Commodity Market Report
Global cathode and precursor short-term outlook April 2024
Report summary
Q1 2024 brought a positive start to the year as EV sales grew in all markets from Q1 2023. In line with historical trends, cathode consumption spiked in March, gaining 60% from February and 16% from March 2023. Supply continues to grow, and we expect utilisation rates to improve over the coming months as demand improves. Spurred on by an improvement in nickel prices, cathode and precursor prices gained in April. However, the short-term outlook remains mixed as additional capacity and raw material prices impact the cathode market. Trade from China has also improved, with net exports up 16%, signalling a greater appetite for Chinese material.
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