[SMM Cobalt Lithium spot Weekly report] (0928-0930) the price of cobalt and lithium may be stable after the trading period.

SMM, Sept. 30:

Battery and downstream terminal market: approaching National Day holiday, the market turnover is relatively light, but the operating rate of vehicle factories and head battery enterprises remains high. Recent downstream demand is booming, the number of orders of head battery enterprises has increased, in order to ensure stable delivery, 11 workers basically do not have a holiday, other battery enterprises take workers' rotation or 3-4 days off mode. From the perspective of overseas markets, although sales in the European car market declined month on month in August, sales rebounded significantly in June and July mainly due to the impact of the epidemic in the first half of the year. Sales of the newly listed Volkswagen ID.3 in September are better to drive consumer demand in the European market, coupled with strict European carbon emissions regulations, the European market is expected to maintain high sales in September and October.

Electrolytic cobalt and cobalt intermediates: the spot price of electrolytic cobalt is the same this week. Double sections are coming, the electrolytic cobalt market is relatively deserted, suppliers spot quotations are flat, transactions are sporadic; receiving / storage and other support, post-holiday prices maintain a stable tone. Cobalt intermediate prices are flat this week. The spot price of cobalt intermediate remains high, the demand is still there, and the short-term spot transaction price may rise slightly. The price of electrolytic cobalt in SMM this week is 26.8-280000 yuan / ton, the average price is the same as last week. The prices of SMM cobalt intermediate products are between $11.6 and $12.10 per pound, the average price is the same as last week.

Cobalt salt and nickel salt: the price of cobalt salt is flat this week. The price of cobalt salt has been raised a little recently, but the deal is light when the holiday is coming. The price of cobalt sulfate in SMM this week is 5.3-56000 yuan / ton, the average price is the same as last week. The current price of SMM cobalt chloride is 6. 3-66000 yuan / ton, the average price is the same as last week. The price of SMM battery-grade nickel sulfate is 2.7-27800 yuan / ton, the average price is the same as last week.

Cobalt tetroxide: the price of cobalt oxide fell slightly this week. More orders for cobalt tetroxide are signed before the festival, or only a few orders are signed after the festival, and the price may remain stable. The current price of cobalt tetroxide in SMM this week is 20.5-215000 yuan / ton, which is 2500 yuan / ton lower than that of last week.

Ternary precursors: the price of ternary precursors remains unchanged this week. Recently, the price of cobalt has been stable, the price of nickel has a downward trend, the demand in the power market has risen, and the price is basically stable. In the small power and digital market, the number of orders downstream has decreased, and the price of the precursor enterprises has been severely depressed. At present, the price of 523 has fallen to 78000 yuan / ton. due to the bearish view of raw materials downstream, only half a month's orders have been purchased recently. it is expected to purchase according to the market price after the festival. The price of SMM ternary precursor (523) is 8.1-84000 yuan per ton this week, the average price is the same as last week. The price of SMM ternary precursor is 8.4-86000 yuan / ton, the average price is the same as last week. The price of SMM ternary precursor (622) is 8.9-93500 yuan / ton, the average price is the same as last week. The price of SMM ternary precursor (811) is 9.85-104000 yuan / ton, the average price is the same as last week.

Lithium carbonate: lithium carbonate prices are flat this week. The heat of industrial carbon is still the same, the mainstream transaction is between 3.40-37500 yuan / ton, downstream feedback low-price spot industrial carbon is out of stock, and shipments in Qinghai are becoming more and more tight. Close to the National Day, transactions are sporadic, prices remain unchanged this week, and it is expected that there may still be room for a slight increase in prices after the holiday. The price of electric carbon remains stable, the mainstream transaction price is about 40,000 yuan / ton, and some small factories sell goods at low prices to withdraw funds. The price of SMM battery-grade lithium carbonate this week is 3.95-41000 yuan / ton, the average price is the same as last week. The price of SMM industrial grade lithium carbonate is 3. 4-37500 yuan / ton, the average price is the same as last week.

Lithium hydroxide: lithium hydroxide prices are flat this week. On the supply side, the lithium hydroxide production lines of some manufacturers have been gradually put into production since August, and the market holding capacity continues to increase. The demand for high-nickel ternary materials in the downstream demand side is rising steadily, but the increase is small, which only plays a supporting role in the price of lithium hydroxide. The price of SMM battery-grade lithium hydroxide (coarse particles) is 4.6-52000 yuan / ton this week, the average price is the same as last week. The price of SMM industrial grade lithium hydroxide is 4.1-43000 yuan / ton, the average price is the same as last week.

Lithium cobalt: the price of lithium cobalt is flat this week. The price of lithium cobalt is still strong, with a slight decline in demand in October, but combined with the high cost of raw materials in the early stage, it is expected that the transaction price will be stable after the holiday. The price of SMM4.35V lithium cobalt is 21.8-226000 yuan per ton this week, the average price is the same as last week.

Ternary materials: the price of ternary materials remains unchanged this week. From the point of view of the power market, the price of the precursor is basically unchanged, the price of lithium salt increases slightly, has little impact on the cost of ternary materials, the downstream order increment, and the market price remains stable. In the small power and digital market, battery factories have depressed prices, leading to a slight decline in the price of ternary materials. The price of SMM ternary material (523) is 11.35-123500 yuan per ton this week, the average price is the same as last week. The price of SMM ternary material (622) is 13.45-145500 yuan / ton, the average price is the same as last week. The price of SMM ternary material (type 811) is 15.55-170000 yuan per ton, the average price is the same as last week.

Lithium iron phosphate: the price of lithium iron phosphate fell this week. The price of raw materials remains unchanged this week, due to the decline in phosphate prices in the early stage, coupled with the long-term pressure on prices by battery companies, and the obvious trend of cost reduction after the technological update of iron and lithium enterprises, it is expected that prices will continue to fall in the future. The price of SMM lithium iron phosphate (power type) is 3.3-37000 yuan / ton this week, down 500 yuan / ton compared with last week. SMM lithium iron phosphate (energy storage type) price is 2.8-29500 yuan / ton, the average price is 500 yuan / ton lower than last week.

Lithium manganate: the price of lithium manganate remains unchanged this week. The price of lithium carbonate increases slightly, but it has little impact on the cost of lithium manganate. Although the downstream demand is up, the market competition is fierce, there are still many low-price orders, the price is difficult to rise, and basically fluctuates within the range. The price of SMM lithium manganate (capacity type) is 2.10-28000 yuan per ton this week, the average price is the same as last week. The price of SMM lithium manganate (power type) is 3.3-35500 yuan / ton, the average price is the same as last week.

Negative materials: the prices of artificial graphite and natural graphite remain unchanged this week. At present, the price of graphite has reached the bottom, the quotation of needle coke has been raised slightly, the demand of the power market has increased, the market still has overcapacity, and it is difficult for the price of graphite to rise. The price of SMM artificial graphite (high-end) is 650-70000 yuan per ton this week, the average price is the same as last week. The price of SMM artificial graphite (mid-end) is 5. 7-62000 yuan per ton, the average price is the same as last week. SMM natural graphite (high-end) price is 480-60000 yuan / ton, SMM natural graphite (middle-end) price is 30,000-40000 yuan / ton, the average price is the same as last week.

Diaphragm: the price of diaphragm is flat this week. The purchasing demand of the power battery factory increases, the cost is controlled, and the price will remain stable. The concentration of the diaphragm industry still has an increasing trend, downstream demand is still strong, the head of enterprise orders constantly. This week, the prices of SMM wet base membrane (5 μ m), SMM wet base membrane (7 μ m) and SMM wet base membrane (9 μ m) are 2.5-3.3 yuan / square meter, 1.8-2.2 yuan / square meter and 1.2-1.5 yuan / square meter, respectively, which are the same as last week. The price of SMM dry base film (16 μ m) is 0.9-1 yuan per square meter, the average price is the same as last week. The price of SMM wet coating base film (5 μ m + 2 μ m) is 3-3.8 yuan / square meter, the price of SMM wet coating base film (7 μ m + 2 μ m) is 2.2-2.6 yuan / square meter, and the price of SMM wet coating base film (9 μ m + 3 μ m) is 1.8-2.5 yuan / square meter, the average price is the same as last week.

Electrolyte: the price of electrolyte has gone up this week. Raw material lithium hexafluorophosphate market shipments are tight, prices continue to rise, downstream ternary and iron lithium battery demand continues to increase, the transaction peak next month may lead to a corresponding increase in electrolyte prices. The price of SMM electrolyte (ternary power) this week is 3.8-48000 yuan / ton, up 1000 yuan / ton compared with last week. The price of SMM electrolyte (lithium iron phosphate) is 3.2-37000 yuan / ton, which is 1000 yuan / ton higher than that of last week. The price of SMM electrolyte (lithium cobalt oxide) is 5.1-61000 yuan / ton, the average price is the same as last week. The price of SMM electrolyte (lithium manganate) is 1.6-26000 yuan / ton, the average price is the same as last week.

Future forecast: cobalt, double holidays are approaching, the market is relatively light and sporadic transactions, some orders for cobalt tetroxide are still being signed, and the post-holiday price may be dominated by a stable tone. Lithium, according to SMM understanding, October downstream material demand may still have increment, the growth rate is slower than September. The average price of imported lithium carbonate and lithium hydroxide has declined, and domestic lithium salt prices are under pressure. it is expected that battery-grade lithium carbonate and lithium hydroxide prices will remain stable in October.

SMM battery materials research team

Huo Yuan 021-51666898

Mei Wangqin 021-51666759

Liu Xiaoyi 021-51666716