Canmax is advancing solid-state battery development with a "sulfide electrolyte + high-nickel/lithium-rich manganese-based cathode" strategy, progressing in mass production and sampling of key materials, supported by CATL's investment, targeting a material capacity of 15,000 mt by 2026. From 2025 to 2027, the company aims to industrialize materials and achieve breakthroughs in all-solid-state battery cells.

For the battery industry, it was a year of breakthroughs, setbacks and everything in between.

US-based Factorial Energy and South Korea’s POSCO FUTURE M are teaming up on all-solid-state batteries, the “holy grail” of battery tech.

This week, the solid-state battery sector gained significant momentum, with multiple domestic enterprises achieving key breakthroughs in environmental approvals, sample deliveries, and mass production, while overseas players in South Korea and the United States intensified technological competition.

December 5 news: Northern ports: South African high-iron ore at 29.6-30.1 yuan/mtu, flat WoW; South African semi-carbonate ore at 34.1-34.8 yuan/mtu, flat WoW; Gabon ore at 41.7-42.5 yuan/mtu, up 2.43% WoW; Australian lumps at 41-41.7 yuan/mtu, up 2.48% WoW; South African medium-iron ore at 36.6-37.1 yuan/mtu, up 3.37% WoW. Southern ports: South African high-iron ore at 30.8-31.3 yuan/mtu, flat WoW; South African semi-carbonate ore at 36.9-37.8 yuan/mtu, flat WoW; Gabon ore at 40.6-41.5 yuan/mtu, flat WoW; Australian lumps at 40.5-41.2 yuan/mtu, up 0.49% WoW; South African medium-iron ore at 37.6-38.1 yuan/mtu, flat WoW. Overall, port inventories of high-grade lump ore are tightening, bargaining power is tilting toward sellers, and purchasing negotiations are becoming increasingly difficult. The manganese ore market is expected to hold up well in the short term, with high-grade ore likely to continue leading the gains.

Looking ahead, battery cell and cathode material production schedules are expected to remain high in December, though with a slight decline MoM. Against the backdrop of increasing supply and generally stable demand, the lithium carbonate market is expected to continue destocking in December, but the destocking pace is likely to slow down compared to November.

[SMM Lithium Battery Electrolyte Market Weekly Review: Electrolyte Prices Rose This Week (2025.12.1-12.4)] From December 1 to December 4, 2025, electrolyte prices increased. Considering the pressure from the cost side and the dynamic changes in the supply-demand relationship, electrolyte prices were expected to have further room for growth.

Cobalt sulphate prices edged up this week, with the market center shifting higher. Supply side, rigid raw material costs provided firm support, and smelters held prices firm: offers for the MHP and scrap-derived routes remained locked in at 88,000–90,000 yuan/mt, while the intermediate product route held firm above 90,000 yuan/mt. Demand side, purchase willingness among downstream buyers improved noticeably since last Friday, and low-priced old inventory below 85,000 yuan/mt from traders was largely depleted. Some buying interest shifted to inquiries for high-priced new material from smelters, with a small volume of MHP-derived cobalt sulphate concluded. Due to high prices, trading activity for the intermediate product route remained subdued. Although price discrepancies between upstream and downstream persisted, buyer acceptance of current prices gradually improved. Once downstream buyers complete phased digestion and initiate a new round of concentrated procurement, cobalt salt offers are expected to test higher again.