This week, ternary cathode precursor prices increased. Today, nickel sulphate prices rose slightly, cobalt sulphate prices remained stable, and manganese sulphate prices edged up only marginally.

【SMM Flash Update】 Shenzhen-listed GEM Co., Ltd. (002340.SH) announced that its board has approved the issuance of H-shares and a main board listing on the Hong Kong Stock Exchange, appointing Grant Thornton Hong Kong as auditor. Founded in 2001, GEM is a leading player in waste recycling and new energy materials, with operations spanning spent battery and e-waste recycling, re-manufacturing of nickel, cobalt, lithium, tungsten and precious metals, as well as production of ternary precursors and cathode materials for EV batteries. Already listed in Shenzhen and Zurich, GEM’s market capitalization stood at about RMB 35.46 billion as of Aug 25, 2025.

SMM Cobalt Morning Meeting Summary: This week, the spot price of refined cobalt maintained a fluctuating trend. On the supply side, due to the slightly lower economic efficiency of refined cobalt production, the operating rate of smelters remained low, resulting in a slight decline in the supply of refined cobalt. On the demand side, influenced by the policy-related news from the DRC, some smelters and traders reported an increased willingness of downstream producers to inquire about prices. However, currently, most buyers and sellers are still in the negotiation stage, and overall market transactions remain weak. It is expected that before the official implementation of the policy, the spot price of refined cobalt will likely continue to fluctuate.

This week, prices of 5-series, 6-series, and 8-series products in the ternary cathode precursor market continued to decline.

The imported coal market continues to operate steadily, and the cost of manganese sulphate provides weak support for the current market conditions. Meanwhile, the limited procurement orders in the downstream market have curbed the demand for price increases of manganese sulphate. In the case of a supply surplus, it is necessary to continue to monitor the demand guidance for precursors.

This week, manganese ore offers remained consolidated, with actual transaction prices declining. South 32's Australian manganese ore arrived at the port this week, leaving room for profit margins and not lacking in low-priced shipments. The fluctuation range of other ore types narrowed, but the volume of transactions remained low. In the short term, manganese ore prices are expected to remain in the doldrums. The imported coal market operated steadily. The support of manganese sulphate costs to market conditions was weak, with limited procurement orders from the downstream market, suppressing the demand for manganese sulphate price increases. Under the situation of supply surplus, continuous attention needs to be paid to the demand guidance of precursors.