[SMM Sodium Battery Analysis: 2024 Sodium Battery Review and Outlook on Sodium Battery Industrial Parks: Sodium Batteries There] In 2024, the sodium battery market underwent significant changes. SMM recently conducted a systematic review and summary of these market changes.

【SMM Analysis：China's Imports of Cobalt Hydrometallurgy Intermediate Products in November Rose Sharply MoM, with Relatively Small Fluctuations in Average Import Price】 According to customs data, China's imports of cobalt hydrometallurgy intermediate products in November 2024 were approximately 22,500 mt in metal content (calculated at a grade of 35%), up 40% MoM and up 43% YoY.

This week, LCO market prices remained stable. Coupled with the recent weakening of raw material prices for lithium carbonate and Co3O4, LCO spot market prices faced significant resistance to rebound.

【SMM Analysis】Recently, the energy storage large battery cell sector has seen continuous developments, demonstrating the rapid growth and technological advancements of the industry.

【SMM Analysis：Weak Spot Order Demand and Losses Limit Downside Room for Cobalt Sulphate Prices】 In November 2024, the average spot price for cobalt sulphate was 27,200 yuan/mt, down 3% MoM and 25% YoY. Despite high inventory levels and muted demand for cobalt sulphate, and a brief surge in large-volume transactions mid-month, the calm demeanor of cobalt sulphate smelters has prevented a rebound in market spot prices.

In November, the demand in the LMFP market did not meet expectations. Although automakers were relatively active in LMFP materials, there was no significant demand growth in the short term. Overall, market prices showed a downward trend. Despite some fluctuations in lithium prices, the overall price trend remained downward due to weak demand.

[SMM Data: Electrolyte Operating Rate in November] The operating rate of electrolyte in November 2024 was approximately 43.48%. The operating rate is expected to slightly decline in December.

This week, energy storage battery cell prices continued to decline slightly, primarily due to the decrease in LFP cathode material prices, leading to a slight reduction in battery cell cost by 0.2%. According to SMM calculations, as of last Friday, the theoretical cost of a 280Ah energy storage battery cell was 0.3102 yuan/Wh. Although domestic demand for battery cells gradually decreased due to the nearing year-end grid connection, overseas pre-holiday stockpiling and the US post-election rush for installations kept demand above expectations, maintaining high production levels of energy storage battery cells. However, this growth was mainly observed in companies targeting overseas markets, while those focusing on the domestic market experienced production cuts and inventory clearance. Looking ahead, due to the cost advantages and mature technology of 314Ah battery cells, their prices may drop rapidly; after significant price reductions, 280Ah battery cell prices are expected to stabilize in the short term due to advancements in large-capacity battery cell technology and the easing of supply-demand imbalances. Driven by year-end destocking, 100Ah battery cell prices may decline rapidly; however, the price changes of 50Ah battery cells, given their limited market applications, will depend on subsequent cost adjustments.

Market Overview for November 2024: As the year-end approaches, the sodium battery industry has witnessed a series of positive developments. Several cathode active material companies have successively announced signing agreements with downstream customers, with multiple supply and demand contracts at the kiloton level successfully concluded, preparing material reserves for the market demand and application scenarios in 2025.

In November, China's power battery production reached 100.0 GWh, representing a 10% increase compared to the previous month and a 67% increase year-on-year.