[2019.07.15 minutes of internal morning meeting of cobalt lithium new energy] electricity cobalt rising water continues to contract cobalt salt metal price fall space is limited

SMM July 15, 2010 News:

Battery Terminal Market:

According to the medium-term Concorde SMM New Energy Database, the production of new energy vehicles in June was 134000, an increase of 19.4 percent over the previous month, an increase of 56.3 percent over the same period last year, and the total installed capacity of power batteries was 6.61GWh. an increase of 16.3 percent over the previous month and a sharp increase of 126.6 percent over the same period last year. In June, there were obvious signs of "rush" in the new energy vehicle market, indicating that the current industry is still greatly affected by policies. In addition, the market of new energy passenger cars, passenger cars and special purpose vehicles increased by 16.1%, 45.7% and 0.5% respectively compared with the previous month. However, due to the sharp decline in the amount of electricity carried by passenger cars and special purpose vehicles, which dragged down the total installed capacity, the output of new energy vehicles grew faster than that of power batteries.

Upstream raw material price:

Cobalt: the price of cobalt continues to decline, downstream demand is stable, the new energy story has also entered a brief downturn, the domestic electricity cobalt producer quotation is high and difficult, and finally downgraded the quotation, the actual market transaction is relatively depressed, there is still downward pressure in the future. Cobalt hydroxide, downstream of the recent occasional inquiry, the market a small number of low-price transactions, a large number of transactions are still affected by the psychological price difference between buyers and sellers is difficult to land. SMM maintained its previous judgment that the rising water of cobalt continued to shrink and that there was limited room for cobalt salt metal prices to fall.

Lithium: lithium carbonate prices have fallen one after another, the key reason is the obvious reduction in downstream demand. Upstream small and medium-sized enterprises look at the future state of mind pessimistic, want to return funds as soon as possible and compete for sale, large enterprises have no choice but to follow passively. At present, the demand for lithium hydroxide is less, and the supply of upstream production enterprises is also reduced. Whether it is lithium salt enterprises or cathode materials enterprises, do not want to pile up too much lithium hydroxide inventory. Supply and demand shrank in the third quarter.

News: [Pilbara Minerals issued second quarter announcement: shipment volume in the second quarter of 2019 43214 tons] on July 9, 2019, Pilbara Minerals issued the second quarter announcement, which mentioned that its shipment volume in the second quarter of 2019 was 43214 tons. And based on the results of communication with customers, Pilbara Minerals believes that their production will return to full production in the fourth quarter.

SMM Cobalt Lithium Research team

Hong Lu 021 51666814

Ning Ziwei 021 51666780

Qin Jingjing 021 51666828

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