[SMM Analysis] LCO: Prices Running Steadily, Focus on Changes in Restocking Pace

This week, prices in the LCO market remained largely stable. Fluctuations in upstream lithium carbonate prices had a significant impact on LCO cathode prices. Thanks to relatively low inventory costs at various enterprises, the impact of raw material fluctuations was buffered, and market quotations only saw minor adjustments. On the demand side, as battery cell manufacturers gradually consumed their raw material inventories, restocking willingness rebounded from the previous period. However, constrained by extremely limited short-term price fluctuations, actual procurement behavior remained conservative. It is expected that LCO prices will continue a steady consolidation trend in the short term, and going forward, attention should focus on changes in downstream orders and the restocking pace.