From the raw material cost perspective, nickel sulphate and cobalt sulphate prices showed a rapid upward trend, while lithium carbonate and lithium hydroxide experienced a phased pullback due to market sentiment.

In September, the precursor market still had some incremental growth. For the full year, this month was expected to reach the peak of production.

London-listed Savannah Resources Plc is raising funds for its lithium mine project in Barroso, northern Portugal, which is expected to become Europe's largest domestic source of lithium resources, marking a critical phase in Europe's strategy to secure battery metal supply. The company has completed the feasibility study for the Barroso project and begun planning construction financing. An investment of 300 million to 350 million euros is expected over the next two and a half years. Earlier this year, the EU designated the project as strategic, and Savannah anticipates this will facilitate funding to cover part of the costs. The CEO noted that since acquiring the concession in 2017, the company has self-funded 50 million euros but emphasized the need for repayable or non-repayable support funds from the EU during the construction phase to accelerate development.

Under the agreement, SQM transferred the majority stake in its Atacama operations to Codelco in exchange for an extension of mining rights until 2060. The deal is expected to be finalized within weeks, but still requires antitrust approvals, including from Chinese regulators. SQM anticipated the approval would be granted in late September or early October.

In August 2025, recycled lithium carbonate production reached 7,290 mt, up 14% MoM. The increase was mainly attributed to favorable lithium carbonate prices in the first and middle ten-day periods, prompting some recyclers to resume production and hedge. Recycled lithium carbonate production in September is expected to rise slightly by around 5% MoM. Recycled nickel sulphate production stood at 5,045 mt in metal content, up 14% MoM, driven by economic factors of recycled materials. A marginal increase of 3.5%-4% is anticipated for September. Recycled cobalt sulphate production totaled 1,355 mt in metal content, down 2% MoM, with the actual reduction being merely 30 mt. Most other cobalt salt producers maintained flat output MoM. The decline was primarily due to technological transformation-related shutdowns at several plants. A slight MoM increase of around 4% is projected for recycled cobalt sulphate production in September.

September 5 news: Northern ports: Australian lumps 40.1-40.6 yuan/mtu, down 0.49% WoW; South African semi-carbonate 34.2-35.7 yuan/mtu, flat WoW; Gabon 39-39.6 yuan/mtu, down 0.51% WoW; South African high-iron 29.4-29.9 yuan/mtu, flat WoW; South African medium-iron 35.1-35.6 yuan/mtu, flat WoW. Southern ports: Australian lumps 39.6-40.3 yuan/mtu, down 0.50% WoW; South African semi-carbonate 36.3-36.8 yuan/mtu, down 0.54% WoW; Gabon 39.4-39.9 yuan/mtu, down 0.50% WoW; South African high-iron 30.5-31 yuan/mtu, flat WoW; South African medium-iron 36.5-37.2 yuan/mtu, flat WoW. Overall, the manganese ore market recently maintained a consolidating trend with sluggish port transactions, while ore prices remained stable. The manganese ore prices are expected to maintain a fluctuating trend in the near term, with focus on the new round of offers from mainstream mines and the rigid demand support from downstream SiMn alloy.