According to a preliminary survey by Mysteel, China's ternary cathode material output in October 2026 was 78,900 tonnes, down 2.32% MoM and down 0.48% YoY.
From October to November 2026, China's ternary cathode material output is showing a trend of consecutive declines, with the YoY decline widening. The core reasons are weak end-use demand, intensifying substitution competition, and producers'active destocking. On the demand side, the year-end volume push in the EV market fell short of expectations, and downstream battery cell manufacturers mainly consumed inventories, making them extremely cautious in purchasing ternary materials. At the same time, the lithium iron phosphate (LFP) technology route continued to capture market share, continuously squeezing the market space for ternary materials. On the supply side, as weak demand transmitted through the chain, upstream ternary precursor output contracted in tandem. Prices of raw materials such as nickel sulfate edged down, leaving cost support relatively weak, and downstream wait-and-see sentiment was pronounced, with buyers inclined to buy on rises rather than on falls. In addition, as the year-end approaches, some companies face pressure from capital recovery and inventory control and have generally lowered production scheduling loads, causing the estimated November output to continue declining MoM.
China's ternary cathode material output in November 2026 is expected to be 76,600 tonnes, down 2.92% MoM and down 8.68% YoY.
