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Competition for raw materials, like land, is "crazy"

At the end of October this year, Australian miner Cattlin released a set of data. As an important raw material for power lithium batteries, the average price of lithium concentrate in the fourth quarter reached $1650/ton, an increase of 112% compared to $779/ton in the third quarter. This is a situation that has never happened before. Along with the expansion of production, the "mining war" in the upstream of the power lithium battery industry is also in full swing.

Take lithium ore as an example. Due to the high dependence on imports of this raw material, domestic battery manufacturers have gone overseas and waved money to acquire lithium mines. One thing that has to be mentioned is the "Ning Li War" between CATL and Ganfeng Lithium. When initially planning to acquire Canadian lithium company Millennium Lithium, Ganfeng Lithium's expected transaction amount did not exceed CAD 353 million.

But who knew that in September, CATL pushed the price up to $376.8 million. In the end, Ganfeng Lithium, which was unwilling to give up, had to raise the price again to about CAD 500 million. In response, some industry insiders once exclaimed, "Seizing upstream lithium resources now is as intense and crazy as the previous local auction market.

Price changes of lithium carbonate raw materials from 2019 to 2021

In order to obtain more upstream resources, these battery manufacturers, who were originally focused on manufacturing, have also had to start learning capital operation and use capital power to invest in the industry chain, in order to expand their voice in the industry. In April of this year, Honeycomb Energy officially established Honeycomb Capital, investing 2 billion yuan to establish two growth and innovation funds, participating in and controlling some suppliers.

Coincidentally, in September, AVIC Lithium also invested in a capital company - Kaibo (Hainan) Private Equity Fund Management Co., Ltd. Leading big brother CATL has also invested and participated in the establishment of 8 private equity investment funds this year, with over 40 outward investments. It can be said that the competition among power lithium battery manufacturers is no longer limited to technology and production. Even companies that dominate must be proficient in all 18 martial arts skills in the entire business field.

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