Tartisan Outlines Development Path for Kenbridge Nickel-Copper-Cobalt Project, Advances Pre-PFS Preparation

This week, the industry chain continued to diverge. On the lithium side, lithium carbonate drifted lower, but downstream stockpiling willingness near 140,000 yuan/mt remained strong, providing support for prices. Lithium ore pulled back accordingly, though overseas supply disruptions and mines holding prices firm kept ore prices relatively resilient. Lithium hydroxide was affected by reduced ternary orders, with transactions remaining weak. The materials segment was under pressure overall, with ternary cathode precursors, ternary cathode materials, and LCO continuing to weaken due to raw material pullbacks and insufficient end-use demand. China production schedules declined somewhat, while overseas high-nickel orders remained relatively good. LFP demand stayed robust, with production and sales holding at high levels. Iron phosphate orders increased, and prices edged up. Anode prices were broadly stable, with artificial graphite still having upside room supported by peak-season production schedules and cost support. High-end separator specifications saw tight supply-demand, with expectations of future price increases. Electrolyte cost support strengthened, with short-term stability for now. Sodium-ion batteries remained constrained by insufficient effective anode and cathode capacity, while the recycling market continued to remain under pressure amid raw material price fluctuations.

The industry chain remained weak overall this week, with price centers generally moving lower. Upstream, reports of low-price raw material transactions increased, and the market stalemate showed signs of easing. Midstream, cost support for salts continued to weaken, and some enterprises, affected by funding and inventory pressure, proactively cut prices to sell, further dragging down market sentiment. Downstream, demand recovery fell significantly short of expectations, with orders for ternary cathode precursors, ternary cathode materials, and LCO all revised downward to varying degrees. Enterprises generally maintained cautious purchasing and destocking strategies, and September production schedules were broadly under pressure. Meanwhile, overseas orders for high-nickel materials remained at a relatively high level, serving as one of the few supportive factors. On the end-user side, NEV production and sales in August continued to grow YoY, but peak-season stockpiling had yet to clearly transmit to the materials segment. In the short term, under the combined effects of falling costs, elevated inventory, and weak demand, most products still lack clear momentum for stabilization, and prices are expected to remain in the doldrums. Going forward, attention should focus on Q4 order improvements, the pace of end-user stockpiling, and the release of low-priced supply.

[SMM Analysis] Separator Market Prices Remain Stable Overall