Ganfeng Lithium Offers AUD 150M Financial Support to Joint Venture for Daily Operations

On October 9, Zimbabwe said there is no reason to delay the lithium concentrates export ban set to take effect in January 2027. The country's Information Minister Nick Mangwana noted that lithium miners have been given ample time to prepare for local processing. Zimbabwe earlier suspended lithium concentrates exports in February this year to promote domestic downstream processing and curb illegal shipments, and began distributing quotas after April, but the full ban in 2027 remains on track as originally planned. The country is following the lead of other African nations in seeking to capture greater added value from its natural resources.

CATL announced on Sep 30 that its wholly owned unit Hong Kong Times New Energy will purchase 20,000 tonnes of cathode copper from an affiliate for up to USD 320 million (about RMB 2.145 billion), with deliveries from Jan 2027 to Dec 2028 and a USD 100 million prepayment due in Dec 2026. Cathode copper is the key raw material for lithium battery copper foil. CATL said the deal aims to secure stable supply and optimize procurement costs amid growing power and energy storage battery shipments.

The cobalt industry chain remained weak after the holiday, with sluggish demand and lower costs jointly weighing on prices. Refined cobalt consolidated at lows, traders raised spot-futures price spreads, and downstream buying remained primarily need-based restocking. Trading in intermediate products stalled, with a clear gap between the floor purchase price of $14.5/lb and downstream acceptance prices below $13/lb. Cobalt sulphate offers held near 60,000 yuan/mt, but transactions were difficult, and a lower raw material coefficient further weakened cost support. Cobalt chloride and Co3O4 continued to grind lower, enterprises expanded production cuts and suspensions, and new procurement was insufficient. Leading cobalt powder offers fell to around 360,000 yuan/mt, while small and medium-sized enterprises dropped to 330,000–340,000 yuan/mt, with downstream high-priced inventory dragging on purchases. Ternary cathode precursor prices weakened, export orders were relatively strong, domestic production schedule recovery was limited, and spot order coefficients were expected to trend lower. Ternary cathode materials consolidated at lows, battery cell manufacturers held ample inventory and restocked cautiously; LCO was pressured by both falling costs and weak demand. Going forward, close attention should be paid to end-user order recovery, inventory destocking, and the sustainability of restocking.