[Sodium-ion: CAS DICP achieves breakthrough in low-cost Fe-Mn phosphate cathode]

This week, the industry chain showed price divergence, weak demand, and inventory adjustments. Mine-side quotes were soft, and although raw material inventory saw phased destocking, expectations of overseas supply growth persisted. The average spot price of lithium carbonate fell to 92,500 yuan/mt, with inventory down to 125,391 mt, a weekly destocking of 2,994 mt, and is expected to move sideways in the 82,000-105,000 yuan/mt range in the short term. Refined cobalt on the electronic trading platform rose to 260,000 yuan/mt, and cobalt sulphate quotes rebounded to 48,000-50,000 yuan/mt, but downstream transactions were limited, leaving the sustainability of the rebound in doubt. Nickel sulphate saw weak supply and demand, ternary cathode precursor production schedules were revised down, and cathode material demand was sluggish. LFP production remained stable, with energy storage demand offsetting some pressure from the EV sector. Anode and separator prices were temporarily stable, while electrolyte continued to weaken under downward raw material cost pressure. The sodium-ion battery market maintained volume growth with weak prices, with November cathode and battery cell production expected to grow 9% and 27%, respectively. Centralised procurement quotes for ESS were concentrated at 0.64-0.676 Yuan/W. Overall, energy storage demand remained resilient, but end-user procurement was cautious, and market recovery still requires support from actual orders.

This week, the electrolytic metal market continued to rise, with e-platform prices climbing to 260,000 yuan/mt and mainstream smelter ex-works prices raised to 270,000 yuan/mt. However, the increase was driven mainly by positive news and capital inflows, with limited improvement in fundamentals. As production recovered rapidly since October, supply and inventory buildup pressures have gradually emerged. In the intermediate product market, supply and demand remained in a stalemate, with miners holding offers above $11-12/lb while smelters stayed cautious in procurement. Sulphate offers rose to 48,000-50,000 yuan/mt, but downstream acceptance remained low, leaving prices clearly disconnected from actual transactions. Chloride and Co3O4 offers followed the uptrend, though actual orders were limited. Metal powder offers rebounded to 280,000-300,000 yuan/mt, with downstream buying interest showing some improvement. Coefficients for ternary cathode precursor long-term contracts weakened, and some enterprises lowered their production schedules. Demand for ternary cathode materials stayed sluggish, and consumer-type cathode products remained weak. Overall, the market showed a pattern of cost-driven price increases, insufficient end-use demand, and rising supply pressure. The sustainability of the short-term price rebound still depends on actual transactions and downstream restocking progress.