[SMM Weekly Review] This week, refined cobalt prices were in the doldrums. On the supply side, smelters maintained long-term contract supply, and ex-factory prices remained unchanged due to production costs. Domestic futures prices declined steadily, with traders' quotes and transaction prices following suit. On the demand side, social inventory of refined cobalt remained high. Coupled with weak demand from downstream alloy and magnetic material producers affected by high temperatures, most downstream producers maintained a just-in-time procurement rhythm, and actual transactions of refined cobalt remained sluggish this week. It is expected that refined cobalt prices will maintain a fluctuating trend in the short term, and subsequent price movements will require close attention to cost increases and the digestion of social inventory.

[SMM Weekly Review] This week, the spot price of cobalt intermediate products continued to maintain an upward trend. Some enterprises reported that the price of low-priced goods had reached 12.3-12.4, while the quoted price of high-priced goods was below 13. On the supply side, cobalt intermediate product resources were currently relatively concentrated. Miners still suspended their quotations, and traders continued to raise their quotations amid expectations of a price increase. On the demand side, smelters faced difficulties such as losses in production costs and weak downstream demand. In the face of an uncertain future situation, most enterprises maintained a focus on consuming their own inventory. Some smelters with relatively low inventory inquired about prices in the market, but due to their quotations still being lower than those of sellers, market transactions remained relatively low. Overall, affected by the DRC's postponement policy, cobalt intermediate products in China will still face a shortage of raw materials in the future, and there is upward momentum in prices. However, during this process, attention needs to be paid to the inhibition of downstream demand caused by the increase in raw material prices.

[SMM Weekly Review] This week, cobalt sulphate prices stabilized overall, with market transaction prices for new goods remaining around 5-5.2 yuan/mt. No higher transaction prices were heard for the time being. On the supply side, smelters currently maintained their refusal to budge on prices, and some traders had limited old stocks, leading to price increases. On the demand side, downstream demand showed divergence. Ternary orders still did not see significant improvement, with buyers adopting a wait-and-see attitude, focusing on digesting previous inventory. The intended purchase prices remained around 46,000-47,000 yuan/mt, with pressure existing at 47,000 yuan/mt and above. Co3O4 and traditional chemical enterprises currently had better economic performance, with some enterprises making purchases in the market. Refined cobalt purchases remained suspended due to poor economic performance. Overall, the market situation this week was largely consistent with last week. It is expected that under the influence of rising raw material costs, cobalt sulphate prices may continue to maintain a strong trend in the short term. However, during this process, it is still necessary to observe the improvement in downstream ternary demand.

In previous summers, the fertilizer market entered the traditional consumption off-season, and industrial-grade MAP prices often came under pressure due to shrinking agricultural demand. However, this year differs from previous years as industrial-grade MAP prices did not experience a significant decline during the off-season but remained relatively high compared to the same period in previous years, showing an unusual trend of "stronger-than-usual off-season."

[SMM Weekly Review of Lithium Battery Electrolyte Market: Electrolyte Prices Declined This Week (2025.7.14-7.17)] From July 14 to July 17, 2025, electrolyte prices declined. Considering that it is difficult to achieve substantial improvement in the supply-demand relationship in the short term, the lack of strong stimulating factors in the industry, and the backdrop of a slight decrease in costs, it is expected that electrolyte prices will fluctuate rangebound in the coming period.

[SMM Weekly Review of Lithium Battery Anode Market: Anode Material Prices Remained Stable This Week] SMM reported on July 17: This week, the prices of artificial graphite anode materials maintained a stable trend. Cost side, the cost of anode raw materials remained stable.

[SMM Weekly Review of Lithium Battery Graphite Market: Graphitisation Market in Stalemate, Prices May Rise Slightly in the Future] SMM reported on July 17: This week, the graphitisation market prices showed a relatively stalemate trend. Supply and demand side, with the accelerated advancement of integrated layout by anode material enterprises

[SMM Weekly Review of Lithium Battery Anode Raw Material Market: This week, the price of low-sulphur petroleum coke remained stable, with an average market price of 3,860 yuan/mt.]

This week, the price of 5-series ternary cathode material increased slightly, while the prices of 6-series and 8-series ternary cathode materials declined.

This week, the price of ternary cathode precursor decreased slightly.