GM Decides to Commercialize Sodium-Ion Batteries

SMM Cobalt Morning Brief: This week, the cobalt industry chain overall consolidated on a subdued note. Refined cobalt spot prices remained stable temporarily. Traders resumed offering, but transactions were still dominated by essential stockpiling, while end-use demand had not yet clearly recovered. Cobalt intermediate products were boosted by news related to DRC. Miners' offers stayed firm, but downstream smelter acceptance was limited, and some traders lowered prices to sell and facilitate deals. Transactions in the cobalt sulphate, cobalt chloride, and Co3O4 markets remained sluggish. Downstream wait-and-see sentiment was strong, and restocking demand had not yet materialized. Cobalt powder prices continued to edge lower, and off-season pressure on hard alloys persisted. Overall, cobalt chain prices may mainly consolidate in the short term, and subsequent recovery will likely need to wait for a rebound in cobalt salt valuations and improvement in downstream demand.

Ronbay Technology expects net profit attributable to shareholders of RMB 1.0-1.2 billion for the first half of 2026, compared with a loss a year earlier. The company said earnings recovered on the back of stronger demand in the new energy sector. During the period, its ternary cathode business improved profitability with higher overseas shipments, while its LMFP cathode business reached full production and sales. Its sodium-ion cathode materials also entered the stage of large-scale commercial shipments.

In June, the sodium-ion battery industry chain saw broad-based improvements. The electrolyte and cell segments, which posted the most notable increases during this cycle, exhibited typical features of “volume growth amid persistent bottlenecks”—electrolyte capacity relied on conversion from lithium battery production, and core raw material shortages began to emerge, while the cell segment recorded nearly twofold YoY growth driven by dual boosts from energy storage and two-wheelers.