged higher. On the raw material front, nickel sulfate rose slightly, cobalt sulfate edged down, manganese sulfate held steady, while lithium carbonate and lithium hydroxide showed an upward trend amidst volatility. In terms of transactions, with raw material prices remaining at high levels and fluctuating, battery cell manufacturers currently have sufficient inventory levels and no urgent need for pick-ups . They are largely continuing to execute orders signed when raw material prices were lower, waiting for opportunities when prices may correct. Payable levels remained stable, with no significant changes in the past two weeks. On the demand side, the domestic EV market showed modest signs of recovery. Upcoming new model launches at this week's auto show are expected to provide some impetus to future demand . The consumer market, however, remained relatively subdued. Overseas orders have declined compared to March following the conclusion of the export rebate policy. With the May Day holiday approaching, some cathode manufacturers have restocking needs for raw materials, which is expected to provide support to raw material prices at the end of the month . However, downstream battery cell manufacturers still have limited acceptance of price increases . The specific price trend will still need to focus on manufacturers' restocking situations at the end of the month.

This week (4.17–4.23), solid-state battery industrialization accelerated sharply. GreatPower struck two strategic deals and advanced a 2.8-billion-yuan project; PingAn and Jinghe Energy put all-solid-state pilot lines into operation with energy density over 400Wh/kg. Sinocera Materials launched an automated sulphide electrolyte line, while Gotion signed the world’s first 20,000-ton solid-state key material project. CATL also unveiled its Kirin condensed-state battery.

In March 2026, China's ternary cathode material exports (NCM and NCA combined) reached 21,900 metric tons, representing a 103% MoM increase and a 163% YoY increase.

The domestic EV market showed modest signs of recovery. Upcoming auto shows next week may feature new model launches, which could provide some momentum for future demand.

This week, ternary cathode material prices edged slightly lower, though the overall change remained limited. On the raw material front, cobalt sulfate prices held steady, manganese sulfate saw a modest increase, while nickel sulfate declined slightly. Lithium carbonate and lithium hydroxide prices also softened. Spot lithium salt prices are currently range-bound, with the future trend still uncertain. Further guidance from overseas supply-side developments remains to be monitored. On transaction activity, payable levels for EV market orders showed no notable changes recently. In the consumer and e-mobility markets, some battery cell manufacturers conducted batch price-linked restocking during this week's period of low-range lithium salt price fluctuations, resulting in slightly more active transaction activity compared to the previous week. On the demand side, the domestic EV market showed modest recovery, though the increase was limited, and manufacturers remain cautious about future production schedules. Demand in the e-mobility market remained relatively subdued, with production still largely based on sales orders and need-based procurement. On overseas orders, after the export rush period ended in April, order volumes declined, though the magnitude of the decline was smaller than previously expected. Based on current conditions, overall industry production in April is still expected to see a certain degree of decrease compared with March.

Most second-quarter orders in the domestic EV market have been signed sequentially. While some manufacturers saw modest upward adjustments in payables, overall market changes remained limited.