[Solid-State Battery: Huashang Zhongke Achieves 99.95% High-Purity Lithium Sulfide Pilot Success, Multiple Shandong Enterprises Deploy Lithium Sulfide]

On July 23, Minmetals New Energy released its performance forecast, expecting a net profit attributable to the parent of 340 million yuan to 400 million yuan for the first half of 2026, compared to a loss of 26.8265 million yuan in the same period last year, marking a turnaround from loss to profit. The net profit after deducting non-recurring gains and losses is expected to be between 330 million yuan and 390 million yuan. In the first half of 2026, the company seized industry development opportunities, coordinated efforts across three major areas—power battery materials, energy storage materials, and consumer electronics materials—resulting in a significant year-on-year increase in product sales. At the same time, the company continued to promote technological iteration and process optimization of core materials, ensuring a stable supply of raw materials and further enhancing its product delivery capabilities.

According to market sources, Sigma Lithium’s Grota do Cirilo project in Minas Gerais, Brazil, has reportedly been offline for more than 10 consecutive days. The information has not yet been officially confirmed by Sigma, but it is broadly consistent with recent regulatory developments. On 22 July, Sigma announced that it was negotiating a Conduct Adjustment Agreement, or TAC, with the Minas Gerais state government in response to a penalty notice issued by the regional environmental authority, SUPRAM. The company expects to pay fines of up to approximately US$540,000 and invest around US$1 million in remediation measures to restore activities that are currently described as “partially and temporarily suspended.” The waste-rock piles at Grota do Cirilo have previously been subject to repeated reviews by Brazilian labour and environmental authorities. Although Brazil’s National Mining Agency had concluded that the relevant waste piles did not present an imminent geotechnical risk, the restrictions imposed by the labour authorities were not automatically lifted. A May inspection reportedly found that the project was continuing to use one of the restricted waste piles. Sigma produced 35,000 tonnes of lithium concentrate in the second quarter, above its previous target of 33,000 tonnes. However, this production figure reflects operating conditions before the formal regulatory notice was delivered and therefore does not represent the project’s third-quarter operating status. The key issue affecting Sigma’s supply outlook is no longer the size of the fine, but the timing of the TAC agreement, the scope of the operational suspension and the regulatory inspection process required before production can resume. Market participants should closely monitor the actual third-quarter production performance at Grota do Cirilo, as well as progress towards the scheduled commissioning of the project’s Phase 2 expansion.

SMM Cobalt Morning Briefing: The cobalt industry chain was generally in the doldrums this week. Refined cobalt prices drifted lower, affected by import data exceeding expectations, the demand off-season, and downstream summer breaks. Sellers and buyers of cobalt intermediate products had a wide psychological price spread, making it difficult to advance transactions, and prices remained temporarily stable. Market inquiries and transactions for cobalt sulphate, cobalt chloride, and Co3O4 were sluggish, with downstream users mainly pushing for lower prices and making just-in-time procurement. Cobalt powder prices continued to hit bottom, while cobalt carbonate was also under pressure.