Latest Update in the SMM Cathode Material Market

[SMM Analysis: Solid-State Battery Next Decade Series, 6 of 9: The Ternary Route May Become Great Again] Ternary has been structurally squeezed by LFP in the liquid lithium battery stage, making it difficult for its share to return to the mainstream. Solid-state batteries are catalyzing its "second positioning": high-nickel ternary, lithium-rich manganese-based materials are naturally compatible with solid-state systems, and solid-liquid batteries provide transitional growth. Scenarios such as eVTOL, humanoid robots, and high-end EVs, which have rigid demand for energy density and are price-insensitive, will become a solid foundation for the high-end specialized path of ternary.

[SMM Analysis] ESS battery cell prices edged down this week, tracking raw material fluctuations, but with supply-demand conditions remaining tight, room for a sharp price pullback is limited. China's ESS battery production rose 4.92% MoM in September, a slower pace than August, mainly due to the ramp-up progress of large-capacity cell production lines and supply disruptions for some upstream raw materials. Entering Q4, as large-cell production lines continue to ramp up, production efficiency improves, and raw material supply disruptions gradually ease, the industry's production schedule growth is expected to rebound. Current enterprise production plans already reflect a trend of gradually accelerating growth in October-November, and overall production activity for ESS battery cells remains at a relatively high level.

Raw material side, lithium carbonate prices accelerated their bottoming process this week, with the 130,000 yuan/mt and 125,000 yuan/mt levels falling in quick succession. After pre-holiday stockpiling ended, the decline in futures dragged spot prices lower, and today prices were quoted at 119,000–127,000 yuan/mt, hitting a new low for this pullback. Nickel sulphate prices broke below the 30,000 yuan/mt mark, and cobalt sulphate prices extended their decline.

[SMM Lithium Battery Electrolyte Market Weekly Review: Electrolyte Prices Edge Up This Week (2026.9.28-9.30)] From September 28 to September 30, 2026, electrolyte prices edged up. The future market trend of electrolyte prices still requires continued monitoring of raw material price fluctuations and their transmission.

[SMM Lithium Battery Anode Raw Material Market Weekly Review: Artificial Graphite Price Center Moves Up, Natural Graphite Lingers at Low Levels] September 30 news, this week, the price center of artificial graphite anode shifted slightly upward, with cost support remaining firm.

[SMM Lithium Battery Anode Raw Material Market Weekly Review: Graphitisation Tolling Services Supply-Demand Tight Balance Persists, Prices Consolidate on a Strong Note] September 30: This week, the graphitisation tolling services market remained stable overall, with no significant fluctuations in quotations across furnace types.

[SMM Lithium Battery Anode Raw Material Market Weekly Review: Raw Material Coke Prices for Anode Supported Firmly This Week Amid Peak Season] September 30 news, this week, prices of low-sulphur petroleum coke and oil-based green needle coke remained stable.

[SMM Analysis: Solid-State Battery September Analysis and Quarterly Review: Policy and Capital Heat Up While Material Spot Cools Down; Industrialisation Moves from "kg-Level" to "mt-Level"] In Q3 2026, the solid-state battery industry is at a critical stage of transition from "pilot verification" to "pre-mass production." National-level special plans have been implemented, and the standards system is being improved at an accelerated pace. On the material side, sulphide is experiencing "volume growth with price decline," entering a transitional period of "mt-level" volume ramp-up. On the technology side, solid-liquid (semi-solid-state) batteries are taking the lead in commercial vehicles, energy storage, eVTOL and other application scenarios, while pilot lines for all-solid-state batteries are being intensively constructed. Capital and industry are deeply aligned, equipment orders continue to be secured, and downstream application scenarios are blossoming across multiple fronts. At the same time, risks such as insufficient capacity utilization rate, order delays, and interface and manufacturing bottlenecks remain, requiring a rational view of the pace of industrialisation.