“The peak season is not busy and the off-season is not weak" may become the main feature of the cathode material market in the second half of this year. Compared with the same period last year, the peak season demand for cathode materials this year climbs slowly and the growth rate has converged. This is due to the tight capital chain this year. Under the general environment, the battery factory avoids inventory risk and the material factory controls the account receivable thunder risk. In addition, the "low season" is mainly due to the inventory level of the power battery factory this year compared with the same period last year. In contrast, within a relatively controllable range, it is expected that the demand for cathode materials in the power market will weaken after November, and there will be a high probability that the transition will be smooth.

Electrolytic cobalt: Foreign media continued to rise slightly this week, the domestic speculative market appeared hesitated, and price fluctuations during the week showed weakness. Domestic mainstream manufacturers have stable quotations, limited downstream consumer orders, and poor purchasing intentions, because terminal product prices have risen excessively and shipments are obviously difficult, and purchases are possible after the inventory is digested. The market suppliers are pushing up due to the increase in foreign media. Prices, but low prices for small purchases and replenishment by consumers are rare. The price of SMM electrolytic cobalt is 47.6 to 496,000 yuan/ton, and the average price is 2,000 yuan/ton higher than last week. To

Cobalt salt and nickel salt: The trading of cobalt salt and nickel salt increased steadily and slightly. Transaction prices have been difficult to push up, and the number of transactions has risen. Manufacturers expressed their expectation that the order situation in October will remain optimistic. The price of SMM cobalt sulphate was 9,000 to 93,000 yuan/ton, the average price was the same as last week. The current price of SMM cobalt chloride is 10.70 to 109,000 yuan/ton, the average price is the same as last week. The price of SMM nickel sulfate is 26000-28000 yuan/ton, the average price is the same as last week. To

Cobalt tetroxide: The trading situation of cobalt tetraoxide is better. September was the peak season for tetracobalt demand. Although it was not as good as the same period last year, the number of transactions rose month-on-month, and transaction prices were still under pressure. Market participants are more pessimistic about this year's digital peak season, and the price of tetracobalt is unlikely to rebound. The current price of SMM cobalt tetroxide is 33.5-345 million yuan/ton, the average price is the same as last week. To

Cobalt oxide: The cobalt oxide market is still trading this week. Some traders are more optimistic about the market outlook. They enter the market and purchase in small quantities, and the transaction price remains flat. The current price of SMM cobalt oxide is 32.5-33.5 million yuan/ton, the average price is the same as last week. Small batches of cobalt powder were traded this week. Although the price of electric cobalt has risen, downstream buyers are pressing down strongly, and the willingness to stock up is lacking, and the transaction price has not fluctuated temporarily. The price of SMM cobalt powder was 51.0-520 million yuan/ton, the average price was the same as last week. To

Ternary precursors (523 power type): The price of ternary precursors has remained stable. Manufacturers said that the order situation is good, and the transactions are mostly back-to-back orders. The price of raw materials has been stable recently, so the transaction price has not fluctuated this week. The price of SMM ternary precursor (Type 523) was 11.20 to 114,000 yuan/ton, the average price was the same as last week. The price of SMM ternary precursor (Type 622) was 11.8-120 million yuan/ton, the average price was the same as last week. To

Lithium carbonate: The price of battery-grade lithium carbonate continues to decline, and the rate of decline has slowed down, but there is no sign of stabilization for the time being. In mid-to-late September, trading recovered month-on-month, but it was significantly flat compared with the same period in previous years. The price of SMM lithium carbonate was 790--8400 yuan/ton, the average price dropped by 0.15 million yuan/ton from last week. To

Lithium hydroxide: The price of battery-grade lithium hydroxide remained stable this week. The demand side is affected by the expectation of high nickel and is relatively hot. It will take some time for the supply side manufacturers to release a large amount of it. A balanced supply and demand is a key factor for the stable price of battery-grade lithium hydroxide. The price of fine-powder-grade lithium hydroxide is 13-135,000 yuan/ton, and the price of battery-grade coarse-grained lithium hydroxide is 120-125,000 yuan/ton. This week, the price of SMM battery-grade lithium hydroxide was 12.5-135,000 yuan/ton, the average price was the same as last week. To

Lithium cobalt oxide: The peak season for lithium cobalt oxide has reached its peak. However, compared with last year, the replacement effect of ternary on 4.35V lithium cobalt oxide is more obvious. Therefore, the demand for 4.35V lithium cobaltate has not performed well in the peak season this year, and the price is difficult to start. rise. The price of SMM4.35V lithium cobalt oxide was 34.2-352,000 yuan/ton, the average price was the same as last week. To

Ternary materials (523-powered type): The demand for ternary materials is showing significant signs of ramping up. Large factories have full orders and capacity is fully opened. Product supply exceeds demand. The peak season may continue to next month. The price of SMM ternary material (Type 523) was 17.30 to 183,000 yuan/ton, the average price was the same as last week. The price of SMM ternary material (type 622) was 196-200,000 yuan/ton, the average price was the same as last week. To

Lithium iron phosphate (power type): The demand for lithium iron phosphate has shown signs of recovery, large factories are operating at full capacity, and the operating rate of small and medium-sized manufacturers is slowly rising. The price of SMM lithium iron phosphate (power type) was 6.4-69 million yuan/ton, the average price was the same as last week. To

Lithium manganese oxide: There are increasing inquiries in the market for lithium manganese oxide, showing signs of improvement. Actual signing or the end of the month. The price of SMM lithium manganate (capacity type) was 4.2-52 million yuan/ton, the average price was the same as last week. The price of lithium manganate (power type) was 5.8-64 million yuan/ton, the average price was the same as last week.

Market outlook: In the near future, the peak season for cathode material market demand is coming, and large manufacturers are in short supply and orders are full. However, the upstream cobalt and lithium raw materials have performed very calmly. Market participants’ pessimistic expectations for cobalt prices are mainly based on the weak performance of the digital market this year. It is expected that the lithium cobalt oxide market may usher in negative growth this year. In addition, the oversupply of raw materials and recycled materials at the raw material end is more prominent, and large-scale overseas mining projects will be put into operation in 2019 Immediately, market participants have a poor mentality, and it is difficult for cobalt prices to boost. In terms of lithium, SMM predicts that the later decline in the price of lithium carbonate will force the price of lithium concentrate and lithium hydroxide to decline against the price of lithium carbonate. Due to technical bottleneck factors, the premium is expected to fall more slowly, and the response will be more pronounced after the Spring Festival next year. After premiums and discounts return to a reasonable level, and smelters without raw material advantages cannot seek other arbitrage opportunities and are forced to stop, the lithium salt market will reach a new stage of equilibrium. The key point of the next wave of lithium price fluctuations is the game between salt lake lithium and ore lithium.

Original link: https://news.smm.cn/news/100840584