Lithium: The prices of lithium ore stabilized as the lithium carbonate prices were little changed recently. The lithium smelters mostly purchased on dips, and the transaction prices edged down. Generally, the buyers were not in a hurry to purchase since the market outlook was uncertain. It is expected that the lithium ore prices will remain stable in the near term. For lithium carbonate, the bids and offers were active on the market, but the transactions were muted for the lack of clear signs concerning the follow-up price moves. It is expected that the lithium carbonate prices will move rangebound in the short period.
Nickel: The nickel sulfate prices gained momentum recently with the delayed port arrivals of MHP as well as some integrated producers refraining from selling nickel sulfate. Nickel sulfate prices therefore rebounded slightly on strong cost support, and the smelters also held the prices firm. The downstream precursor plants purchased on demand, but refused to accept high-priced nickel sulfate. It is expected that the nickel sulfate prices will be flat amid the tug-of-war between the sellers and buyers.
Cobalt: The cobalt sulfate prices lacked momentum in the face of sluggish demand in the power battery sector. It is expected that the prices will remain soft for the lack of driving forces from the demand side. In addition, some smelters started to sell off, further weighing on the spot prices, in addition to low raw material prices. It is expected that the cobalt sulfate prices will extend the weakness in the near term.
Battery scrap: The battery black mass prices were little changed yesterday. Some hyrometallurgical plants found it hard to find proper NMC black mass sources, and the payables were around 79%, close to the plants' break-even point. As such, the plants mostly kept the capacity utilization rates low. Nevertheless, the black mass producers were more active in the face of stable waste battery prices.
Repurposing: The transactions on the repurposing market were lacklustre yesterday. The demand for battery packs was mostly from road lamps and e-bikes. And the new policy of GB43854-2024 is expected to serve as a bearish factor on the repurposing market.