SMM Cobalt Morning Meeting Summary: On Monday this week, the price of refined cobalt dropped slightly. On the supply side, smelters producing refined cobalt maintained long-term contract supplies, with fewer spot order quotations, and the ex-factory price remained unchanged. Due to the impact of the "pump and dump" rumors over the weekend, the futures market of COFCO Futures saw a price decline, with traders following suit in their quotations. On the demand side, given the still high social inventory of refined cobalt and no significant improvement in downstream demand, most downstream producers maintained a just-in-time procurement rhythm, with actual transactions remaining weak. It is expected that in the short term, the price of refined cobalt will continue to maintain a fluctuating trend.

[SMM Cobalt and Lithium Morning Meeting Summary: On Monday, the prices of 5-series, 6-series, and 8-series ternary cathode materials rose. On the raw material side, the prices of nickel sulphate and manganese sulphate were basically flat, while cobalt sulphate and lithium carbonate saw significant increases, and the decline in lithium hydroxide prices slowed down. Due to weak market demand and the continued dominance of battery cell manufacturers in pricing negotiations, there was limited room for a substantial increase in the prices of ternary cathode materials. Downstream battery cell manufacturers reacted mediocrely to the rise in cobalt sulphate prices, and the discount coefficient is expected to remain stable.

As of this Friday, at northern ports: Australian lump ore was priced at 39.5-40 yuan/mtu, up 0.63% WoW from last Friday; Australian seed ore was priced at 36-37 yuan/mtu, up 0.55% WoW from last Friday; South African semi-carbonate ore was priced at 33.6-34.1 yuan/mtu, up 1.50% WoW from last Friday; Gabonese ore was priced at 37.8-38.8 yuan/mtu, up 3.79% WoW from last Friday; South African high-iron ore was priced at 29.3-29.6 yuan/mtu, up 0.34% WoW from last Friday. At southern ports: Australian lump ore was priced at 39.5-40 yuan/mtu, up 0.63% WoW from last Friday; Australian seed ore was priced at 35.5-36 yuan/mtu, up 0.56% WoW from last Friday; South African semi-carbonate ore was priced at 33.9-34.4 yuan/mtu, up 1.51% WoW from last Friday; Gabonese ore was priced at 38.5-39 yuan/mtu, unchanged WoW from last Friday; South African high-iron ore was priced at 28.5-29 yuan/mtu, unchanged WoW from last Friday. Supply situation: The spot market for some manganese ores was relatively tight, supporting the rise in manganese ore prices. Traders had a weak willingness to sell at low prices. On the demand side...

From the overall data analysis, at the end of June, the rigid demand in the energy storage sector remained stable, supported by domestic and overseas demand due to mid-year activities and various policies. The automobile sales boom from earlier auto shows in June has since subsided. The new energy vehicle penetration rate has stabilized, but the consumer market is lackluster. While terminal demand is expected to increase somewhat, the growth is likely to be limited. In terms of market transactions, activity remained low through the end of June. Some second-life battery manufacturers maintained minimal inventory, adhering to a just-in-time procurement strategy. Looking ahead to July, after the mid-year period, demand for both automotive and energy storage markets is expected to decline further.

Last week's announcement of import and export restrictions in the Congo (DRC) has led to a continuous increase in cobalt sulfate prices. However, due to insufficient short-term demand support, the price increase has been relatively limited. Nickel sulfate prices have remained essentially stable, while lithium carbonate prices have shown a slight rebound and are fluctuating.

The progress of the recall incident this week is as follows:

Zangge Mining recently announced that Tibet Ali Mamicuo Mining Development Co., Ltd., invested in and controlled by Jiangsu Zangqing New Energy Industry Development Fund Partnership (Limited Partnership), in which Zangge Mining Investment (Chengdu) Co., Ltd., a wholly-owned subsidiary of Zangge Mining, participated in the subscription, had received the "Construction Engineering Permit" issued by the Gerze County Housing and Urban-Rural Development Bureau. According to the announcement, the permit is for the construction of the "Mamicuo Salt Lake Mining Area Lithium-Boron Mining Project," which is conducive to expanding the company's capacity scale for lithium extraction from salt lakes, enhancing the company's core competitiveness and industry influence, aligning with the company's development strategy and the interests of all shareholders, and creating new profit growth points for the company.