This week, in the ternary cathode precursor market, the prices of 5-series for consumer electronics, 6-series for consumer electronics, and 8-series for NEV products continued to rebound.

【SMM Analysis: Spot Prices of Cobalt Intermediate Products Remain Stable】 This week, the spot prices of cobalt intermediate products remained stable. On the supply side, upstream producers generally suspended spot order quotations to ensure supply for long-term contract customers, with some long-term contract delivery times being extended. Only a few traders were active in the market, resulting in a limited overall supply of circulating goods. A small number of downstream producers experienced raw material shortages, leading to an overall increase in inquiry and buying activity. The actual transactions of cobalt intermediate products showed some recovery. It is expected that the short-term supply-demand pattern will be difficult to improve next week, and the spot prices of cobalt intermediate products may fluctuate upward.

After the conclusion of the CLNB 2025 (10th) New Energy Industry Chain Expo hosted by SMM, SMM has meticulously organized a field trip, composed of representatives from companies worldwide, including Atlantic Lithium, German Mineral Resources Agency (DERA), ING Wholesale Banking, and LG Energy Solution, etc. to visit multiple enterprises in the new energy industry chain.

【SMM Analysis: Spot Price of Refined Cobalt Rose Slightly】 This week, the spot price of refined cobalt fluctuated upward. Supply side, the current social inventory in the market remained high, but the inventory structure slightly differed. Supply side, due to the persistently high raw material prices, the economic viability of refined cobalt production was poor, and smelters showed low enthusiasm for producing refined cobalt, with some smelters implementing production cuts. Demand side, downstream producers showed slightly increased inquiry activity but were reluctant to stock up at high prices. It is expected that next week, the price of refined cobalt will maintain a fluctuating trend.

SMM Analysis: Cobalt Sulphate Spot Prices Remain Stable, Market Sentiment Cautious This week, cobalt sulphate spot prices remained stable. Supply side, some cobalt salt producers experienced slight shortages of raw materials, leading to a slight increase in offer prices due to reluctance to sell, but actual transactions did not show significant improvement. Demand side, downstream producers generally adopted a wait-and-see attitude towards new supplies from salt producers, with some companies still digesting old social inventories. It is expected that in the coming week, short-term supply and demand conditions will not see significant improvement, and cobalt sulphate spot prices may continue to fluctuate.

This week, power battery cell prices remained stable overall, with ternary system demand under pressure and weak upward momentum. Domestic vehicle manufacturers continued to drive down prices, and although overseas exports increased, the pace slowed. The market in April will continue to face dual challenges of price declines and profit pressure.

At the CLNB 2025 (10th) New Energy Industry Chain Expo - Lithium Battery Recycling Forum hosted by SMM Information & Technology Co., Ltd. (SMM), Lin Ziya, SMM's lithium battery recycling industry analyst, discussed the theme of "Breakthrough in 2025: Analysis of Profitability in China's Lithium Battery Recycling, and Opportunities and Challenges Under Policy Reforms."

【SMM Analysis: How to Industrialize Sodium-Ion Batteries with Coconut Shell Carbon-Based Hard Carbon Anodes?】SMM, April 24: According to the latest data from the General Administration of Customs, the imports of shell carbon in March 2025 reached 9,871.1 mt, up 11% MoM but down 40.5% YoY. The average import price of shell carbon in March was $492.39/mt...