Epidemic situation affects Magnetic material demand weakens Lithium Carbonate Price Down [minutes of SMM Cobalt Lithium Morning meeting]

Battery downstream and end market:

Last week, the eighth China Electric vehicle 100 Forum was successfully held online, with the theme of "welcoming the New stage of Market-oriented Development of New Energy vehicles". Ouyang Minggao academician of Tsinghua University said at the meeting that lithium is expected to gradually return to the basic demand side after 2-3 years, and there may be overcapacity of power batteries in 2025. Wu Kai, chief scientist of the Ningde era, said that through continuous technological iteration, the Ningde era launched version 3.0 CTP technology, internally known as the "Kirin battery", which can be improved by 13% compared with the 4680 system under the same chemical system and the same battery pack size.

Cobalt: electrolytic cobalt prices continue to decline this week, upstream manufacturers and traders are urgent, downstream magnetic material factories are many and small, anti-risk ability is poor, account recovery during the epidemic is difficult, superimposed domestic logistics delays, many small factories are affected by the epidemic, demand is very poor, MB growth has not slowed down in recent days, reducing domestic quotation confidence from the emotional side, causing Wuxi to continue to be bearish, traders want to sell as soon as possible. The price of electric cobalt fell sharply under the joint action of fundamentals and supply and demand. The quotation for cobalt sulfate remained stable this week. The arrival of intermediate products to Hong Kong in March has been improved, and the raw material problems of upstream manufacturers have been improved. combined with sporadic recent transactions, cobalt salt factories have generally accumulated cobalt salt stock. The nickel price storm made a comeback last week, with the downstream demand for cobalt salt weakening. The cobalt salt market transaction appears the condition of separation, the cobalt salt factory whose intermediate product is the raw material is affected by the high cost of mb, insists on the existing quotation, there is less room for discussion, the price of the recycled material factory is negative, the cost of cobalt salt is relatively low, or it can make a profit from other items and choose to sell cobalt salt at a low price.

Lithium: the price of lithium carbonate fell slightly this week. The overall operation of the supply side is normal. On the demand side, with the dust settling down one after another, the overall order volume of cathode materials is flat or slightly reduced in April, the phenomenon of superimposed lithium salt customer supply is increasing day by day, and the upward feedback purchase demand is weak. In terms of market performance, turnover is still on the low side this week. At present, the quotations of mainstream large factories are relatively strong, the willingness of small factories to raise prices has weakened, the prices of superimposed traders continue to bottom, and some material factories have also sold lithium salt inventories. While the game atmosphere continues, the overall market price range is further expanded. Lithium hydroxide prices held stable this week, supply low superimposed recent nickel price shock, the future of high nickel orders are pessimistic, the overall lithium hydroxide reserve pace has slowed down, delivery caution. Fewer transactions have been made this week and prices have stabilized.

Cathode materials and precursors: the price of precursors remains unchanged this week. The price of cobalt and nickel salts fell slightly this week, and the cost of precursors fell slightly. The overseas nickel price continues to be inverted with the domestic nickel sulfate price, the precursor enterprises are still difficult to quote, the raw material price is difficult to transmit to the downstream, and the market turnover is light. In terms of ternary materials, the cost is flat, but due to the transmission of raw materials and the impact of nickel price, the overall output of ternary materials is expected to decline slightly in April, and the start-up level is reduced. On the demand side, the overall demand on the power side is flat, but considering the downstream storage situation, the actual procurement weakens, and the demand for digital small power continues to be weak. The market turnover is weak this week, and the price is expected to stabilize or decrease slightly with the cost in the future. The price of lithium iron phosphate rose slightly this week. Recently, driven by phosphoric acid and monoammonium, the price of iron phosphate has gradually risen, and some enterprises have started to purchase lithium salts at the beginning of the month and in the middle of the month, resulting in higher costs. On the whole, the operating rate of iron-lithium enterprises is declining, the terminal demand is weakening, the purchase intention is not high, and the transaction is light, but the price of lithium salt supports the current iron-lithium price and is expected to stabilize in the later stage.

Nickel: the LME stopped falling on Tuesday, but the current price is not completely stable under the influence of capital. Before the risk of raw materials has not been settled, nickel sulfate is still more cautious on the offer price. On Wednesday, the jump of market inquiry activity was significantly better than that of last week, but it was difficult to close a deal because the psychological price difference between the two sides was still large. Today's market quotation is concentrated at 4.6-49000 yuan / ton according to the comprehensive feedback of upstream and downstream. However, the downstream acceptance is still less than 45000 yuan / ton, and the price is deadlocked. In the short term, before the nickel price completely falls to the ground, it may be difficult for the market to have more transactions.

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News:

1. [Ganfeng Lithium Industry: Goulamina spodumene mining license has been handed over to a subsidiary of Malian Lithium] Ganfeng Lithium announced that its wholly-owned subsidiary GFL International Co.,Limitied ("Ganfeng International") plans to buy a 50 per cent stake in SPV of the Netherlands with its own capital of US $130 million. Recently, the company received a notice from Ganfeng International, Mali Lithium B.V., SPV of the Netherlands. ("Malian Lithium Industry") has been officially established, and Ganfeng International now holds a 50% stake in Malian Lithium Industry. The transfer of the Goulamina spodumene mining license to a wholly owned subsidiary of Malian Lithium has been completed recently, and the change of equity and mining rights involved in the exchange has been successfully completed. "View details

2. [Yiwei LiNeng: plans to set up a power battery manufacturing plant in Hungary] Yiwei LiNeng announced that it signed "PROJECT ROSE-NON-BINDING LETTER OF INTENT" with a subsidiary of the Hungarian Debrecen government, and the company or its subsidiary entities (hereafter designated) intend to purchase the target property from the seller and set up a power battery manufacturing plant in Hungary in accordance with the terms and conditions stipulated in this letter of intent.

3. [Enjie shares: to build a lithium battery isolation membrane production project with a production capacity of 1.6 billion square meters with a capacity of 4.5 billion yuan] Enjie Co., Ltd. announced that the company intends to set up an independent legal personality company in Hongta District of Yuxi City as the main investment of the project, to build a lithium battery isolation membrane production project with a production capacity of 1.6 billion square meters, with a total investment of about 4.5 billion yuan. The project is divided into two phases.

SMM New Energy Research team

Yi Yanting 021-51666860

Mei Wangqin 021-51666759

Yuan Ye 021-51595792

Ren Pengfei 021-51595913

Ma Rui 021-51595780

Tang Peng 021-51666749

LV Yanlin 021-20707875

Liu Yujun 021-20707895