As the mid-year period approaches, manufacturers are generally reluctant to build additional inventories and are instead consuming existing raw material stocks.

It is worth noting that with the gradual ramp-up of large cylindrical battery production, the share of 9-series materials is rising rapidly both domestically and internationally.

On June 6, Hanrui Cobalt disclosed that it plans to invest in the construction of the "Annual 40,000-Ton Electrolytic Nickel and 40,000-Ton Battery-Grade Nickel Sulfate Project" in Ganzhou City, Jiangxi Province, through its wholly-owned subsidiary, Ganzhou Hanrui New Energy Technology Co., Ltd. The total investment for the project is 2,002.5278 million yuan, and the project funds will come from the company's own funds or self-raised funds. With the completion and operation of the company's nickel resource smelting base in Indonesia, raw materials for this investment project will in the future be partially supplied directly from the Indonesian base, achieving an ecological闭环 in the nickel industry chain from resources to materials.

Consumer battery cell manufacturers are generally adopting a wait-and-see attitude, expecting further declines in raw material prices. A few manufacturers have made small-batch restocking purchases, while most are waiting for prices to drop further.

U.S. startup Bridge Green Upcycle has recently opened a lithium-ion battery critical mineral recovery plant in Chennai with an annual processing capacity of 7,200 tonnes. Located in Gummidipoondi, the facility can process end-of-life batteries and manufacturing scrap, recovering key materials including lithium, cobalt, nickel, manganese, copper, and graphite. The company plans to invest between INR 5 billion and INR 10 billion over the next five years, with the current plant expected to reach full capacity by the end of this year. In the next phase, Bridge Green will expand into the production of battery-grade salts—such as lithium carbonate, nickel sulfate, and cobalt sulfate—with commissioning targeted by 2028. The expansion will also include a second-life battery facility.

On the demand side, the EV market saw strong overall orders and fast production pace in May, with some leading manufacturers achieving significant output growth.