Latest Update in the SMM Cobalt Market

Marex Financial Products has recently launched a structured "cash-and-carry" note linked to cobalt, marking a significant step forward in the financial innovation of commodity markets. This is not only Marex’s first structured yield product based on cobalt—a critical raw material—but also a testament to its integrated capabilities across physical asset acquisition, risk management, and financial product structuring.

Ghana's government is preparing to renegotiate terms of the Ewoyaa lithium mining agreement after a precipitous drop in global lithium prices has jeopardized the project's economic feasibility.

Affected by the sharp decline in global lithium prices, the Ghanaian government has announced that it will review the terms of the cooperation agreement for the Ewoya lithium mine project, as the economic feasibility of the project is facing severe challenges.

As of Friday this week, in northern ports: Australian lump ore was priced at 39.7-40.2 yuan/mtu, up 0.50% WoW from last Friday; South African semi-carbonate ore was priced at 33.9-34.4 yuan/mtu, up 0.29% WoW from last Friday; Gabonese ore was priced at 38-38.8 yuan/mtu, up 0.26% WoW from last Friday; South African high-iron ore was priced at 29.3-29.6 yuan/mtu, unchanged WoW from last Friday; and South African medium-iron ore was priced at 33.7-34.2 yuan/mtu, up 0.59% WoW from last Friday. In southern ports: Australian lump ore was priced at 39.7-40.2 yuan/mtu, up 0.50% WoW from last Friday; South African semi-carbonate ore was priced at 34-34.5 yuan/mtu, up 0.29% WoW from last Friday; Gabonese ore was priced at 38.8-39.3 yuan/mtu, unchanged WoW from last Friday; South African high-iron ore was priced at 28.7-29.2 yuan/mtu, up 0.7% WoW from last Friday; and South African medium-iron ore was priced at 34-34.5 yuan/mtu, up 0.59% WoW from last Friday. The manganese ore market has recently been fluctuating at highs, with offers remaining firm and spot prices expected to rise steadily in the short term. The specific reasons are as follows...

On July 17, 2025, Farasis Energy (688567) stated on the interactive platform that the company exclusively supplies second-generation semi-solid-state eVTOL batteries for the E20 model to Shanghai-based AutoFlight.

[SMM Analysis] Recently, the US Department of Commerce issued the latest ruling again, announcing that it would impose an anti-dumping duty of 93.5% on anode-grade graphite imported from China,

From an overall data analysis perspective, rigid demand in the ESS sector remained stable at month-end June, with both domestic and overseas demand receiving certain support from mid-year factors and various policies. Currently, the auto sales boom driven by the auto show in the early stage of July is gradually fading away. The penetration rate of NEVs in the market remains stable, and currently, the consumption momentum in the end-use market is insufficient. It is expected that there will be a certain increase in end-use demand, but it will be relatively limited. In terms of market transactions, as of month-end June, market transactions remained sluggish, with some second-life battery producers basically not building up much inventory and maintaining a just-in-time procurement strategy. By July, after the mid-year period, there is further room for demand in the NEV and ESS markets to decline.