Refined Cobalt:
This week, the spot price of refined cobalt has warmed up. From the supply side, production cuts at refined cobalt smelters continue, and the market is still digesting social inventory. From the demand side, downstream producers have not seen a significant recovery in orders, and they continue to maintain a purchasing rhythm of scheduling production as needed, with no significant restocking actions observed downstream yet. According to the latest news, the DRC has not yet announced relevant policies on cobalt export bans, and it is expected to announce follow-up measures in June. It is anticipated that there will be little change in the short-term supply and demand situation next week, and the price of refined cobalt may fluctuate.
Intermediate Products:
This week, the spot price of cobalt intermediate products has held up well. According to the latest news, the DRC has not yet announced follow-up policies on cobalt exports, and it is expected to announce relevant follow-up measures in June. On the supply side, traders are maintaining their quotations for available stock, and the current mainstream spot quotations for cobalt intermediate products have slightly risen following buying sentiment and remain at high levels. On the demand side, as some downstream producers have already completed restocking actions earlier, there has been little purchasing activity observed recently, and spot transactions for cobalt intermediate products have been slightly mediocre. It is expected that cobalt intermediate products may operate relatively steadily next week.
Cobalt Sulphate:
This week, the spot price of cobalt sulphate has fallen. From the supply side, spot quotations for cobalt sulphate at smelters have slightly loosened, and quotations from recycling plants have also declined. From the demand side, downstream precursor plants have shown weak acceptance of the current cobalt sulphate prices, and no purchasing actions have been observed; while Co3O4 enterprises are dominated by wait-and-see sentiment, resulting in extremely sluggish spot transactions for cobalt sulphate recently. It is expected that the spot price of cobalt sulphate may maintain a fluctuating trend next week.
Cobalt Chloride:
This week, the price of cobalt chloride has slightly declined. From the supply perspective, due to the unresolved issue of transportation cycles for overseas cobalt raw materials, smelters remain cautious in their quotations, with almost no instances of low-price dumping. From the demand perspective, the purchasing rhythm of downstream Co3O4 enterprises has slowed down, with fewer market inquiries, and spot transactions are mainly for small-batch rigid demand. It is expected that the peak sales season for NEVs in Q3 may drive a rebound in restocking demand from downstream enterprises, and the cobalt chloride market may continue to fluctuate at highs. Industry insiders maintain a strong wait-and-see attitude towards cost transmission and policy expectations.
Cobalt Salts (Co3O4):
This week, the price of Co3O4 has continued to decline. Despite the export ban in the DRC leading to high raw material costs, excessive domestic inventory has also suppressed the upward momentum of prices, with spot quotations remaining weak. Downstream demand has not shown significant improvement, and most LCO enterprises still purchase as needed. The market inquiry atmosphere is sluggish, with fewer effective transaction orders, and the overall market is in a wait-and-see phase. The industry is generally waiting for further news stimuli, and it is expected that the spot price of Co3O4 will continue to decline in the short term.
Cobalt Powder and Others:
This week, the quotations of enterprises in the cobalt powder market have remained stable overall, with actual transaction prices slightly lower than the quotations. From the supply and demand perspective, although demand from the downstream alloy industry remains relatively stable with sufficient inventory, the purchase willingness of downstream buyers for primary cobalt powder is significantly low.
Ternary Cathode Precursor:
This week, the prices of 5-series, 6-series, and 8-series products in the ternary cathode precursor market have decreased. In terms of raw material costs, the prices of nickel sulphate, cobalt sulphate, and manganese sulphate have all shown a downward trend, driving the prices of precursor products of different series to weaken. From the demand side, the overall performance of the large NEV precursor market has been mediocre. Despite some order transfers among manufacturers, there has been no significant growth in overall demand, which is still mainly supported by existing projects. Orders for small power and consumer precursors have increased recently, mainly influenced by the rise in cobalt prices, with some downstream material plants choosing to restock in advance, but the actual increase in demand has been limited. On the supply side, affected by market fluctuations this year, NEV precursor producers generally no longer sign long-term (e.g., half-year or one-year) orders, instead opting for transactions with monthly discount negotiations. Some enterprises have increased the discount coefficients for long-term contracts, but downstream customers have shown low acceptance of the adjusted prices. Consumer precursors still mainly rely on spot orders for shipments, with discount coefficients remaining stable since April. Currently, precursor enterprises and downstream material plants are still in a price negotiation phase. Looking ahead to next week, it is expected that raw material prices will continue to fluctuate, and the price of ternary cathode precursors may decrease slightly.
Ternary Cathode Material:
This week, the price of ternary cathode material has continued to decline. In terms of raw materials, the prices of nickel sulphate, cobalt sulphate, manganese sulphate, lithium carbonate, and lithium hydroxide have all shown varying degrees of decline, but the drop in lithium chemicals has slowed down. From the demand side, the large NEV market has performed steadily. Although individual automakers have achieved good sales, providing some support for ternary cathode material, the increase in demand has been limited. The traditional peak season for the consumer market has not yet started. Although some producers have restocked in advance due to the rise in cobalt prices, the overall increase in demand remains relatively limited. On the supply side, the current market supply mainly relies on previously signed long-term contracts, with some enterprises having increased the relevant discount coefficients. In terms of spot transactions, manufacturers generally adopt a settlement method of negotiating discounts separately for raw materials such as nickel sulphate, cobalt sulphate, and lithium carbonate. The discount coefficients for spot quotations have increased, but downstream acceptance has been low. Recently, market transaction sentiment has been weak, mainly influenced by the continuous decline in lithium carbonate prices. The market remains pessimistic about its future outlook, leading to weak willingness of ternary cathode material producers to ship. In addition, downstream battery plants have already completed some restocking earlier, with low purchase willingness in the short term. In terms of price trends, it is expected that raw material prices will continue to decline slightly, and the price of ternary cathode material may further decrease due to fluctuations in raw material prices.
LCO:
This week, the mainstream quotations for 4.2V/4.4V/4.5V LCO in the market are 219,000 yuan/mt, 224,000 yuan/mt, and 235,000 yuan/mt, respectively. On the raw material side, battery-grade lithium carbonate continued its downward trend from the previous week, and the price of Co3O4 slightly declined. Influenced by raw material prices, the price of LCO slightly decreased this week. On the supply side, since April, top-tier enterprises have fully released their capacity, with stable production increases maintained at high levels. On the demand side, terminal producers are restocking for the 618 shopping festival, driving an increase in purchase orders from battery cell manufacturers. In addition, influenced by DRC policies, there is still significant uncertainty regarding cobalt, so LCO cathode plants are shipping more cautiously.
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News:
[Expert: All-solid-state batteries are expected to achieve small-scale vehicle integration before 2030] Zheng Yali, Assistant Secretary General of the China Society of Automotive Engineers and Deputy Dean of the National Automotive Strategy Institute, stated at the opening ceremony of the CIBF 2025 Advanced Battery Frontier Technology Seminar that the selection of solid-state battery electrolytes needs to simultaneously consider conductivity, processability, stability, and manufacturing costs. Currently, there are two main technical routes closer to industrialisation: one is sulphide electrolytes, and the other is polymer composite electrolytes. The mass production and application of all-solid-state batteries still require key breakthroughs in material-level scientific issues and efficient production processes/cost reduction at the industrial level. It is expected that pilot production lines for all-solid-state batteries will be established and prototype vehicles equipped with them will be launched around 2027. Small-scale mass production and vehicle integration of all-solid-state batteries may be achieved around 2030.
[Nissan CEO: Need to Save Ourselves Before Seeking Partners] Nissan's Chief Executive Officer, Ivan Espinosa, stated that the company is focusing on helping itself by improving liquidity before considering cooperation with other companies. Earlier this year, Nissan attempted to merge with its larger Japanese peer, Honda Motor, but the effort failed. (Cailian Press)
[Geely Auto's Gui Shengyue: Confident in Exceeding Annual Sales Target] At Geely Auto's Q1 earnings conference, Gui Shengyue, the company's Administrative President and Executive Director, expressed confidence in achieving or exceeding the annual sales target. "As various integrations progress in depth, Geely Auto will continue to enhance its profitability." Data shows that in Q1 2025, Geely Auto's sales reached 703,800 units, up 48% YoY, accounting for approximately 26% of the annual target. (Cailian Press)
SMM New Energy Research Team
Wang Cong 021-51666838
Ma Rui 021-51595780
Lin Ziya 86-2151666902
Feng Disheng 021-51666714
Lv Yanlin 021-20707875
Zhou Zhicheng 021-51666711
Wang Zihan 021-51666914
Wang Jie 021-51595902
Zhang Haohan 021-51666752
Xu Yang 021-51666760
Chen Bolin 021-51666836
Xu Mengqi 021-20707868
