[SMM Analysis] This week, the prices of 314Ah and 280Ah ESS battery cells remained stable, with the low-end prices being 0.266 yuan/Wh and 0.272 yuan/Wh respectively, while the low-end quote for 100Ah small-capacity battery cells rose to 0.329 yuan/Wh.

This week, the prices of 5-series ternary cathode material rose, while the prices of 6-series and 8-series products saw a slight correction.

This week, the price of ternary cathode precursor increased slightly.

Recycling: Following the announcement last week regarding the DRC's restrictions on imports and exports, cobalt sulphate prices continued to rise. However, due to insufficient demand support in the short term, the price increase was relatively limited. Nickel sulphate prices remained basically stable, while lithium carbonate prices rebounded slightly, oscillating in their movement. This week, the coefficients for ternary and LCO black mass remained unchanged. Currently, the prices per % lithium for LFP pole piece black mass range from 2,150 to 2,300 yuan/mtu, and for LFP battery black mass, they range from 1,950 to 2,100 yuan/mtu.

From an overall data analysis perspective, rigid demand in the ESS sector remained stable at month-end June, with both domestic and overseas demand receiving certain support from mid-year factors and various policies. The auto sales boom driven by auto shows in the early part of June gradually faded, with the penetration rate of NEVs in the market remaining stable. Currently, consumer purchasing power in the end-use market is insufficient, and it is expected that there will be some increase in end-use demand, but it will be relatively limited. In terms of market transactions, as of month-end June, market transactions remained sluggish, with some second-life battery producers largely refraining from building up inventory and maintaining a just-in-time procurement strategy. By July, after the mid-year period, there is further room for demand in the NEV and ESS markets to decline.

From Jan to May in 2025, the number of electric vehicles registered in countries around the world was approximately 7.520 million units, about 32.4% increase from the same period last year (5.682 mil units).

SMM's monthly production data for base metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the metals market.

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