On July 3, 2025, the US House of Representatives passed a comprehensive tax and spending reform bill (The One, Big, Beautiful Bill) led by President Trump. The bill, with its extensive content, has drawn widespread market attention, particularly for the significant adjustments made to the subsidy mechanism for electric vehicles (EVs). The $7,500 federal tax credit for new cars and the $4,000 credit for used cars will officially terminate on September 30, which is expected to have a profound impact on the US new energy vehicle (NEV) market.

[SMM Data: LiPF6 Production Declined Slightly MoM in June] In June 2025, LiPF6 production declined by approximately 5% MoM, and is expected to decline by about 2% in July.

On June 24, lithium carbonate futures prices experienced a long-awaited rebound. Against the backdrop of falling below the cost line and continuous news of production cuts, will the lithium carbonate price see a turning point?

Polaris Energy Storage Network learned that on the evening of July 1, BYD released its production and sales report for June 2025. In terms of batteries, the total installed capacity of BYD's NEV power batteries and ESS batteries in June 2025 was approximately 27.019 GWh, up 67.81% YoY.

Amidst the surging tide of global energy transformation, sodium-ion batteries (sodium-ion batteries), with their unique advantages such as abundant resource reserves, low cost, and excellent low-temperature performance, are gradually emerging as a shining new star in the new energy sector.

SMM Cobalt Morning Meeting Summary: This week, the low-end price of refined cobalt rose slightly, while the high-end price remained stable. On the supply side, smelters of refined cobalt maintained long-term contract supplies, with fewer spot order quotations. Traders had limited low-priced goods in hand, leading to an increase in low-end quotations. For the high-end price, some traders reported an increase in the ex-factory price of a certain high-end brand, and traders followed suit by refusing to budge on prices. However, due to weak purchase willingness from downstream buyers, the market transaction price gradually fell below the producer's ex-factory price.

[SMM Cobalt and Lithium Morning Meeting Summary: This week, the overall market trend for iron phosphate was stable. Although we have entered the second half of the year (H2), the market remained calm. Some enterprises that adjusted prices in June have temporarily suspended the downward trend of their quotations in July. The reason is that new entrants often adopt a low-price strategy to seize the market. Even if established enterprises reduce prices, the discounts they offer are difficult to match those of the newcomers. Continuing with low prices may lead to expanded losses. Enterprises that previously had sluggish shipments, although still actively vying for orders, are also adhering to their price bottom lines and instead focusing on enhancing product competitiveness to stabilize market share.