From January to April 2025, global (excluding China) power battery installations reached 132.6 GWh, up 26.8% YoY.

SMM Cobalt Morning Meeting Summary: This week, the spot price of refined cobalt has slightly declined. Supply side, the quotes from mainstream traders have shown a slight downward trend. Due to the relatively low economic efficiency of refined cobalt production, the operating rate of smelters remains low, leading to a slight decrease in the supply of refined cobalt. Currently, the market is still digesting social inventory. Demand side, downstream producers continue to maintain a just-in-time procurement pace, and there has been no significant stockpiling. Overall, buying interest in the market remains weak. It is expected that the spot price of refined cobalt will continue to fluctuate this week.

[SMM Cobalt & Lithium Morning Meeting Summary: This week, the price of ternary cathode material continued to decline. On the raw material cost side, nickel sulphate, cobalt sulphate, and manganese sulphate all showed a slight downward trend, while the prices of lithium carbonate and lithium hydroxide had not yet hit bottom and continued to face pressure. In the NEV market, auto sales at the terminal level fell short of expectations, leading to weak demand for cathode materials and sluggish market sentiment. Except for a few leading battery cell manufacturers that saw an increase in orders, overall demand remained sluggish.

The power battery dismantling and crushing project of Ganzhou Green Eco Solid Waste Comprehensive Utilisation Co., Ltd. is located in Dayu County, Ganzhou City, Jiangxi Province, with a total investment of 500 million yuan. As a new project, it has a production capacity of recycling and treating 50,000 mt of scrap ternary lithium batteries annually.

【SMM Analysis】Recycling Industry Events This Week (Jun. 3-6): This week's recycling industry events.