[SMM Analysis] Co3O4 Production Decreased in January and Is Expected to Continue Declining in February

Today, SMM battery-grade lithium carbonate spot prices continued to drift higher compared with the previous working day. The lithium carbonate 2701 contract opened higher at 132,000 yuan/mt today. After the open, bulls failed to extend the gains, and bears quickly entered to pressure prices, sending them consolidating lower and accelerating downward after breaking below the average price line. Around midday, prices dipped to a low of 125,200 yuan/mt. In the afternoon, bargain hunting emerged at low levels, lifting prices slightly to around 127,500 yuan/mt before they pulled back again. Near the close, prices moved sideways around 127,000 yuan/mt, eventually closing down 2.27% at 127,200 yuan/mt, with open interest up 9,528 lots. In the spot market, downstream pre-holiday stockpiling continued, and downstream users kept buying the dip today. Upstream lithium chemical plants maintained firm sentiment on spot orders, with spot order quotes remaining relatively strong. A small number of lithium chemical plants sold spot orders mainly by referencing the website's monthly average spot price. As upstream sellers continued to hold back from selling spot orders, downstream spot order purchases were mainly concluded with traders, with some taking delivery of warrants. With active downstream purchasing and stockpiling, and upstream holding prices firm and holding back from selling, the spot-futures price spread for industrial-grade and battery-grade lithium carbonate has continued to strengthen recently, and the price spread between industrial-grade and battery-grade material has narrowed somewhat. Overall, market inquiries and actual transactions remained active.

On the raw material, material, and cell sides, leading companies quietly made continuous breakthroughs in R&D and technology iteration, while startups increased external promotion efforts to build sufficient customer reserves before the commercialization wave of solid-state batteries arrives. The Ministry of Industry and Information Technology (MIIT) and the National Development and Reform Commission (NDRC) issued the 15th Five-Year Plan for the Electronic Information Manufacturing Industry.

[Solid-state battery: Highpower Technology deploys three solid-state routes of polymer/oxide/sulphide, with multiple solid-state electrolyte patents granted] On September 17, 2026, Highpower Technology disclosed its solid-state battery layout during an institutional survey. The company is simultaneously developing three major solid-state electrolyte technology routes: polymer, oxide, and sulphide. In 2026, it has filed four core solid-state battery patents, covering composite solid-state electrolytes, solid-state electrolyte membranes, and gel polymer electrolytes, with a focus on solid-state battery development for I-end devices and robotics scenarios.