Lithium Salts: Lithium salt prices saw gradual declines this week, while nickel and cobalt salt prices remained stable. Ternary and lithium cobalt oxide black powder coefficients began to dip slightly. Taking ternary black powder as an example: the current coefficient for ternary cathode black powder stands at 75-77%, and ternary battery black powder at 72-74%.

This week, echelon battery market prices experienced a slight overall decline, though the drop remained limited as the market largely adopted a wait-and-see approach. Global tariff policies have impacted demand for overseas export projects, but due to the relatively small share of the U.S. battery cell market, prices for related battery cells and lithium salts remained stable. However, amid pessimistic expectations for future lithium salt prices, echelon utilization companies avoided bulk purchasing and focused on essential procurement while maintaining caution. Meanwhile, upstream battery cell manufacturers and traders held firm on pricing, keeping B-grade echelon battery prices steady this week.

[SMM Analysis]According to March 2025 data released by ​​the China Power Battery Industry Innovation Alliance​​（CABIA）, China's power battery installations reached ​​56.6 GWh​​ that month, ​​marking a 62.3% increase from the previous month and a 61.8% year-on-year growth​​.

[SMM Analysis]According to data from the China Passenger Car Association（CPCA）, from January to March 2025, China exported a total of 2,997 new energy buses. BYD ranked first with 945 units exported, a year - on - year increase of 55.43%, and a market share of 31.53%, giving it a clear industry - leading edge.

[SMM Analysis]On April 28, 2025, BYD held the foundation - laying ceremony for its Cambodia Passenger Vehicle Factory in the Sihanoukville Economic Zone. This marks Cambodia's first new energy vehicle production base.

[SMM Analysis]On the 29th, President Trump signed a notice allowing for a certain degree of compensation for automotive manufacturers that import auto parts and assemble vehicles in the United States. This latest move reflects the ongoing opposition from various sectors in the United States to the government's tariff policies, which is putting increasing pressure on the administration.

In April, the domestic iron phosphate market exhibited a "high YoY growth, stable MoM" operational trend, with production up 60% YoY and remaining stable MoM.

Market Trends in Recycling Sector (April 14–18, 2025)

Market Trends in Recycling Sector (April 21–27, 2025)

The lithium carbonate spot prices saw a notable decline this week, with the weekly average down by around 1,300 yuan/mt WoW. The average price of battery-grade lithium carbonate has fallen below 70,000 yuan/mt.