[2020.04.13 Morning meeting Summary] Power Battery production fell sharply year on year in April the demand for cathode materials downstream was low.

13 April:

Battery end Market:

In the power market, production and sales of new energy vehicles, excluding Tesla, completed 50000 and 53000 respectively in March, down 56.9 per cent and 53.2 per cent respectively from a year earlier, according to the China Automobile Association. From January to March, the production and sale of new energy vehicles reached 105000 and 114000 respectively, down 60.2 per cent and 56.4 per cent respectively from the same period last year. The production and sales of new energy vehicles in March is much higher than that in February, mainly due to the sharp increase in the operating rate of automobile enterprises in March, but it is still down a lot from the same period last year. At present, the epidemic has a greater impact on the automobile industry, and it is difficult for overseas outbreaks to improve in the short term. End consumers still do not mention the demand for cars. The recent introduction of a series of subsidy policies or stimulate the willingness of some private consumers to buy cars, the specific effect needs to be seen in April production and sales. China's power battery production totaled 4.5 GWH in March, down 45.5% from a year earlier and up 396.6% from a month earlier, according to the China Automotive Power Battery Industry Innovation Alliance. Among them, the output of ternary batteries accounted for 72.4% of the total output, down 40.9% from the same period last year, an increase of 600.5% over the same period last year, while the output of lithium iron phosphate batteries accounted for 27.6% of the total output, down 50.6% from the same period last year, an increase of 181.3% over the same period last year. With the improvement of the domestic epidemic situation, the operating rate of power battery plants gradually resumed in March, and the output of power batteries, especially ternary batteries, in March was significantly higher than that in February. However, according to some of the Sanyuan material plants, the purchase volume of the power battery factory decreased in April, or the accumulated inventory was higher.

Upstream raw material prices:

Nickel: nickel sulfate downstream ternary precursor domestic orders due to new energy vehicle market weakness has a small decline, but nickel sulfate prices are still relatively strong, the current market transaction sporadic. In addition to the suspension of production by individual manufacturers, the market operating rate is relatively stable, and the buyers are also purchasing according to the demand, and the market price is expected to remain stable.

Cobalt: cobalt salt on the price of cobalt inverted seriously, last week, some manufacturers low price recovery of cobalt salt, mainly cash price transactions. Downstream ternary precursor and cobalt oxide signed a few new orders, production is still in progress, the purchase demand for cobalt salt has increased slightly, but the terminal demand affected by the epidemic is still low, the overall supply of cobalt salt exceeds the demand fundamentals is still alleviated, and the expected price continues to be bearish. According to customer feedback, cobalt oxide this week or new orders, the buyer's market is strong, prices may continue to fall.

Lithium: the current lithium carbonate supply side production cut-off news is preferred, power terminal consumption recovery is slow, battery enterprises in mid-late March to delay or cancel material orders, choose priority to digest material inventory. Multiple factors have led to sporadic battery-grade lithium carbonate orders, industrial-grade lithium carbonate orders have declined, lithium carbonate prices are still pressurized, but the room for decline based on cost support is very limited.

Cathode materials and precursors: power market and digital market orders have been reduced, upstream raw material prices fell slightly, ternary precursor and ternary material prices continued to fall. In addition, the battery factory to the raw material price is weak in the short term, the purchase demand is low. In the aspect of lithium manganate, the export of terminal consumer products is blocked, overseas orders are more in Europe, America, Africa and India, downstream customers suspend delivery, the overseas epidemic is more difficult to improve in the short term, and production is expected to be relatively reduced in April and May.

News:

1. [Ministry of Industry and Information Technology announces "double points" results of passenger vehicle enterprises in 2019] on April 10, the Ministry of Industry and Information Technology announced the average fuel consumption of passenger vehicle enterprises and the points of new energy vehicles in 2019. In 119 domestic passenger car enterprises, 70 enterprises received positive points for new energy vehicles, 20 enterprises had zero points for new energy vehicles, and 29 enterprises had negative points for new energy vehicles. Among them, BYD scored up to 478587 points for new energy vehicles, and FAW Volkswagen produced negative points for new energy vehicles up to-145274 points. Of the 27 imported passenger car companies, six received positive points for new energy vehicles, of which Tesla received up to 271282 points for new energy vehicles. Sixteen car companies have zero points for new energy vehicles. Five car companies have negative points for new energy vehicles, of which Toyota China produces negative points for new energy vehicles as much as-22076 points.

2. [battery Alliance: power Battery loading 2.86GWh fell 45.6% in March compared with the same period last year] on April 10, the China Automotive Power Battery Industry Innovation Alliance released new energy vehicle battery production, sales and loading data for March 2020. In March 2020, the total output of power batteries in China was 4.5GWhH, down 45.5% from the same period last year, and 396.6% from the previous month. In March 2020, China's power battery sales totaled 3.0 GWH, down 55.7% from the same period last year. In March 2020, the total load of power battery in China was 2.86GWhH, down 45.6% from the same period last year, up 363.2% from the previous month, and the industry showed a gradual recovery trend.

3. [sales of 53000 new energy vehicles fell 53.2 per cent in March from a year earlier] the production and sales of new energy vehicles (excluding Tesla) completed 50000 and 53000 respectively in March, down 56.9 per cent and 53.2 per cent respectively from the same period last year. Among them, the production and sales of pure electric vehicles completed 38000 and 40000 respectively, down 58.5% and 55.6% respectively from the same period last year; the production and sales of plug-in hybrid electric vehicles completed 11000 and 13000 respectively, down 50.2% and 44.1% respectively from the same period last year; from January to March, the production and sales of new energy vehicles completed 105000 and 114000 respectively, down 60.2% and 56.4% respectively from the same period last year.

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