[2019.07.29 minutes of internal morning meeting of cobalt lithium new energy] Cobalt salt price bottom lithium salt price continues to be under pressure

SMM, July 29, 2010:

Battery Terminal Market:

Power battery, the current market pessimism shrouded, the third quarter of the downstream mainframe factories and battery enterprises are in the "non-subsidy era" technical route to make corresponding adjustments. Considering the speed of downstream production expansion in the first half of the year is too fast, the current battery enterprises and positive material factories are in the process of going to storage, and the corresponding orders for high-nickel models have been determined in the first half of the year. According to the industry, the production of high-nickel ternary batteries has not been affected by the market depression, and even the demand for high-nickel ternary materials has risen steadily.

Upstream raw material price:

Cobalt: the electricity cobalt market trading is light, the producer and the trader quotation rises, but the downstream to the cobalt price rebound doubt, to the price performance indifferent, to consume the pre-inventory mainly. Although the cobalt salt downstream inquiry order has increased, but does not have the large quantity transaction, the sporadic order transaction price rises, the superimposed outer market price drops, the market mentality is much empty intertwined, the price builds the bottom.

Lithium: battery-grade lithium carbonate downstream demand is still not improved, the transaction is sporadic, the majority of buyers to complete the long order, the rest considering that the current price is still in the downward range, take a small number of procurement methods; downstream high nickel development progress is not as expected, battery-grade lithium hydroxide demand is not good, the transaction is scarce, the price has further downward pressure.

SMM Cobalt Lithium Research team

Hong Lu 021 51666814

Ning Ziwei 021 51666780

Qin Jingjing 021 51666828

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