SMM survey: what kind of metal do you like most in 2022?
Core points:
Last week, all plates of new materials fell, lithium electricity and photovoltaic materials adjusted greatly. Last week, all segments of the industry adjusted. Panel materials, magnets and semiconductors performed relatively well, with weekly declines of 1.31%, 2.64% and 2.66%, respectively. The relative benchmark (Shanghai and Shenzhen 300) changed by + 0.68pct,-0.65pct and-0.68pct, respectively. The carbon fiber plate fell 3.25% a week, outperforming the benchmark 1.26pct. Lithium battery and photovoltaic materials were greatly adjusted, with weekly decreases of 7.72% and 4.3% respectively, outperforming the benchmark 5.73pct and 2.31pct, respectively.
The end of rare earth raw materials in the upper reaches of magnetic materials continues to decline slightly, the price of cobalt continues to rise, the price of ferroboron remains unchanged, and the price of sintered NdFeB magnetic materials remains stable.
The price of electrolytic cobalt at the end of lithium electricity raw material continues to rise, the price of cobalt and manganese sulfate increases, but the price of nickel sulfate is stable, and the price of lithium carbonate continues to rise; the price of ternary precursor is high and stable, and the price of ternary cathode material goes up; the price of LFP cathode material continues to hit a new high. Lithium hexafluorophosphate is high and stable, the price of DMC continues to fall, 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: the price of battery-grade electrolytic cobalt at the front end of the yuan last Wednesday was 484,500 yuan / ton, up 1.89% from the previous week. The sulfate prices of cobalt, nickel and manganese are 102,000 yuan / ton, 3650,000 yuan / ton and 10,000 yuan / ton respectively, and the weekly ratio changes are + 0.99%, flat and + 2.05%, respectively. The price of battery-grade lithium carbonate was 238,000 yuan / ton, up 8.18% 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 261500 yuan / ton, 2435 million yuan / ton and 246,000 yuan / ton respectively, and the cycle-to-cycle ratio changes are + 3.16%, + 3.4% and flat, respectively. The price of lithium iron phosphate cathode material is 92,000 yuan / ton, up 2.22% 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 was 8750 yuan / ton, down 6.91% from the previous week. 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 515,000 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 rebounded, flash memory prices rebounded last week Taiwan and Philadelphia semiconductor industry index changes were + 0.37% and-3.92% X IX index rose 2.46% month-on-week. In terms of DRAM, downstream DDR3 4Gb (1600MHz) prices rose 2.83% month-on-week. The prices of NAND Flash 64Gb and 32Gb rose 2.87% and 0.24% respectively from the previous week.
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.
