CATL’s first sodium-ion battery is used in Chery models

Battery materials industry chain was in the doldrums this week, with raw material prices broadly falling and slowing end-use demand adding to market pressure. The average spot price of battery-grade carbonate fell to 96,100 yuan/mt, while the most-traded futures contract tumbled 8.4% to 88,360 yuan/mt. Inventory dropped to 128,385 mt, with weekly destocking of 1,894 mt, though smelter inventory continued to accumulate. Electrolytic metal electronic trading prices fell from 230,000 yuan/mt to around 200,000 yuan/mt, while low-priced sulphate transactions dropped to 38,000-39,000 yuan/mt, with nickel salt prices weakening in tandem. Ternary cathode precursors and cathode materials remained under pressure, dragged down by lower costs and insufficient orders. LFP prices were basically stable, but weakening power demand pushed enterprise inventory higher. Anode and separator prices held steady, while electrolyte continued to decline under the impact of lower core raw material prices. The sodium-ion battery market showed clear divergence, with energy storage scenarios remaining the main growth support, while the recycling market saw sluggish transactions due to raw material price fluctuations. Overall, supply growth and cautious downstream procurement formed a persistent tug-of-war, with enterprises generally controlling inventory and slowing production schedules. Prices still face downward pressure in the short term, with focus on end-use demand recovery, inventory destocking, and raw material price changes.

The industry chain remained weak overall this week, with price declines and sluggish demand reinforcing each other and a strong wait-and-see sentiment in the market. The electrolytic metal electronic trading price fell rapidly from around 230,000 yuan/mt to around 200,000 yuan/mt. Increased arbitrage supply from earlier positions and lower ex-China prices combined to put pressure on the market, while mainstream smelter Ex-works prices remained at 235,000 yuan/mt. Intermediate product quotations eased somewhat, with mainstream quotations from domestic miners falling to $12/lb, while downstream purchasing psychological price levels approached $10/lb, leaving buyers and sellers still at odds. Low-price transactions for sulphate products fell to 38,000-39,000 yuan/mt, and the decline in raw material costs further weakened price support, with chloride and trimanganese tetroxide products also under pressure. Metal powder quotations were lowered to 270,000-290,000 yuan/mt, and reports of low-price transactions continued to unsettle the market. Ternary cathode precursors and cathode materials continued to weaken under the impact of falling raw material prices and insufficient end-user orders, with enterprises generally adopting low-inventory and purchase-as-needed strategies. Weak demand in consumer electronics dragged down shipments of related cathode materials, and the scope of production cuts and destocking across the industry expanded. In the short term, the market still faces pressure from slow demand recovery and a downward shift in the price center, with attention needed on improvements in end-user orders and the pace of inventory digestion.