China's production of NCM (ternary) cathode materials stood at 82,300 tonnes in April 2026, down 1.57% month-on-month but up 31.83% year-on-year.
The slight decline in NCM cathode material production in April 2026 compared to March was most directly triggered by the front-running depletion effect following the removal of export tax rebates. Entering May, the production schedule for NCM cathode materials is expected to increase by approximately 7.6% MoM. Seasonal improvements in end-user demand are transmitting to the midstream segment, with notable demand recovery observed particularly in the C (likely referring to CATL or a major consumer) supply chain. Additionally, some orders for lithium cobalt oxide cathode materials are shifting to NCM on a small scale. As a result, overall NCM cathode material production is projected to increase month-on-month.
In May 2026, China's NCM cathode material production is estimated to reach 88,600 tonnes, up 7.65% MoM and 45.05% YoY.
Edited by Cassie Li, lixiangying@mysteel.com
