On August 15th: Northern ports: Australian lump ore at 40.7-41.2 yuan/mtu, unchanged from last Friday on a WoW basis; South African semi-carbonate ore at 34.9-35.4 yuan/mtu, unchanged from last Friday on a WoW basis; Gabonese ore at 39.8-40.6 yuan/mtu, unchanged from last Friday on a WoW basis; South African high-iron ore at 29.5-30 yuan/mtu, unchanged from last Friday on a WoW basis; South African medium-iron ore at 35.2-35.7 yuan/mtu, unchanged from last Friday on a WoW basis. Southern ports: Australian lump ore at 40.2-40.9 yuan/mtu, unchanged from last Friday on a WoW basis; South African semi-carbonate ore at 36.5-37 yuan/mtu, up 2.80% from last Friday on a WoW basis; Gabonese ore at 40.3-40.8 yuan/mtu, unchanged from last Friday on a WoW basis; South African high-iron ore at 30.6-31.1 yuan/mtu, unchanged from last Friday on a WoW basis; South African medium-iron ore at 36.6-37.3 yuan/mtu, up 0.27% from last Friday on a WoW basis. Recently, manganese ore prices have remained firm, with notable increases in certain ore types.

On August 12, the futures price of lithium carbonate experienced a significant volatility. After opening significantly higher in the morning session and maintaining a strong upward trend, it surged again in the afternoon due to news-driven factors, with the most-traded contract seeing gains approaching 8%.

This week, cobalt sulphate prices continued to rise, while nickel sulphate prices remained basically flat. Meanwhile, prices of salt products such as lithium carbonate also surged following the release of information like Jiangxi's mining licenses. This week, the nickel and cobalt payable indicators for ternary and LCO black mass remained basically flat, while the lithium payable indicator continued to rise. Additionally, the prices per % lithium for LFP black mass also rose continuously this week. Taking ternary black mass as an example: currently, the nickel and cobalt payable indicators for ternary pole piece black mass range from 72.5% to 75%, remaining basically flat WoW, while the lithium payable indicator ranges from 72% to 75%, showing an increase WoW.

[SMM Weekly Review] This week, the spot price of cobalt intermediate products continued to rise, with the lowest market quote reaching around $13.0/lb and a small volume of transactions occurring at $13.15/lb. On the supply side, mainstream miners maintained their refusal to budge on prices, while traders also held firm on prices and controlled the pace of shipments, with some traders quoting prices around $13.5/lb. On the demand side, smelters maintained just-in-time procurement, but due to losses, transactions were still dominated by small volumes. Overall, influenced by the DRC's policy extension, China's cobalt intermediate products will still face raw material shortages in the future, and there is upward momentum in prices. However, attention should be paid to the suppression of downstream demand caused by the rise in raw material prices during this process.

[SMM Weekly Review] This week, the spot price of cobalt sulphate temporarily stabilized. On the supply side, smelters and traders maintained their refusal to budge on prices. The upstream shipping sentiment factor was 2.02 (last week's shipping sentiment factor was 2.00). The smelting quote for cobalt intermediate products was 54,000 yuan/mt, while MHP and recycling enterprises offered quotes ranging from 51,000 to 52,000 yuan/mt. Traders offered quotes for older cargoes ranging from 49,500 to 50,000 yuan/mt. On the demand side, Co3O4 and smelters continued to maintain a just-in-time procurement rhythm and still chose to prioritize purchasing older cargoes. The downstream purchasing sentiment factor was 1.94 (last week's purchasing sentiment factor was 1.92). The actual transaction price in the market remained around 50,000 yuan/mt. It is expected that under the influence of continuously rising raw material costs, the price of cobalt sulphate may continue to maintain a strong trend in the short term, but the extent of the increase still needs to be observed based on the actual procurement situation downstream.

[SMM Weekly Review] This week, the spot price of refined cobalt weakened. Supply side, affected by rising production costs, smelters as a whole refused to budge on prices. Domestic futures prices fluctuated downward, with traders lowering their quotes accordingly, and some companies continued to reduce prices to secure transactions. Demand side, the market situation this week remained consistent with last week, with most downstream producers maintaining a just-in-time procurement rhythm. Market inquiry intentions were weak, and actual transactions were sluggish. In the short term, it is expected that the price of refined cobalt will remain in the doldrums. Subsequent price trends will require close attention to rising costs, as well as the actual procurement situation after the downstream summer break ends at the end of August.

[LCO enterprises suspend quoting prices due to the price fluctuation of lithium carbonate]