[SMM Cobalt Morning Meeting Summary] Expectations for demand recovery heat up, industry chain prices remain in a weak bargaining phase
The industry chain remained in a weak bargaining phase this week, with upstream players holding prices firm while downstream buyers pushed for lower prices. Overseas miners acquired low-priced intermediate products, providing some support to the price floor, but the psychological price gap between buyers and sellers remained wide, limiting actual transactions. The sulphate market came under pressure from low-priced deals outside China and lower costs, with downstream purchase willingness subdued as the market awaited the release of stockpiling demand during the September-October peak season. The powder market also consolidated at lows, with downstream cemented carbide orders weak and spot transactions sluggish. Ternary cathode precursors continued to weaken under soft raw material prices and pressure on order coefficients, while top-tier producers saw relatively better export orders. Ternary cathode materials staged a phased rebound as lithium chemical prices recovered, but domestic power demand was weaker than expected, leaving subsequent production schedules facing downward pressure. The supply-demand pattern for LCO showed limited improvement, with peak season effects yet to materialize clearly. On the policy front, measures to support automobile consumption continued to advance, which is expected to provide some support for end-use demand, but a genuine stabilization of the industry chain still hinges on downstream concentrated procurement and an improvement in actual demand.
![[SMM Cobalt Morning Meeting Summary] Expectations for demand recovery heat up, industry chain prices remain in a weak bargaining phase](https://imgqn.smm.cn/usercenter/hSSxt20251217171722.jpeg)
