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Since August, the market demand for cathode materials has recovered, and the demand for upstream lithium battery raw materials has risen month on month, but it is still lower than the same period last year. In addition, the market is pessimistic. They are cautious about the demand peak season from September to October. In addition, cash flow is tight, and most manufacturers are reluctant to do more inventory. Most of them purchase on demand to maintain a low inventory level. The trend of low inventory level tends to spread to upstream smelting enterprises. It is expected that the pressure on cobalt raw material suppliers will further increase.

Electrolytic cobalt: The foreign media continued to rise slightly this week, but did not drive the domestic market much. Although the speculative market rose rapidly, the spot market performance was very calm. Because the consumer side mainly digested the inventory, and the sharp rise of raw materials caused the terminal consumption to leave the market, resulting in a lot of order reduction. Therefore, the overseas recovery made the market people more confused about the general environment and cautious in operation. The price of SMM electrolytic cobalt is 472000 - 496000 yuan/ton, with an average price of 3000 yuan/ton higher than last week.

Cobalt salt and nickel salt: The rise of foreign media cobalt prices failed to drive the cobalt salt market. The leading smelter raised the cobalt salt price this week, but the tentative price rise was not actively responded by the downstream, and the price remained stable under weak demand. At present, only a few manufacturers in the cobalt raw material market lock orders for raw materials, and the number of lock orders is far from the previous two waves of hoarding, so the demand for cobalt salt market is very limited. The price of SMM cobalt sulfate is 90000-9300 yuan/ton, the average price is the same as last week. The current price of SMM cobalt chloride is 10,700-109,000 yuan/ton, and the average price is unchanged from last week. The price of SMM nickel sulfate is 26000.00 - 28000.00 yuan/ton, and the average price is unchanged from last week.

Cobalt trioxide: The trading volume of cobalt tetroxide has increased, but the trading price has remained low. This is mainly because after September, large factories with significant demand recovery did not increase the proportion of outsourcing cobalt tetroxide, but consumed the cobalt tetroxide made from self purchased raw materials in the early stage. This year, the digital market demand is significantly lower than expected, the peak season is shortened, and the market people are pessimistic and seriously depressed due to the overall environment. The current price of SMM CO3O4 is 33500-345000 yuan/ton, and the average price is 5000 yuan/ton lower than last week.

Cobalt oxide: The market demand for cobalt oxide is relatively stable, the recent trading volume has recovered slightly, and the market is still in a wait-and-see attitude after the decline of foreign media quotations has stopped, and the price is expected to be stable for a while. The current price of SMM cobalt oxide is 32500-335000 yuan/ton, the average price is the same as last week. The cobalt powder market delivered stably in the middle of the month, the downstream demand did not increase significantly, and the transaction price was stable. The price of SMM cobalt powder is 510000 - 520000 yuan/ton, the average price is the same as last week.

Ternary precursor (523 power type): The trading volume of the ternary precursor market increased, and the manufacturer said that both domestic and foreign orders increased. In addition, considering that some regions have to maintain a low operating rate due to the impact of environmental protection inspection, smm estimates that the ternary precursor market will consume a part of the early inventory, and the ternary precursor manufacturers will have a smooth market in the next two months. The price of SMM ternary precursor (Type 523) is 11200-114000 yuan/ton, with an average price drop of 2000 yuan/ton compared with last week. The price of SMM ternary precursor (Type 622) is 1180-1200 thousand yuan/ton, with an average price of 2000 yuan/ton lower than last week.

Lithium carbonate: The price of battery grade lithium carbonate declined, but the decline slowed down. In the middle of September, the demand of some downstream cathode material plants showed signs of recovery, although not obvious, but slightly improved. The price of SMM lithium carbonate is 81000-85000 yuan/ton, with an average price of 1500 yuan/ton lower than last week.

Lithium hydroxide: The price of battery grade lithium hydroxide will remain stable this week. The demand is stable and the improvement is not obvious. The price of micro powder lithium hydroxide is 13000-135000 yuan/ton, and the price of battery grade coarse particle lithium hydroxide is 12000-125000 yuan/ton. The price of SMM battery grade lithium hydroxide this week is 125-135000 yuan/ton, the average price is the same as last week.

Lithium cobalate: The market demand for lithium cobalate has improved, but it is mainly the leading battery factory that has mastered certain raw materials in the early stage. Therefore, the market demand for lithium cobalate has been greatly reduced. The other battery factories have insufficient recovery power, and the transaction price of lithium cobalate market has weakened again. The price of SMM4.35V lithium cobalate is 34200 - 35200 yuan/ton, with an average price drop of 3000 yuan/ton compared with last week.

Three yuan materials (523 power type): In the middle of the month, the three yuan materials market shipped steadily, and the orders of large factories were in short supply. Some battery factories spilled orders to large factories with new capacity and medium-sized cathode material factories. The price of SMM ternary materials (Type 523) is 17300-183000 yuan/ton, with an average price of 2000 yuan/ton lower than last week. The price of SMM ternary materials (Type 622) is 19600-20600 yuan/ton, with an average price of 2000 yuan/ton lower than last week.

Lithium iron phosphate (power type): The trading volume of lithium iron phosphate market has rebounded. It is expected that the recovery momentum of downstream demand will not decrease in the next two months. The operating rate of lithium iron is expected to further increase, but the trading price may decline due to lithium carbonate. The price of SMM lithium iron phosphate (power type) this week is 64000-69000 yuan/ton, and the average price is the same as last week.

Lithium manganate: This week's lithium manganate trade was relatively flat, and the manufacturer said that it did not feel a significant recovery. According to market experience, downstream demand should increase significantly by the end of September and the beginning of October. The price of SMM lithium manganate (capacity type) this week is 42000-52000 yuan/ton, and the average price is the same as last week. The price of lithium manganate (power type) is 58000-64000 yuan/ton, and the average price is the same as last week.

Future market forecast: The recovery of the cathode material market has provided some support for the recent depressed lithium price. The finished product inventory of large factories will no longer continue to increase month by month, and the inventory increase will remain at a safe level. However, the transaction price was attacked by the new factory and lithium halide, and the transaction price was still on the decline channel, with the decline rate slowing down. SMM expects that the decline of lithium carbonate price in the later period will force the price of lithium concentrate and lithium hydroxide to decline against the premium of lithium carbonate price. The price of lithium ore will take the lead in responding (or with the delay of putting some planned new mines into operation). Due to the influence of technical bottlenecks, the premium of lithium hydroxide is expected to decline more slowly, and the response will be more significant after the Spring Festival next year. After the premium returns to a reasonable level and the smelters without raw material advantages cannot seek other arbitrage opportunities and are forced to stop, the lithium salt market will reach a new stage equilibrium point.

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