[SMM Analysis] Activity in the Cobalt Chloride Market Declined, and the Stalemate Was Unlikely to Be Broken in the Short Term

The second-life application battery cell market operated in a mediocre manner overall this week, with no significant improvement in market conditions. Cost side, lithium carbonate prices rose, nickel sulphate edged up in tandem, and cobalt sulphate pulled back slightly. Under divergent raw material trends, overall cost support remained relatively stable. Supply side, battery cell enterprises maintained a steady shipments pace, with no notable increase or decrease in market supply. Demand side, structural differentiation was significant: energy storage remained the core driver, with tight supply of mainstream models such as 314Ah and 280Ah, but the price uptrend had clearly slowed down; B-grade battery cells, constrained by higher procurement standards and compliance requirements, struggled to enter the mainstream market, with prices remaining stable. The small power market was significantly impacted by the "Interim Measures for the Recovery and Comprehensive Utilization of Waste Power Batteries from New Energy Vehicles" implemented on April 1. The new regulation explicitly prohibits the use of waste power batteries in e-bike and other sectors, creating a temporary gap in previously applicable scenarios. Currently, stable prices in the small power sector were not supported by demand but mainly because lithium, nickel, and cobalt salt prices remained at elevated levels, leaving enterprises limited room for price concessions, with strong wait-and-see sentiment prevailing in the market.

This week, the sodium-ion battery industry operated steadily overall, with industry prosperity continuing to rise. On the technological front, key performance metrics such as high safety, long cycle life, and low cost continued to achieve breakthroughs, laying a solid foundation for large-scale applications. With policy and industry working in synergy, upstream and downstream projects along the industry chain advanced steadily. Supporting infrastructure across materials, battery cells, system integration, and end-use applications continued to improve, with capacity deployment gradually materializing. The pace of scenario validation in energy storage, telecom backup power, and other fields accelerated, and market recognition of sodium-ion batteries' substitution and complementary effects increased. Overall, the industry is demonstrating a development trend characterized by **accelerating technological iteration, broadening application scenarios, and an increasingly mature industry chain**. The industrialisation of sodium-ion batteries continues to advance, with a promising medium and long-term development outlook.