【SMM Analysis Weekly Overview of LFP】Last week, the LFP market price continued the downward trend from the previous week. Raw material side, lithium carbonate prices fell by approximately 300 yuan/mt this week, accompanied by the recent implementation of increased processing fees for medium-high compaction products, leading to a slight increase in LFP bundled processing fees this week. Regarding lithium carbonate discounts, negotiations have not yet been fully concluded. Supply side, as of now, orders from some leading first and second-tier LFP material manufacturers have declined compared to the full production plans at the beginning of the month, with actual production falling short of the production schedule expectations, but overall, it still maintained an increase compared to February. Demand side, the overall production schedule of downstream battery cell manufacturers showed a significant increase compared to February, especially for products with high compaction density.

[SMM Analysis] On March 21, the bid results for the 6GWh energy storage cell framework procurement by China Energy Engineering Group Energy Storage Technology (Wuhan) Co., Ltd. were announced. Eight companies, including EVE Energy, REPT BATTERO, Sunwoda Power, CALB, CHUNENG New Energy, Ganfeng Lithium, Envision Energy, and Desay Battery, were selected.

The Lithium Carbonte Spot Prices maintain relatively stable on March 25

For the last three years the BESS market has been the fastest growing battery demand market globally. In 2024, the market grew 52% compared to 25% market growth for EV battery demand according to Rho Motion’s EV and BESS databases.

Recently, the International Energy Agency (IEA) released its latest report, pointing out that with the sharp rise in demand and the continuous decline in prices, the global battery market size is expanding rapidly.

[3.25 Lithium Battery News] ►Trump Says May Offer Tariff Concessions to Many Countries but Requires Reciprocity ►Hyundai's Georgia Plant Expected to Open This Week with a Target Annual Capacity of 500,000 Units ►BYD: 2024 Net Profit Grows 34% Plans to Distribute 39.74 Yuan per 10 Shares ►Capchem: 2024 Net Profit Down 6.83% YoY Plans to Distribute 4 Yuan per 10 Shares ►Bijiet: Seawater Lithium Extraction Project Still Under Optimization Based on Cost Analysis and Application Scenarios ►EVE: Subsidiary Receives Supplier Designation Notice from Changan Automobile

Annada: Intensified Competition in Titanium Dioxide and Iron Phosphate Markets, Net Profit Down 82.5% YoY in 2024 Annada announced its 2024 annual report on March 22, showing that in 2024, the company achieved a revenue of 1.89 billion yuan, down 10.6% YoY; net profit attributable to shareholders was 11.26 million yuan, down 82.5% YoY. In 2024, the company produced a total of 94,400 mt of titanium dioxide (including 93,400 mt of rutile and 1,000 mt of anatase), completing 94.45% of the annual plan; it also produced 66,600 mt of iron phosphate, achieving 55.48% of the annual target.

Lithium, the lightest of all metals, has come to preeminence with remarkable speed as the driver of the present energy revolution. From powering our cell phones to energizing the growing wave of electric vehicles (EVs) and underpinning large-scale energy storage systems, its demand is increasingly inelastic and boundless. There lies behind this facilely simplistic tale of expanding demand, however, a complex and evolving universe of lithium exploration.

The global transition towards cleaner energy sources is no longer a futuristic ideal but a tangible shift reshaping industries and economies worldwide. From the burgeoning adoption of electric vehicles (EVs) to the massive deployment of solar and wind power infrastructure, this energy revolution is placing unprecedented demands on a range of critical materials.