Market transactions remained relatively sluggish this week, but the tight supply situation did not change. Mainstream transaction prices ranged between 110,000-113,000 yuan/mt, while some traders' older stock traded around 109,000 yuan/mt. Raw material shortages have become the norm: trader and recycler inventories are nearly depleted, and small to medium-sized smelters' remaining stock may not last beyond December to January next year. In contrast, leading large producers, having actively purchased and restocked earlier, can basically ensure supply for the first quarter of next year, with their offers firmly standing above 115,000 yuan/mt. On the battery cell side, downstream purchase willingness was low due to prior procurement and stockpiling and current price pressures; instead, the high-cobalt and magnetic material sectors showed relatively higher acceptance of current prices, leading to sporadic purchases. In the short term, prices are expected to enter a new equilibrium, remaining largely stable recently.
SMM New Energy Research Team
Wang Cong 021-51666838
Ma Rui 021-51595780
Feng Disheng 021-51666714
Lü Yanlin 021-20707875
Zhou Zhicheng 021-51666711
