SMM June 4 update:
Raw material side, lithium carbonate and nickel sulphate prices fluctuated this week, while cobalt sulphate prices continued to decline.
This week, by material type — ternary, LCO, and LFP — LFP hydrometallurgical side: taking LFP electrode black mass as an example, LFP electrode black mass prices currently stood at 7,000-7,500 yuan/mtu, down WoW from Monday's transactions. Lithium carbonate prices were in the doldrums this week, further dragging down LFP black mass prices. As it was the beginning of the month, most enterprises had already restocked for rigid demand at the month-end and held certain inventory. The market was generally bearish on lithium prices, and participants were more inclined to buy the dip. Ternary and LCO side: nickel and cobalt payables for ternary black mass remained temporarily stable, while lithium payables edged down. Nickel and cobalt payables for ternary electrode black mass were around 78-80%, and lithium payables were 77-80. This week, downstream markets basically purchased on demand. Cobalt and lithium payables for pure cobalt and high-cobalt scrap remained basically stable. Although cobalt and lithium prices continued to decline, most enterprises had gradually suspended procurement since early April due to high inventory and had since consumed their elevated stocks. Some enterprises began rigid-demand restocking by end of May. Moreover, the supply of pure cobalt and high-cobalt black mass had remained tight, thus prices stayed temporarily stable despite weak salt prices.
SMM New Energy Research Team
Wang Cong 021-51666838
Ma Rui 021-51595780
Feng Disheng 021-51666714
Lv Yanlin 021-20707875
Zhou Zhicheng 021-51666711
