[SMM Analysis: China's LFP Import and Export Situation in May] In May 2025, China's LFP exports reached 941.6 mt, down 18% MoM from April and up 429% YoY. In terms of price, the average export price of LFP in May 2025 was $5,341.3/mt, a decrease of $865.58/mt from the average price in April, representing a MoM decline of approximately 13.9%.

[SMM Lithium Battery Market Analysis: China's LFP Material Production Rose 1.56% MoM in June] In June 2025, China's LFP cathode material production rose 1.56% MoM and was up 59% YoY, with an industry operating rate of 57%. The operating rates of leading material producers were significantly increasing, but production at some small and medium-sized producers declined slightly due to fluctuations in downstream battery cell manufacturers' demand.

[SMM Cobalt and Lithium Morning Meeting Summary: This week, the price of electrolyte remained stable. Cost side, the prices of LiPF6, solvent, and additive, which are the core raw materials for electrolyte, remained stable, and there was no significant fluctuation in the overall manufacturing cost of electrolyte, maintaining a relatively stable cost structure. Demand side, affected by seasonal factors, the NEV market saw mediocre auto sales, leading to a slight MoM decline in the demand for power batteries.

SMM Cobalt Morning Meeting Summary: On Monday this week, the price of refined cobalt remained stable. On the supply side, smelters producing refined cobalt maintained long-term contract supplies, with fewer spot order quotations. Traders generally maintained their quotations from last week, with some traders reporting a slight pullback in the prices of individual high-end brands, bringing their market transaction prices back to around the ex-factory prices of producers. On the demand side, due to the relatively high social inventory of refined cobalt in the midstream and the lack of significant improvement in downstream demand, even with the major positive news of delayed shipments from the DRC, most downstream producers still maintained a just-in-time procurement rhythm, with actual transactions remaining relatively weak. It is expected that the price of refined cobalt will continue to maintain a fluctuating trend in the short term.

Jiayuan Technology recently stated on an investor interaction platform that it has made commercial progress in the field of copper foil for solid-state batteries, and currently its related products have been matched with the supply of five top-tier battery enterprises. According to reports, Jiayuan Technology's copper foil products for solid-state batteries can be used not only in new energy vehicles but also in low-altitude economy scenarios. For example, solid-state batteries using its high-temperature-resistant copper foil have been installed on eVTOLs (electric vertical takeoff and landing aircraft) released by top-tier producers for testing.

In June 2025, SMM cobalt sulphate production decreased by 9.71% MoM and increased by 3.80% YoY.

Sinomine Resource Group recently announced that, in order to further reduce production costs in the lithium chemicals business, accelerate the transformation and upgrading of intelligent manufacturing, and deepen the green and low-carbon development model, Sinomine (Jiangxi) Lithium Industry Co., Ltd. (hereinafter referred to as "Sinomine Lithium"), a wholly-owned subsidiary of Sinomine Resource Group Co., Ltd., plans to carry out a comprehensive technological upgrade and transformation of its lithium chemicals production line with an annual output of 25,000 mt, and invest in the construction of a technological transformation project for high-purity lithium chemicals with an annual output of 30,000 mt. It is reported that the total investment for this project is approximately 120.7 million yuan, with the funding source being Sinomine Lithium's own funds or self-raised funds. The shutdown for maintenance and technological transformation is expected to last approximately six months.