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The prices of cobalt salt and nickel salt were relatively stable this week, and the demand in the power market was still weak. The orders in June were not as expected. The 523 single crystal and 811 precursor were slightly adjusted with the price of cobalt salt, and the overall market price was still upside down. The competition in the digital market is fierce, with downstream purchase orders decreasing, and there are still companies reducing prices for shipments.

Battery and downstream terminal markets: In the domestic power market, the installed capacity of power battery factories has increased compared to last month, and orders in June have also improved compared to May. From January to April, the domestic B-end market showed a significant year-on-year decline. Last year, the B-end market, which took on the heavy responsibility, recovered slowly, with a total sales volume of 155600 vehicles in the first four months, a year-on-year decrease of 41.37%. Mainly due to the impact of the domestic epidemic in the first quarter, the market for ride hailing services has been cold, and many ride hailing drivers have chosen to cancel or postpone their leases. Starting from April, under the encouragement of subsidy policies from the national and local provinces and cities, the B-end market gradually recovered, which also led to a rapid recovery of the entire electric vehicle market. From the perspective of overseas markets, although European and American car companies have been resuming production in the near future, it is difficult for production capacity to recover quickly. For example, Tesla's current operating rate is only 50-60%, and in addition, all three Detroit car manufacturers have confirmed cases, making the road to resuming work more difficult.

Electrolytic cobalt and cobalt hydroxide: The price of electrolytic cobalt in China has increased this week. At the beginning of this week, the market price of electrolytic cobalt continued to rise. However, downstream large demand merchants have completed a large inventory of raw material reserves and have no intention of replenishing at high prices in the near future. Small and medium-sized demand merchants are just in need of purchasing sales to replenish their inventory. Although manufacturers and traders continue to raise prices, spot transactions are sporadic, and prices tend to stabilize in the second half of the week. In terms of cobalt intermediate products, the supply of raw materials is relatively tight in the short term, and the spot purchase prices at ports are still high, mainly due to some small and medium-sized smelting manufacturers purchasing in small quantities to maintain production. However, smelting enterprises have low enthusiasm for long-term procurement of African raw materials, and downstream orders in June still did not improve. The demand in the future is weak, and the continuous rise in raw material prices lacks support. The price of SMM electrolytic cobalt is 24800 to 258000 yuan/ton, with an average price increase of 3000 yuan/ton compared to last week. The price of SMM cobalt hydroxide is between 9.8-10.4 US dollars per pound, with an average price unchanged from last week.

Cobalt and nickel salts: The price of cobalt chloride has slightly increased this week. By the end of the month, the number of purchase inquiries has increased, but many downstream companies believe that there is limited room for price increases and only a few purchases are made. The inventory in the cobalt chloride market is relatively low, and downstream orders for cobalt tetroxide are better than the main downstream precursor orders for cobalt sulfate. Therefore, the price of cobalt chloride is still higher than that of cobalt sulfate. The transaction price of cobalt sulfate this week is mainly 46000 to 47000 yuan/ton, while the transaction price of cobalt chloride this week is sporadic, with a small amount of 1-2 vehicles trading at 57000 to 58000 yuan/ton. The nervousness of cobalt raw materials has been basically consumed by the market, and the price of cobalt salt is currently stagnant. There is no sign of a rebound in downstream demand in June. After the cobalt raw materials arrive at the factory at the end of June, the price of cobalt salt may experience a slight correction. The price of SMM cobalt sulfate is 46000 to 48000 yuan/ton, which is the same as last week's average price. The current price of SMM cobalt chloride is 55-5800 yuan/ton, with an average price increase of 02500 yuan/ton compared to last week. The price of SMM battery grade nickel sulfate is 23000-23500 yuan/ton, with an average price drop of 2.5 million yuan/ton compared to last week.

Cobalt tetroxide: The price of cobalt tetroxide slightly increased this Thursday. The quotation of cobalt tetroxide manufacturers was raised to 185000 to 190000 yuan/ton due to the increase in raw material cobalt chloride, and a small amount of transactions were made this week. According to SMM customer feedback, the current market transaction price of cobalt tetroxide is mostly between 175000 to 178000 yuan/ton, with only a small amount of transaction price around 180000 yuan/ton. In June, downstream lithium cobalt oxide demand for cobalt tetroxide remained basically unchanged month on month. Currently, the acceptance of cobalt tetroxide price increases is not high, and the procurement volume is relatively small. Although there has been a slight recovery in overseas market demand, there has not been any response in China yet, and it is expected to be postponed until July. The current price of SMM cobalt tetroxide is 175000 to 18000 yuan/ton, with an average price increase of 2000 yuan/ton compared to last week.

Ternary precursor: The price of ternary precursor remains unchanged this Wednesday. The prices of cobalt salt and nickel salt were relatively stable this week, and the demand in the power market was still weak. The orders in June were not as expected. The 523 single crystal and 811 precursor were slightly adjusted with the price of cobalt salt, and the overall market price was still upside down. The competition in the digital market is fierce, with downstream purchase orders decreasing, and there are still companies reducing prices for shipments. The price of the SMM ternary precursor (Type 523) is 71500 to 7300 yuan/ton, which is the same as last week's average price. The price of the SMM ternary precursor (Type 622) is 7800 to 81000 yuan/ton, which is the same as last week's average price. This week, the price of the newly added SMM ternary precursor (523 single crystal type) is 73000 to 76000 yuan/ton, with an average price of 72250 yuan/ton. This week, the price of the newly added SMM ternary precursor (Type 811) is 91000 to 95000 yuan/ton, with an average price of 93000 yuan/ton.

Lithium carbonate: The price of battery grade lithium carbonate has been lowered this week. This week, there has been an increase in inquiries for lithium carbonate, but most of them are based on price comparisons, with sporadic actual market transactions. Based on cost considerations, the decline rate of electric and industrial carbon enterprises has slowed down and the decline space has narrowed. According to SMM research, there is currently no sign of recovery in downstream material demand in June, and there may be some improvement in mid to early July. At present, the trading volume of lithium carbonate in the market is still sporadic, and the market supply is still sufficient. Some smelting enterprises are willing to sign long-term orders, while some downstream enterprises are interested in testing salt lake lithium carbonate based on cost considerations. This week, the price of SMM battery grade lithium carbonate was 42000 to 44000 yuan/ton, with an average price drop of 50000 yuan/ton compared to last week. This week, the price of SMM industrial grade zero lithium carbonate was 33-38500 yuan/ton, which is the same as last week's average price.

Lithium hydroxide: The price of battery grade lithium hydroxide has declined significantly this week. Large domestic high nickel material factories are gradually resuming production, but due to the remaining inventory of raw materials, the demand for lithium hydroxide procurement has been limited in the past month. Due to the impact of the epidemic transmission on overseas demand, orders have gradually decreased, and overseas orders for lithium hydroxide have also decreased or postponed simultaneously. The supply structure of domestic battery grade lithium hydroxide has changed, and the phenomenon of tight shipments has eased, gradually putting pressure on prices. This week, the price of SMM battery grade lithium hydroxide (coarse particles) was 52000 to 58000 yuan/ton, with an average price decrease of 50000 yuan/ton compared to last week. The price of SMM industrial grade lithium hydroxide added this week is 44000 to 46000 yuan/ton, with an average price of 45000 yuan/ton.

Lithium cobalt oxide: The price of lithium cobalt oxide remained unchanged this week. The conventional market quotation for 4.35V lithium cobalt oxide is mainly between 195000 to 205000 yuan/ton, and the quotation for lithium cobalt oxide above 4.4V is 220000 yuan/ton. There are fewer new orders for lithium cobalt oxide signed this week, and downstream purchases will be made on a weekly basis. The shortage of cobalt raw materials in June led to an increase in the prices of cobalt series products, and this week the price of lithium salts was lowered due to inventory accumulation. Lithium cobalt oxide manufacturers are willing to raise their prices due to the increase in raw materials such as cobalt chloride and cobalt tetroxide. However, downstream lithium cobalt oxide battery factories are currently not willing to pay, and prices are still in a game, making it difficult for lithium cobalt oxide prices to rise. The price of SMM4.35V lithium cobalt oxide is 192-197000 yuan/ton, which is the same as last week's average price.

Ternary materials: The price of ternary materials has slightly declined this Wednesday. This week, the prices of upstream precursors remained basically unchanged, while the prices of lithium carbonate continued to decrease. However, the procurement volume in the downstream digital and power markets was relatively small, with only a slight increase in demand in the small power market. The prices of ternary materials were slightly reduced due to high prices. The price of SMM ternary material (523 type) is between 11000 and 117000 yuan/ton, with an average price drop of 0.05 yuan/ton compared to last week. The price of SMM ternary material (622 type) is between 13000 to 138000 yuan/ton, with an average price decrease of 50000 yuan/ton compared to last week.

Lithium iron phosphate: The price of lithium iron phosphate remains unchanged this week. This week, the downward trend of lithium carbonate prices has slowed down, and there are no new orders in the power market, while the price of iron lithium remains unchanged. The demand for iron lithium in the power market has increased in the second half of the year, and some manufacturers have recently increased their inventory to prepare for the second half of the year. The energy storage market has seen an increase in orders, but competition among domestic manufacturers is fierce. Some companies rely on cost advantages to lower prices to below 30000 yuan/ton, while other manufacturers are forced to lower prices to around 30000 yuan/ton in order to compete for orders. This week, the price of SMM lithium iron phosphate (power type) was 35000-3700 yuan/ton, which is the same as last week's average price.

Lithium manganese oxide: The price of lithium manganese oxide has dropped this week. This week, the price of lithium carbonate slightly decreased, and the overseas market has not yet recovered, which has dealt a significant blow to lithium manganese oxide enterprises. Most manufacturers have severely reduced production, and market transactions are sporadic. Some manufacturers can only reduce prices to ship, and the price of lithium manganese oxide has slightly decreased. This week, the price of SMM lithium manganese oxide (capacity type) was between 21500 and 28000 yuan/ton, with an average price decrease of 50000 yuan/ton compared to last week. This week, the price of SMM lithium manganese oxide (power type) was 335-35500 yuan/ton, which is the same as last week's average price.

Future market forecast: The tense sentiment of cobalt raw materials has been basically digested by the market, and the price of cobalt salt is stagnant. The lithium salt market is currently experiencing an increase in inquiries, but actual transactions are sporadic. According to SMM's understanding, there is no sign of a rebound in demand for positive electrode materials in June, and the market has limited demand for raw materials. Cobalt prices may slightly decline after the arrival of cobalt raw materials at the port; In addition, without significant improvement in the domestic supply and demand structure, future lithium prices need to focus on overseas salt lake imports.

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