SMM survey: what kind of metal do you like most in 2022?
Core points:
Last week, photovoltaic materials and carbon fiber plates rose, while semiconductor materials and magnetic materials showed a larger pullback. Photovoltaic materials and carbon fiber plates rose 5.92% and 3.31% respectively last week, outperforming the benchmark (Shanghai and Shenzhen 300) 2.78pct and 0.17pct, respectively. Lithium materials plate slightly pullback, weekly decline of 0.41%, outperformed the benchmark 3.56pct. Semiconductor materials and magnetic materials plate callback range is larger, weekly decline of 3.75% and 3%, respectively, outperform the benchmark 6.89pct and 6.15pct. The panel material plate fell 2.73% weekly, outperforming the benchmark 5.87pct.
Most of the rare earth raw materials in the upstream of magnetic materials fell slightly, the price of cobalt rose sharply, the price of ferroboron remained unchanged, and the price of sintered NdFeB magnetic materials remained stable.
Last week, the price of praseodymium and neodymium oxide in Shanghai was 85.25 million yuan / ton, down 0.58% from the previous week; the prices of iron perylene and dysprosium oxide were 2910 yuan / kg and 2920 yuan / kg respectively, down 0.68% and 0.34% respectively; and the prices of metal terbium and terbium oxide in Shanghai were 15150 yuan / kg and 11150 yuan / kg, respectively, with weekly changes of + 0.45%. The LME3 monthly cobalt futures price is US $69815 / ton, up 4.12% from the previous week. The spot price of SMM cobalt is 4665 million yuan / ton, up 3.9% from the previous week. In terms of the price of ferroboron, the price of 17% ferroboron is 27500 yuan / ton, which is flat on a weekly basis.
The price of 99.99% gallium is 2275 yuan / kg, which is flat on a weekly basis. As of December last week, the average prices of sintered NdFeB with low, medium and high intrinsic coercivity were 227.5 yuan / kg, 262.1 yuan / kg and 285 yuan / kg respectively, which were the same as those in November.
The price of electrolytic cobalt at the raw material end of lithium electricity increased greatly, the price of cobalt sulfate rose, but the price of nickel and manganese sulfate remained flat, and the price of lithium carbonate continued to reach a new high; the price of ternary precursor was stable, and the price of ternary cathode material rose slightly; the price of LFP cathode material rose to a new high. Lithium hexafluorophosphate is high and stable, the price of DMC fluctuates greatly, and the price of electrolyte remains stable. The prices of anode materials, diaphragms and copper foils are flat on a week-to-week basis.
Cathode material: last Wednesday, the price of battery-grade electrolytic cobalt at the front end of Yuan Yuan was 4755000 yuan / ton, up 5.08% from the previous week. The price of cobalt sulfate was 1010,000 yuan / ton, an increase of 2.02% compared with the previous week; the prices of nickel and manganese sulfate were 365,000 yuan / ton and 0.98000 yuan / ton, respectively, which were the same as the previous week. The price of battery-grade lithium carbonate was 220,000 yuan / ton, up 4.76% from the previous week. The prices of ternary precursors NCM111, NCM523 and NCM622 are 144,500 yuan / ton, 133,000 yuan / ton and 140,000 yuan / ton respectively. The prices of ternary cathode materials NCM111, NCM523 and NCM622 are 253500 yuan / ton, 2355 million yuan / ton and 246,000 yuan / ton respectively, and the cycle-to-cycle ratio changes are + 1%, + 0.86% and flat, respectively. The price of lithium iron phosphate cathode material is 90,000 yuan / ton, up 2.27% from the previous week.
Electrolyte: last week, the price of lithium hexafluorophosphate was 565,000 yuan / ton, the weekly ratio was the same. The average ex-factory price of DMC domestic manufacturers is 9400 yuan / ton, a sharp drop of 12.96% compared with the previous week, and the price has fluctuated greatly in the near future. The prices of lithium iron phosphate electrolyte, lithium manganate electrolyte and ternary cylindrical 2.2AH electrolyte are 1.03 million yuan / ton, 858 million yuan / ton and 1.28 million yuan / ton, respectively.
Negative materials: the prices of domestic mid-end man-made and natural graphite are 485,000 yuan / ton and 385,000 yuan / ton respectively, which are the same as the week-to-month ratio.
Diaphragm: last week, the domestic mainstream product price of wet diaphragm was 1.23-2.9 yuan / square meter, the month-on-month ratio was flat; the domestic dry-process diaphragm mainstream product price was 0.93-1 yuan / square meter, the month-on-month ratio was flat; the domestic wet coating diaphragm mainstream product price was 2.1-3.4 yuan / square meter, the month-on-month ratio was flat.
Battery-grade copper foil: the price was 107 yuan / kg last week.
Semiconductor materials downstream DRAM prices continued to fall, flash prices fell last week Taiwan and Philadelphia semiconductor industry index changes of-0.94% and + 2.89% X IX index rose 1.17% month-on-week. As for DRAM, downstream DDR3 4Gb (1600MHz) prices fell 1.55% month-on-week. The price changes of NAND Flash 64Gb and 32Gb were-0.52% and-0.24%, respectively.
Investment suggestion
It is suggested that we should continue to pay attention to the opportunities of rare earth permanent magnets, which are expected to be significantly increased by policy-driven demand growth, and the demand for carbon-carbon matrix composites industry under the long-term growth prospect of photovoltaic installations. the improvement of market capacity brought about by the demand for lithium materials under the long-term growth prospect of electric vehicles, as well as the localization progress and opportunities of semiconductor materials under the long-term trend of integrated circuit localization.
Risk hint
Price decline risk, prosperity change risk, policy change risk.
