Japan's Imported Auto Sales Fall 12% in January, EV Sales Up 68%

The Democratic Republic of Congo's (DRC) state-owned cobalt company, EGC, and the commodity trader Trafigura recently completed the first shipment of copper and cobalt products to the international market via the Lobito Atlantic Railway (LAR), marking a significant advancement in the logistics system for DRC's ore exports. The Lobito Railway, approximately 1,300 kilometers long, connects the deep-water port of Lobito on Angola's Atlantic coast to the DRC border city of Luau and further extends to Kolwezi, the core area of DRC's copper-cobalt resources. This reduces the land transport time from the mining area to African ports to approximately seven days, making it the shortest and most efficient route connecting DRC's mineral resources to the global market.

The SMM battery-grade lithium carbonate index was 134,406 yuan/mt. SMM Battery-grade lithium carbonate was quoted at 132,000-140,000 yuan/mt, with an average price of 136,000 yuan/mt. SMM Industrial-grade lithium carbonate was quoted at 129,000-136,000 yuan/mt, with an average price of 132,500 yuan/mt. Today, the most-traded lithium carbonate futures contract moved sideways. As logistics gradually halted, downstream material plants largely completed February stockpiling. Most enterprises turned cautious and adopted a wait-and-see approach, with low psychological price levels for procurement. Some plants engaged in back-pricing and closing positions when prices were relatively low. Overall, market inquiries and transactions were sluggish.

A firm headed by veterans of the US military and intelligence services has agreed to buy Chemaf SA, a troubled Congolese copper and cobalt producer that’s become a focal point in Washington’s efforts to shore up critical mineral supplies. Virtus Minerals Inc. will pay an undisclosed sum for Chemaf and assume the firm’s liabilities, including debt owed to Trafigura Group, managing director Phil Braun told Bloomberg News on Thursday. The Delaware-registered company plans capital investments of $750 million, funded by debt and equity, he said on the sidelines of an event with Congolese President Felix Tshisekedi at the US Chamber of Commerce in Washington.