This week, the cobalt chloride market atmosphere saw no significant change WoW, and the price stalemate continued. Top-tier enterprises remained firm in holding prices, with mainstream quotations still staying above 117,000 yuan/mt, and some offers probing 120,000 yuan/mt. However, downstream procurement sentiment remained cautious, with no signs of improvement. Constrained by weak end-use demand and relatively ample raw material inventory at material plants, market inquiry activity declined, and actual transactions were mainly scattered restocking, with the transaction center holding at 115,000 yuan/mt. Although some small traders occasionally made low-price shipments, this was difficult to materially impact the broader market. Overall, market gaming sentiment persisted, and prices were expected to remain largely stable in the short term, lacking drivers to break the stalemate. SMM New Energy Research Team Wang Cong 021-51666838 Ma Rui 021-51595780 Feng Disheng 021-51666714 Lv Yanlin 021-20707875 Zhou Zhicheng 021-51666711

This week, LCO market prices were basically stable, with mainstream quotations for conventional grades remaining above 400,000 yuan/mt, while high-voltage products held firm at the 420,000 yuan/mt threshold. Affected by the traditional off-season for consumer electronics in Q1 and disruptions in chip supply, battery cell manufacturers currently had relatively sufficient raw material inventory, and purchase willingness declined further WoW. Market transactions were mainly driven by the execution of existing long-term contract and rigid demand, with limited release of new orders. Against the backdrop of rangebound fluctuations in upstream raw materials and downstream demand yet to recover, LCO prices were expected to remain largely stable in the short term, with most market participants adopting a wait-and-see attitude pending further clarity on the subsequent demand pace. Wang Cong 021-51666838 Ma Rui 021-51595780 Feng Disheng 021-51666714 Lv Yanlin 021-20707875 Zhou Zhicheng 021-51666711 Zhang Haohan 021-51666752 Wang Zihan 021-51666914 Wang Jie 021-51595902 Xu Yang 021-51666760 Yang Lianting 021-51595835 Wang Zhaoyu 021-51666827

Raw material side, spot lithium carbonate prices fluctuated this week, cobalt sulphate prices remained temporarily stable, and nickel sulphate prices dropped slightly.

This week, the second-life battery market showed clear structural divergence. On the cost side, although lithium carbonate prices saw a temporary uptick this week, they trended downward overall; nickel sulphate prices edged down slightly, while cobalt sulphate prices remained stable. The cost side was mainly affected by fluctuations in lithium carbonate prices. On the supply side, driven by terminal energy storage demand, inventories of new battery cells at battery cell manufacturers were critically low, and the supply of Grade A battery cells was heavily diverted, causing supply in the second-life battery market to remain tight. On the demand side, 280Ah and 314Ah energy storage battery cells were subject to concentrated procurement in the market, resulting in severe shortages and noticeably rising prices. Meanwhile, demand in the EV sector remained weak, inventory was relatively sufficient, and second-life power battery cell prices stayed stable.

[SMM Weekly Review of the Lithium Battery Electrolyte Market: Electrolyte Prices Remained Temporarily Stable This Week (2026.3.16-3.19)] From March 16 to March 19, 2026, electrolyte prices remained temporarily stable. Considering the overall trend in cost-side changes and the supply-demand pattern, electrolyte prices are expected to remain temporarily stable in the short term.

[SMM Cast Aluminum Alloy Morning Comment: Overnight Aluminum Futures Closed Lower, Spot Cargo Under Short-Term Pressure] On Wednesday, the ADC12 market generally showed a downward trend, with mainstream producers broadly lowering quotes by 100 yuan/mt. This price adjustment was mainly driven by the pullback in aluminum prices, which weakened cost support. Enterprises accordingly adjusted their quotes in line with market changes, but the overall magnitude of the adjustment remained relatively restrained, indicating a rather cautious market sentiment.