With the development of markets such as power tools, electric two-wheelers, and smart home devices, the small power battery market is experiencing rapid growth. Demand side, after the power tool industry underwent inventory reduction from 2022 to 2023, the industry chain inventory is expected to gradually return to reasonable levels starting in 2024, with current demand being relatively strong. Supply side, according to SMM data, the production of consumer battery cells in 2024 is expected to reach 77GWh, with ternary consumer battery cells accounting for 57%.

In September 2024, global ternary cathode precursor production was approximately 82,000 mt, down 4% MoM.

[SMM Sodium Battery Analysis: Will CATL's "Xiaoyao" Mark the Beginning of a New Era for Sodium Batteries?] On Thursday, October 24, 2024, CATL officially launched the new "Xiaoyao" super range-extending/hybrid power battery online. It is specifically designed for range-extending and hybrid car models, with the slogan "Because of Xiaoyao, therefore carefree." The "Xiaoyao" battery claims to be the world's first range-extending/hybrid battery with a pure electric range exceeding 400 kilometers and featuring 4C ultra-fast charging capability. This battery adopts "nano-level protective layer" technology, uses high-activity excited state particle technology for the cathode active materials, and supports multi-level power control. In terms of charging performance, it supports "charging for 10 minutes to replenish over 280 kilometers" with a 400-kilometer range configuration.

In September, China's power battery cell production was up 8% MoM and up 40% YoY. Since August, the trade-in and ......

[SMM Analysis: LMFP Market Stable in September, Average Price and Production Down MoM] In September, LMFP prices fluctuated within a stable range due to limited current market demand, putting pressure on prices. On the production side, LMFP production slightly decreased in September.

Crude oil plays a role, in the world economy by affecting industries such as transportation and manufacturing as well as energy production processes significantly. The analysis of crude oil prices is crucial for investors and economists to make decisions and forecast market trends accurately since it influences investment strategies. Moreover, fluctuations in crude oil prices not only impact production costs across sectors but also influence the prices consumers pay for goods and services. Having an understanding of these price changes is essential for comprehending their effects on economic stability and growth.

In September 2024, China's import volume of ternary cathode materials (NCM+NCA combined) was 4,743 mt, down 12% MoM and 60% YoY. The export volume of ternary cathode materials (NCM+NCA combined) was 4,002 mt, down 50% MoM and 43% YoY.

【SMM Analysis： Overseas Demand Recovery Lower-than-Expected, Refined Cobalt Export Volume MoM】 In September 2024, China's imports of unwrought cobalt were approximately 293 mt (metal content), up 65% MoM and up 12% YoY. In terms of import average price, the average import price of unwrought cobalt in China in September 2024 was 25,679 US dollars/mt (metal content). From January to September 2024, the cumulative import volume was 1,923 mt (metal content), down 40% YoY.

[SMM Data: Electrolyte Operating Rate in September] The operating rate of electrolyte in September 2024 was approximately 36.78%. It is expected that the operating rate will continue to rise in October.

[SMM Data: LiPF6 Import and Export Data for September] In September 2024, China's cumulative export volume of LiPF6 was 944 mt, down 37.7% MoM.