[SMM Analysis: Artificial Graphite Prices Slightly Declined in June, Expected to Remain Under Pressure in July] SMM reported on July 16: In June, the prices of some artificial graphite anode materials showed a slight downward trend. Cost side, the price of graphitisation tolling services slightly decreased

Early January 2025 - Late January 2025:Pre-Chinese New Year inventory buildup drives active market transactions and price increases

Recently, many upstream enterprises in the lithium industry chain have successively released their earnings forecasts for the first half of 2025 (H1). Inevitably, these enterprises have mentioned that the significant YoY decline in lithium carbonate prices in H1 has dragged down their respective earnings. However, at the same time, several lithium ore enterprises, including Tianqi Lithium and Sinomine Resource Group, have expected their net profits attributable to shareholders of publicly listed firms in H1 to be profitable... SMM has compiled the earnings forecasts of several lithium enterprises currently, as detailed below:

[SMM Weekly Review of Lithium Battery Anode Market: Downstream Demand Rose Slightly in June, Anode Material Production Costs Continued to Decline] SMM reported on July 16: In June, the average price of low-sulphur petroleum coke fell to 3,558 yuan/mt, down 5.6% WoW.

[7.16 Lithium Battery News] ► A spokesperson for the Ministry of Commerce responded to media inquiries regarding adjustments to the "Catalog of Technologies Prohibited or Restricted from Export in China" ► MIIT plans to formulate mandatory national standards for mobile power supplies ► Huasheng Lithium: Completed laboratory trial production of various adaptive materials for solid-state/semi-solid-state batteries ► Luobo Kuaipao and Uber reach strategic cooperation to deploy thousands of autonomous vehicles globally ► Zhang Yongwei from China EV100: The proportion of automotive electronic hardware will reach 70% by 2030 ► National Bureau of Statistics: The capacity utilization rate of the automotive manufacturing industry was 71.3% in Q2

[SMM Cobalt and Lithium Morning Meeting Summary: This week, the prices of artificial graphite anode materials stabilized. On the demand side, the small energy storage market saw a slight recovery, which to some extent offset the demand gap caused by the slowdown in production speed in the NEV market, resulting in relatively stable demand. The supply side remained abundant. On the cost side, the cost of anode raw materials stopped falling and rebounded, providing effective support for the prices of artificial graphite.

SMM Cobalt Morning Meeting Summary: On Monday this week, the price of refined cobalt continued to drop slightly. On the supply side, smelters producing refined cobalt maintained long-term contract supplies, with fewer spot order quotations. The ex-factory price remained unchanged due to production costs. Domestic futures prices fell, with traders' quotations and transaction prices following suit. On the demand side, due to the still high social inventory of refined cobalt and weakened downstream demand amid high temperatures, most downstream producers maintained a just-in-time procurement rhythm, with actual transactions remaining sluggish. It is expected that the price of refined cobalt will maintain a fluctuating trend in the short term, and subsequent price movements will require close attention to cost increases and the digestion of social inventory.

According to media reports, electrification is penetrating deeply into multiple fields such as ships, aircraft, robots, and construction machinery, driving lithium batteries from single-point high growth to multi-point outbreaks. The high demands for energy density, safety, and lightweighting in emerging application scenarios are forcing rapid evolution in material systems and manufacturing technologies, with solid-state batteries becoming a key variable in reshaping the landscape.