According to preliminary research by Mysteel, China's production of NCM cathode materials for ternary batteries reached 87,600 tonnes in May 2026, representing an increase of 6.43% month-on-month and 43.41% year-on-year.
In May 2026, domestic production of NCM cathode materials continued to grow. On the supply side, the recent concentrated launch of several new vehicle models boosted stocking demand. Downstream battery cell manufacturers held positive expectations for future orders and were relatively proactive in taking deliveries, directly driving higher production schedules at cathode material plants. On the export front, overseas markets, particularly Europe, showed strong automotive sales performance, with positive sales momentum expected to continue into the second quarter, thereby supporting export demand for NCM cathode materials. Entering June, the production growth rate is expected to moderate, though orders at leading producers are expected to remain relatively stable. Overall, the growth in NCM cathode material production in May was driven by a combination of recovering end-user consumption, pre-launch stocking of new vehicle models, overseas exports, and restocking demand.
China's NCM cathode material production in May 2026 is estimated to reach 91,700 tonnes, up 4.74% month-on-month and 49.84% year-on-year.
Edited by Cassie Li, lixiangying@mysteel.com
