Tesla batteries are released daily, and high-nickel ternary batteries are still its main application. Despite the trend of decreasing cobalt, the base of new energy vehicle production has increased, and demand for cobalt will increase in the short term. In the spot market, the recent spot inquiries for cobalt intermediate products have increased, and a small amount of transaction prices are basically around US$12/lb. Cobalt tetroxide has recently increased in transaction volume, with a transaction price of 210,000 yuan/ton beginning to appear, and a quotation of 215,000-220,000 yuan/ton.

Battery terminal market:

From the perspective of the power market, the production schedule of automakers in September and October increased significantly, driving the operating rate of power battery companies to rise. Among them, ternary batteries are affected by new energy passenger vehicles, and orders for October are expected to increase by 30% month-on-month. In addition, new energy commercial vehicles experienced a slight decline in the market in July and August and began to exert their strength, driving the demand for lithium iron batteries to further increase. In the small power market, as the plan to launch shared electric bicycles this year is basically implemented, the demand for batteries has fallen sharply, and is expected to drop by nearly 40% in October. The demand for other civilian two-wheeled vehicles and electric vehicles such as food delivery and express delivery has not changed significantly. The overall trend is relatively stable. Generally speaking, the demand for batteries in the electric two-wheeled vehicle market is expected to drop by about 20% in October.

Upstream raw material prices:

Cobalt: Tesla batteries are released daily. High-nickel ternary batteries are still its main application. Despite the trend of decreasing cobalt, the production base of new energy vehicles has increased, and demand for cobalt will increase in the short term. In the spot market, the recent increase in spot inquiries for cobalt intermediate products, a small amount of transaction prices are basically about 12 US dollars/lb; the recent transaction volume of cobalt tetroxide increased, the transaction price began to appear at 210,000 yuan/ton, and the quotation was 215,000-220,000 yuan/ton.

Lithium:

The inventory situation of industrial-grade lithium carbonate has tightened this week, and the low-priced supply has gradually decreased. It is expected that the low price may increase this week; the price of battery-grade lithium carbonate is relatively stable this week, and there is a shortage of supply for downstream purchases from large factories , Some of the transaction prices are around 41,000 yuan/ton, and a small amount of transactions are between 41.5-42,000 yuan/ton, which has not yet constituted the mainstream transaction volume.

Cathode materials and precursors:

In terms of ternary precursors, the price of raw materials has declined significantly. The downstream prices are bearish on the market outlook, and precursor prices are under pressure. At present, the demand in the power market has increased significantly, and the market has signed long-term orders with relatively small price changes. However, in the small power and digital markets, due to the decline in downstream orders and fierce market competition, downstream prices are severely suppressed. The price of 523 is close to 78,000 yuan/ton, and the market has poor expectations for the market outlook.

Nickel:

Recently, nickel prices have been greatly affected by the macro perspective. The rising dollar index and metals are generally under pressure. Nickel will fluctuate and fall. The premium of battery-grade nickel sulfate over first-grade nickel (bean) has reached 12,000 yuan/ton, which can fully cover the precursors. The processing fee for the production of liquid nickel sulfate using nickel beans/powder in domestic factories, the market for battery-grade nickel sulfate is light, and the purchase of nickel bean powder increases. Due to the tight spot of battery-grade nickel sulfate, the market price is still maintained at 275-2.8 million yuan/ton, and the possible transaction price is between 2.7-27.8 million yuan/ton.