Cobalt sulphate prices were flat WoW, nickel sulphate prices were basically flat, while lithium carbonate prices continued to rise sharply. Recently, spot and futures prices for lithium carbonate have continued to climb, with futures posting particularly strong gains. Combined with the arrival of the monthly just-in-time procurement period, LFP black mass prices per % lithium rose WoW in line with higher lithium chemical prices. Upstream grinding enterprises, after observing lithium carbonate supply-demand dynamics and policy developments, have grown relatively optimistic about future prices. Prices have also adjusted in response to futures, showing strong upward momentum. Taking LFP pole piece black mass as an example, current prices stand at 4,300–4,650 yuan/mtu, up WoW. For ternary black mass, nickel and cobalt payables for ternary pole piece black mass currently range from 76% to 78%, up 0.5% WoW, while lithium payables are between 74% and 77%, up 1.5% WoW. The main reason is this week’s rise in lithium carbonate prices, coupled with relatively limited LCO black mass supply. Most enterprises currently hold limited cobalt inventory, and after clearing out old stock, have had to purchase new material from smelters, driving prices upward. The increase in lithium carbonate costs is gradually being passed through to the ternary and LCO segments, lifting both payables and prices for ternary and LCO black mass.

[SMM Aluminum Price Weekly Review: Macro Tailwinds but Weakening Fundamentals, Aluminum Prices Expected to Continue Fluctuating at Highs in the Short Term]

[Spot Silicon Metal Basically Stable, Wafer Enterprises Raised Quotations]: Spot silicon metal prices were largely stable this week, with prices for some specifications rising slightly. As of December 25, SMM oxygen-blown #553 silicon in east China was at 9,200-9,300 yuan/mt, up 50 yuan/mt WoW, while #441 silicon was at 9,300-9,500 yuan/mt, flat WoW. In the futures market, on December 25, the most-traded SI futures contract closed at 8,835 yuan/mt, up 190 yuan/mt WoW. Futures prices fluctuated upward this week. The willingness to sell and shipments from some silicon enterprises in the north increased WoW; however, as the current price still fell short of their expectations, overall trading volume remained limited. Downstream users made just-in-time procurement, while overseas users' recent inquiries and transactions were relatively weak, leading spot prices to consolidate steadily.

[SMM Stainless Steel Daily Review] SHFE Nickel Drives SS Futures to Stop Rising and Pull Back, Cautious Wait-and-See Sentiment Rises in Stainless Steel Spot Market SMM, Dec ­25: SS futures showed a trend of stopping rising and pulling back. Driven by a sharp decline in SHFE nickel, SS futures also fell synchronously, once dropping to 12,870 yuan/mt during the session. In the spot market, influenced by the significant pullback in futures, market sentiment weakened again. End-users, already having limited acceptance of high prices, further strengthened their cautious wait-and-see sentiment. Although stainless steel spot traders lowered their offers, trading remained sluggish throughout the day. Social inventory fell 3.7% WoW to 892,400 mt this week. The most-traded SS futures contract declined. At 10:30 a.m., SS2602 was quoted at 12,935 yuan/mt, down 165 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 135-435 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was 8,200 yuan/mt; the average price of cold-rolled mill-edge 304/2B coil was 13,050 yuan/mt in Wuxi and 13,025 yuan/mt in Foshan; the price of cold-rolled 316L/2B coil was 24,050 yuan/mt in Wuxi and 24,050 yuan/mt in Foshan; the price of hot-rolled 316L/NO.1 coil was 23,250 yuan/mt in Wuxi; the price of cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan. Recently, as the US Fed Chairman transition approaches, coupled with data gaps caused by the earlier US government shutdown, the market's macro...