At present, ternary materials are developing towards low cobalt and high nickel, and performance indicators such as capacitance are indeed getting better. The specific energy of single cells is also approaching the target of 200Wh/kg. China is currently in the stage of development from the 333 model to the 523 model. In 2017, the domestic power Sanyuan is expected to mainly focus on the 523 model, while there are not many domestic manufacturers producing the 622 model. The 811 model is also in the research and development stage.

　　The future development of the ternary materials business is based on reducing dependence on cobalt. Therefore, in the future, high nickel NCM will be the dominant type in ternary materials, and the demand for cobalt in a single new energy vehicle will always be downward. But in the next three years, the market will still be dominated by NCM523 and NCM622 models, with cobalt metal unit consumption of about 12% -13%, and the proportion of high nickel NCMs is still very low. The growth rate of new energy vehicles can far offset the declining demand for cobalt in individual new energy vehicles.

　　We can only make a judgment in an area that can be clearly seen in the future. Although ternary materials are developing towards high nickel content, cobalt still has great potential in the field of ternary materials in the future, and the supply and demand gap is bound to further widen in the coming years. On the other hand, due to the fact that the supply of ternary batteries in China mainly relies on Japanese and Korean enterprises with mature ternary material technology such as Samsung and LG, this area cannot be included in the subsidy catalog for new energy vehicles in China. Moreover, the technology of domestic enterprises is currently immature, and safety and other issues have not been well demonstrated and resolved. The recent application of ternary materials in the domestic market may not have the expected development speed, and the demand mainly comes from abroad. The overall demand reversal for cobalt may be slower than market expectations, but overall, it will also steadily increase in the coming years.

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