[2019.10.14 minutes of Internal Morning meeting of Cobalt and Lithium New Energy] Cobalt Price at the end of the month or current profit news domestic lithium mine trading is rare

SMM, 14 October:

Battery end Market:

In terms of power batteries, new energy vehicles produced 76000 vehicles in September, up 7 per cent from a month earlier and down 23.2 per cent from a year earlier, according to the SMM database. The installed capacity of power batteries was 3.9GWhH, down 30.8% from a year earlier and up 14.8% from the previous month. According to industry customers, the current leading battery companies still do not have a new production scheduling plan, lithium iron phosphate battery demand remains strong, supply exceeds demand, ternary battery demand is still slightly weak, or improve by the end of October.

News: recently, in response to SAIC Chairman Chen Hong's "two sessions" proposal on subsidies for hydrogen fuel cell vehicles, the Ministry of Finance pointed out: in policy design, subsidies should be withdrawn in accordance with established policies.

Upstream raw material prices:

Cobalt: the price of electric cobalt in China is the same. During the National Day period, the increase in foreign media is limited, the domestic downstream wait-and-see mood is heavier, the weekly end of the futures market accelerated decline, lack of market confidence, trading sporadic. In the case of cobalt hydroxide, the manufacturer suspended the zero order offer and contemplated the details of the signing of the long order.

Lithium: the domestic lithium salt supply and demand situation has not improved, considering that there is no obvious improvement in the current downstream power market demand, and there are still a large number of ores and smelting products to be digested, the industry is bearish on the price of lithium carbonate for a long time. The spot market for lithium mines is trading below $450, but there is still no trading.

News: lithium miner Pilbara Minerals announced a few days ago that it has completed its allocation of shares in the Ningde era, worth A $20 million. The A $20 million investment is the first step in a A $55 million strategic investment plan for the Ningde era. The second investment will then reach A $35 million, and once the second placement is completed, Ningde will own a stake in Pilbara Minerals8.5%.

SMM Cobalt Lithium Research team

Hong Lu 021-51666814

Qin Jingjing 021-51666828

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