SMM, Sept. 4:

Battery and downstream terminal market: from the point of view of terminal car enterprises, some car companies have recently released August sales. For example, the delivery volume of new car-building forces such as Ulai, ideal, Weimar and other enterprises all increased month-on-month in August, and basically maintained a steady growth rate this year. Gradually recognized by the public. In addition, SAIC GM Wuling new electric car Hongguang Mini sold 15000 vehicles in August, an increase of 104% over the previous month. It has been very popular since its launch in July. Hongguang MINI meets different consumer needs in terms of performance and price performance, and is expected to maintain high monthly sales in the future. In addition, the second batch of new energy vehicles has also been launched in the countryside recently. this time, 36 new models have been added, and many new car companies have been added, such as Yundu New Energy, Weima Automobile, SAIC, Geely, Haima, and so on. It is believed that it will continue to increase sales in the new energy vehicle market with an increase in the types of models and relatively favorable prices. In addition, the models going to the countryside are still mainly loaded with iron-lithium batteries, coupled with the increment of Hongguang MINI, the proportion of iron-lithium batteries in passenger cars will continue to increase.

Electrolytic cobalt and cobalt intermediates: the spot price of electrolytic cobalt remains stable this week. This week, the spot trading of electrolytic cobalt is light, the spot prices of producers are stable, and the prices of traders are down. The spot inventory of electrolytic cobalt is large, and the demand at home and abroad temporarily supports the price, but in the short term, the overseas electrolytic cobalt price and the discount coefficient of cobalt raw materials are relatively high. combined with cost support factors, it is expected that there may be a slight correction in the spot price of electrolytic cobalt. Cobalt intermediate prices are flat this week. The market is relatively desolate, with quotations ranging from US $12 to US $12.5 / lb, cobalt salt prices begin to decline, demanders are less willing to purchase, and cobalt intermediate prices are under pressure. The price of electrolytic cobalt in SMM this week is 26.8-283000 yuan / ton, the average price is the same as last week. The prices of SMM cobalt intermediate products are between $11.50 and $12.10 per pound, the average price is the same as last week.

Cobalt salt and nickel salt: the price of cobalt salt fell this week, while the price of nickel salt rose. This week, the recovery of cobalt sulfate prices first weakened, began to appear low-price transactions, mainstream large manufacturers were forced to reduce prices, there is almost no high-price inventory in the market, demand negotiations are strong, cobalt sulfate prices may continue to decline. Digital 3C is expected to enter the off-season, cobalt chloride suppliers are more willing to ship, combined with cost support, the price is slightly bearish. The price of cobalt sulfate in SMM this week is 5.4-56000 yuan / ton, which is 1000 yuan / ton lower than the average price last week. The current price of SMM cobalt chloride is 6. 5-67000 yuan / ton, the average price is 1000 yuan / ton lower than last week. The price of SMM battery grade nickel sulfate is 2.75-28000 yuan / ton, the average price is 2000 yuan / ton higher than last week.

Cobalt tetroxide: the price of cobalt tetroxide is the same this week. The market price difference of cobalt oxide gradually narrowed on Thursday, and the mainstream quotations were concentrated at 22-230000 yuan / ton. In September, the demand for cobalt oxide continued in August, and the prices of cobalt oxide suppliers were more concentrated and firmer, but it is expected that the procurement demand will gradually enter the off-season in the fourth quarter, and the price of cobalt tetroxide may be gradually reduced in late September. The current price of cobalt tetroxide in SMM this week is 20.5-230000 yuan / ton, an average price up 2500 yuan / ton compared with last week.

Ternary precursor: the price of Yuan precursor rose slightly on Wednesday. Recently, the price of cobalt salt has fallen steadily and slightly, while the price of nickel salt has risen sharply, and the orders for the purchase of downstream parts in September have pushed up the prices of precursors. However, due to the rapid increase in nickel prices, precursor companies signed more contracts last week, downstream procurement peak has passed, recent procurement is more cautious, nickel price increases still take time to transmit downstream, precursor prices rise slowly. The price of SMM ternary precursor (523) is 8-84000 yuan / ton this week, up 1000 yuan / ton from last week. The price of SMM ternary precursor (523 single crystal) is 8.4-86000 yuan / ton, with an average price increase of 1500 yuan / ton compared with last week. The price of SMM ternary precursor (622) is 8.9-93500 yuan / ton, with an average price increase of 2000 yuan / ton compared with last week. The price of SMM ternary precursor (811) is 9.85-104000 yuan / ton, with an average price increase of 500 yuan / ton compared with last week.

Lithium carbonate: the price of battery-grade lithium carbonate remains stable this week. Some large lithium salt factories are already in full production, and their production capacity may be in short supply, so they plan to raise their quotations. However, the overall sentiment in the downstream market has not been high for the time being, the holding capacity of the battery-grade lithium carbonate market is relatively high, the downstream ternary material demand recovers slowly, the terminal cost reduction pressure will continue to swim upward, and the price increase of battery-grade lithium carbonate is still under pressure. In terms of industrial-grade lithium carbonate, salt lake enterprises started smoothly, and downstream lithium iron phosphate and lithium manganate manufacturers made more inquiries, but the transaction price did not fluctuate significantly for the time being. The price of SMM battery-grade lithium carbonate this week is 3.95-40500 yuan / ton, the average price is the same as last week. The price of SMM industrial grade zero lithium carbonate is 3.3-37000 yuan / ton, the average price is the same as last week.

Lithium hydroxide: lithium hydroxide prices are flat this week. At present, the price of lithium hydroxide is still low, and some small and medium-sized manufacturers have reduced the operating rate instead of cutting prices because of cost pressure. On the other hand, the customer resources of large factories are relatively fixed, the demand does not fluctuate greatly for the time being, and the price remains stable. The price of SMM battery-grade lithium hydroxide (coarse particles) is 4.6-52000 yuan / ton this week, the average price is the same as last week. The price of SMM industrial grade lithium hydroxide is 4.1-43000 yuan / ton, the average price is the same as last week.

Lithium cobalt: the price of lithium cobalt is flat this week. Lithium cobalt zero orders are still traded this week, and the transaction price has gone up. Lithium cobalt oxide manufacturers in mid-early August purchase higher prices of cobalt tetroxide, gradually transmitted to the battery factory, the transaction price may further rise. The price of SMM4.35V lithium cobalt is 21. 6-224000 yuan / ton this week, up 3000 yuan / ton from last week.

Ternary materials: the price of ternary materials remains unchanged this week. From the perspective of the power market, the recent rise in nickel prices has led to higher quotations for precursors, but downstream battery companies have strong bargaining power, coupled with low procurement demand this week, and it will take time for the increase to be transmitted to ternary materials. The price of SMM ternary material (523) is 11.15-121500 yuan per ton this week, the average price is the same as last week. The price of SMM ternary material (622) is 13.15-142500 yuan / ton, the average price is the same as last week. The price of SMM ternary material (type 811) is 15.05-165000 yuan per ton, the average price is the same as last week.

Lithium iron phosphate: the price of lithium iron phosphate remains unchanged this week. The price of lithium carbonate rose slightly this week, which has little impact on the cost. Downstream battery companies have reduced prices seriously, and the price of iron and lithium has remained basically unchanged. The price of SMM lithium iron phosphate (power type) is 3.45-37000 yuan / ton this week, the average price is the same as last week. SMM lithium iron phosphate (energy storage type) price is 2.8-30500 yuan / ton, the average price is 250 yuan / ton lower than last week.

Lithium manganate: the price of lithium manganate remains unchanged this week. Industrial carbon quotation raised slightly this week, only driving 100-200 yuan / ton lithium manganate cost increase, a number of lithium manganate enterprises reported a significant increase in demand in September, but the market is still overcapacity, prices are difficult to rise. The price of SMM lithium manganate (capacity type) is 2.10-28000 yuan per ton this week, the average price is the same as last week. The price of SMM lithium manganate (power type) is 3.3-35500 yuan / ton, the average price is the same as last week.

Negative materials: the prices of artificial graphite and natural graphite remain unchanged this week. The low price of raw materials has a great impact on the price of graphite, the demand of downstream battery enterprises increases, and the price of graphite tends to be stable. This week SMM artificial graphite (high-end) price is 6.7-72000 yuan / ton, SMM artificial graphite (middle-end) price is 5.7-62000 yuan / ton, the average price is the same as last week. SMM natural graphite (high-end) price is 480-60000 yuan / ton, SMM natural graphite (middle-end) price is 30,000-40000 yuan / ton, the average price is the same as last week.

Diaphragm: the price of diaphragm is flat this week. The demand for ternary batteries resumes the growth rate, and the demand for diaphragms continues to increase, but it is rumored that some diaphragm enterprises reduce prices to seize the market, competition increases, and prices are weak and stable. Shanghai Enjie, Xingyuan Materials and other enterprises continue to increase production scheduling in September. This week, the prices of SMM wet base membrane (5 μ m), SMM wet base membrane (7 μ m) and SMM wet base membrane (9 μ m) are 2.5-3.3 yuan / square meter, 1.8-2.2 yuan / square meter and 1.2-1.5 yuan / square meter, respectively, which are the same as last week. The price of SMM dry base film (16 μ m) is 0.9-1 yuan per square meter, the average price is the same as last week. The price of SMM wet coating base film (5 μ m + 2 μ m) is 3-3.8 yuan / square meter, the price of SMM wet coating base film (7 μ m + 2 μ m) is 2.2-2.6 yuan / square meter, and the price of SMM wet coating base film (9 μ m + 3 μ m) is 1.8-2.5 yuan / square meter, the average price is the same as last week.

Electrolyte: the price of electrolyte is flat this week. The increase in the price of lithium hexafluorophosphate has basically been transmitted to the electrolyte, the demand for ternary and iron lithium battery has increased, the relative increase of iron lithium battery is even greater, and the rising trend of electrolyte price is obvious in the future. This week, the price of SMM electrolyte (ternary power) is 3.5-45000 yuan / ton, SMM electrolyte (lithium iron phosphate) is 3-35000 yuan / ton, SMM electrolyte (lithium cobalt) is 50-60,000 yuan / ton, SMM electrolyte (lithium manganate) is 1.5-25000 yuan / ton, the average price is the same as last week.

Future forecast: cobalt, although the power ternary demand marginal increase, but the digital 3C gradually entered the procurement off-season, market prices bearish, downstream stock emergency reduced, procurement bargaining is strong, combined with September cobalt products inventory is still tight, prices may be slightly downward. Lithium, lithium salt manufacturers are close to full production, production capacity according to current orders may be in short supply, battery-grade lithium carbonate prices may have room for a slight increase, but downstream material costs are under pressure, the upward time still needs to be judged according to market conditions and signing conditions; industrial-grade lithium carbonate, downstream lithium iron phosphate and lithium manganate prices are more inquiries, suppliers' quotations are raised, and it is expected that there may be a slight increase in transaction prices next week.

SMM battery materials research team

Huo Yuan 021-51666898

Mei Wangqin 021-51666759

Liu Xiaoyi 021-51666716