On September 12, 2025, the National Development and Reform Commission (NDRC) and the National Energy Administration issued a notice on the "Action Plan for Large-Scale Construction of New-Type Energy Storage (2025–2027)," explicitly listing solid-state batteries as a key technology for development and promoting their large-scale growth through technological breakthroughs, demonstration applications, and standard establishment. The policy aims to achieve large-scale application of semi-solid-state batteries and finalize the technology for all-solid-state batteries by 2027, helping to boost new-type ESS installations to over 180 million kW and drive direct investment of approximately 250 billion yuan.

[NCM sulfide electrolyte/Ag@C] NCM, sulfide electrolyte, and Ag@C respectively represent the positive electrode material, electrolyte, and negative electrode structure in solid-state batteries. Their combination is one of the core directions in the current research and development of high-energy-density batteries.

Amid intensifying global competition in the new energy sector, Toyota Tsusho Corporation has announced the acquisition of a 25% stake in LG-HY BCM Co., Ltd., marking a pivotal move in securing its position within the electric vehicle (EV) battery supply chain. This investment reflects Japan’s accelerating push into core materials and underscores the growing importance of upstream resource control and regional supply chain security.

The separator market maintained stable supply and demand, with prices remaining steady.

Cobalt chloride prices continued to rise, with strong bullish sentiment in the market.

Price Divergence of Co3O4 Remains Significant, Inventory Depletion Fuels Bullish Expectations

[LCO Prices Rose Steadily, Supported by Downstream Stocking Demand]

This week, the spot price of refined cobalt maintained a fluctuating trend. Supply side, smelters continued long-term contract supply, while traders quoted prices following futures. Some producers slightly lowered offers to facilitate transactions. Demand side, although the summer break ended, the market showed no significant improvement. Downstream producers still made just-in-time procurement, resulting in sluggish actual transactions. In the future, raw material shortages may drive up prices of cobalt intermediate products and cobalt salts, potentially leading refined cobalt to follow suit. However, high inventory levels and relatively weak demand could restrain price increases. It remains crucial to monitor when refined cobalt prices start reflecting those of cobalt salts.