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The current demand in the new energy market continues to be sluggish, with large high-temperature alloy and magnetic material manufacturers having sufficient electrolytic cobalt raw materials, and the spot market transaction scale is relatively small. SMM believes that there is little chance of a sustained rebound in cobalt prices in the later stages. In terms of lithium, the current price of lithium carbonate has entered a cyclical bottom range. According to SMM, due to the high inventory of ore and finished products, companies have insufficient willingness to enter the mine. This month, companies have started to lower their operating rates or stop shipping. It is expected that batteries

Battery and downstream end market: In terms of power batteries, this week we released data on the production and sales of new energy vehicles and the production of power batteries. According to data from the China Automobile Association, the production and sales of new energy vehicles in April completed 80000 and 72000 units respectively, with a month on month increase of 31.6% and 9.7%, a year-on-year decrease of 22.1% and 26.5%, and a year-on-year decrease of 34.8 percentage points and 26.7 percentage points respectively compared to the previous month. Among them, specialized vehicles performed exceptionally well, with a month on month increase of 135.2% and a year-on-year increase of 171.8%. With the implementation of policies supporting the electrification of public transportation in various regions, taxis and buses will be the main growth points for commercial vehicles, and it is expected that the increase in specialized vehicles will be significant this year. According to data from the China Automotive Power Battery Industry Innovation Alliance, in April, China's power battery production totaled 4.7GWh, a year-on-year decrease of 35.5% and a month on month increase of 5.5%. The production of ternary batteries is 2.9GWh, accounting for 60.6% of the total production, a year-on-year decrease of 33.7%, and a month on month decrease of 11.7%; The output of lithium iron phosphate battery is 1.8GWh, accounting for 39.1% of the total output, down 34.0% year on year, with a month on month increase of 49.6%. This month, the increase in output of lithium iron phosphate battery mainly comes from special vehicles. The main reason for the decline in the production of ternary batteries is that the installed capacity of car manufacturers is not as expected. Currently, battery factories have accumulated high inventory and are reducing production in moderation.

Electrolytic cobalt and cobalt hydroxide: The price of electrolytic cobalt in China has increased this week. This week, due to the relatively strong overseas prices, Chinese prices are at a relatively low historical level. Some working capital has flowed into the market, pushing up the price of electrolytic cobalt. Some downstream demand merchants just need to purchase to support the price correction. In terms of cobalt hydroxide, although the price of electrolytic cobalt has rebounded, the discount coefficient for raw material procurement is still low. In early May, after the lifting of the ban on South African ports, individual domestic demanders supplemented raw materials (expected to arrive in June or July), so the market price of raw materials declined slightly this week. At present, large smelters in China have relatively sufficient inventory of raw materials, and the recovery of South African port capacity is slow. It is expected that raw material prices will stabilize in the short term. The price of SMM electrolytic cobalt is 235000 to 250000 yuan/ton, with an average price increase of 10000 yuan/ton compared to last week. The price of SMM cobalt hydroxide is 9.6-10.2 US dollars per pound, with an average decrease of 0.2 US dollars per pound compared to last week.

Cobalt and nickel salts: Cobalt salt prices have slightly increased this week. Upstream cobalt raw material cost support and the imminent shortage of raw materials in early June, cobalt salt factories continue to raise their prices this week. Downstream inquiries have increased, and acceptance of price increases has increased compared to last week. However, downstream demand has not shown much improvement, and procurement is still cautious. This week's market transaction of cobalt sulfate was 45000 yuan/ton; There are relatively few transactions of cobalt chloride, with only a few tons purchased by chemical plants, with a price of approximately 55-5600 yuan/ton, which is not the mainstream transaction price and volume. The price of SMM cobalt sulfate is between 45000 to 47000 yuan/ton, with an average price increase of 50000 yuan/ton compared to last week. The current price of SMM cobalt chloride is 53-56500 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 5 million yuan/ton compared to last week.

Cobalt tetroxide: The price of cobalt tetroxide slightly increased this Thursday. Cobalt tetroxide manufacturers have raised their prices this week, with some prices rising to 180000 yuan/ton compared to cobalt salts. However, downstream lithium cobalt oxide manufacturers have a more wait-and-see attitude and transactions are sporadic. At present, orders for cobalt tetroxide have been basically settled in May, with some not yet priced, and there may be slight room for price increase. The current price of SMM cobalt tetroxide is 171-176000 yuan/ton, with an average price increase of 1000 yuan/ton compared to last week.

Ternary precursor: The price of ternary precursor remains unchanged this Wednesday. After the holiday, downstream material factories made excessive inquiries, but actual transactions were sporadic. Cobalt prices remained strong, while nickel prices slightly increased. Downstream prices were severely suppressed, making it difficult for precursor enterprises to raise prices. Downstream material factories are mostly destocking, and overseas orders have not yet resumed. Multiple manufacturers are shipping at reduced prices to maintain production. The price of the SMM ternary precursor (Type 523) is 71-7300 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.

Lithium carbonate: The price of lithium carbonate continued to decline this week. This week, domestic lithium salt demand is weak, market inventory pressure is still on, and the transaction price of lithium carbonate continues to decline. At the beginning of the week, the industrial grade lithium carbonate market had a quotation of 33000 yuan/ton. Considering that the downstream application of electric carbon is mainly in the current low demand ternary power market, some large factories plan to gradually shift to producing industrial grade lithium carbonate (or quasi battery grade lithium carbonate) in order to demand shipment. In addition, some smelters in the Qinghai region began shipping in late April. Based on the current market demand, they are seeking to ship at prices lower than the mainstream market prices or a strategy that companies tend to adopt. This week, the price of SMM battery grade lithium carbonate was 43000-44000 yuan/ton, with an average price decrease of 07500 yuan/ton compared to last week. This week, the price of SMM industrial grade zero lithium carbonate was 34000 to 39000 yuan/ton, with an average price decrease of 12500 yuan/ton compared to last week.

Lithium hydroxide: The price of battery grade lithium hydroxide remained unchanged this week. There were few transactions in the domestic lithium hydroxide market this week, and prices remained stable. Tesla's Shanghai factory - LG industrial chain is currently maintaining full production, with orders for high nickel materials increasing month by month. However, in April, Ningde Times' overseas export orders significantly decreased. Its high nickel material suppliers had a large inventory in the first quarter, and production began to decrease year-on-year in April. Domestic demand for lithium hydroxide has significantly decreased. There is currently no adjustment in the orders for high nickel materials in the second quarter of Ningde Times. The material factory mainly focuses on destocking and has suspended the high nickel production line in late April. This week, the price of SMM battery grade lithium hydroxide (coarse particles) was 53000 to 59000 yuan/ton, which is the same as last week's average price.

Lithium cobalt oxide: The price of lithium cobalt oxide has slightly increased this week. In May, domestic orders for lithium cobalt oxide slightly decreased compared to April, and according to customer feedback, the recovery in overseas markets is not optimistic. There has been no significant increase in demand for lithium cobalt oxide procurement. This week, the prices of upstream cobalt series raw materials have slightly increased, while the prices of lithium series raw materials have slightly decreased. Downstream cobalt acid lithium battery factories are still holding down prices, and the pressure for lithium cobalt acid price increase is significant. The price of SMM4.35V lithium cobalt oxide is 192-196000 yuan/ton, with an average price increase of 50000 yuan/ton compared to last week.

Ternary materials: The price of ternary materials remains unchanged this Wednesday. This week, upstream precursor prices are under pressure, with weak demand from battery manufacturers and low acceptance of price increases. The prices of ternary materials remain unchanged. Overseas European and American car companies have resumed work one after another, but the resumption of production in vehicle factories has been slow, and export orders from material factories have not yet resumed. Domestic battery factories are in a state of de inventory and have low purchasing willingness. The price of SMM ternary material (523 type) is between 111000 to 118000 yuan/ton, which is the same as last week's average price. The price of SMM ternary material (Type 622) is 131-13900 yuan/ton, which is the same as last week's average price.

Lithium iron phosphate: The price of lithium iron phosphate has dropped this week. This week, the price of lithium carbonate continued to decline, coupled with a slight decline in the price of iron phosphate, resulting in a decrease in the price of lithium iron phosphate. The domestic power market demand is weak, and there has been no increase in orders. The procurement volume of 5G base stations in the energy storage market has gradually increased since April, but there is a high supply of iron and lithium, leading to severe market competition. Most manufacturers are forced to lower prices, and the price of iron and lithium is basically fluctuating both online and offline. This week, the price of SMM lithium iron phosphate (power type) was 35000-3800 yuan/ton, with an average price decrease of 1500 yuan/ton compared to last week.

Lithium manganese oxide: The price of lithium manganese oxide has dropped this week. This week, the price of lithium carbonate continued to decline, and the impact of overseas export orders continued. The price of lithium manganate slightly decreased. There are many types of capacity based lithium manganese oxide, with a wide range of prices. Some manufacturers have lowered prices before the holiday, causing slight fluctuations in prices, and there is not much market trading volume after the holiday. This week, the price of SMM lithium manganese oxide (capacity type) was between 215 and 29500 yuan/ton, with an average price decrease of 0.025 million yuan/ton compared to last week. This week, the price of SMM lithium manganese oxide (power type) was 335-35500 yuan/ton, with an average price decrease of 0.05 yuan/ton compared to last week.

Future forecast: Cobalt prices will increase this week, but the current demand in the new energy market remains sluggish. Large high-temperature alloy and magnetic material manufacturers have sufficient electrolytic cobalt raw materials in their hands, and the spot market transaction scale is relatively small. SMM believes that there is little chance of a sustained rebound in cobalt prices in the later stages. In terms of lithium, the current price of lithium carbonate has entered a cyclical bottom range. According to SMM, due to the high inventory of ore and finished products, companies have insufficient willingness to enter the mine. This month, companies have started to reduce operating rates or stop shipping, and it is expected that the price of battery grade lithium carbonate will gradually stop falling and stabilize. As the supply and demand structure of lithium hydroxide changes, the upstream and downstream carry out price negotiations based on the new market conditions, and the market price of lithium hydroxide may be loose later this month.

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