【50k-ton Waste LFP Cathode Sheet Green Recycling Project Launched in Dazhou, Sichuan】 Recently, the ecological environment authority of Dazhou, Sichuan, released the approval notice for the EIA of the 50,000-ton waste LFP cathode sheet green recycling project. The project involves a total investment of RMB 56 million, located in Maliu Smart Manufacturing Park, Dazhou Eastern Economic Development Zone. It consists of five waste LFP cathode sheet recycling production lines, each with an annual capacity of 10,000 tons. Purchased waste LFP cathode materials are processed through water washing, crushing, heat treatment impurity removal, and sintering repair. Upon completion, it will achieve an annual processing capacity of 50,000 tons of waste LFP cathode sheets, producing approx. 45,000 tons of regenerated LFP cathode materials.

Around July 20, 2026, June import and export data for cobalt and lithium battery industry chain related products were released in a concentrated manner. The data showed that China's spodumene imports reached 768,000 mt in physical content, up 13% MoM and surging 33% YoY, equivalent to approximately 72,000 mt of LCE. For lithium carbonate, China imported 25,861 mt in June, down 31% MoM but up 46% YoY. Cumulative lithium carbonate imports from January to June reached 179,000 mt, up 52% YoY... SMM compiled the H1 import and export situation of battery materials as follows: Upstream Lithium Concentrates In June 2026, China's spodumene imports reached 768,000 mt in physical content, up 13% MoM and surging 33% YoY, equivalent to approximately 72,000 mt of LCE. By source country: The effect of concentrated shipments from Australia at its fiscal year-end manifested, with port arrivals exceeding 370,000 mt in June, up 12% MoM. Mali: Port arrivals increased significantly MoM to 60,000 mt. South Africa and Nigeria maintained stable output, with port arrivals staying above 110,000 mt. Among them, the share of high-grade ore from Nigeria increased, with concentrates accounting for over 65%. Zimbabwe, affected by transportation efficiency earlier, saw arrivals of 42,000 mt in June, which pulled back MoM. Based on SMM's data screening, the total LCE equivalent of incoming ore in June was 72,000 mt. Notably, the proportion of lithium concentrates in total incoming ore fell to 72%, a MoM decline, mainly because most of the 65,000 mt from Brazil was previously traded lithium raw ore powder, which dragged down the overall concentrate share. In June 2026, China's total imports of lithium raw materials (spodumene + lithium sulfate) approached 80,000 mt of LCE, staying in a high range and providing a solid raw material base for the continuously climbing domestic lithium chemical production. Spodumene: Import Volume Continues to Rise, Australian Fiscal Year-End Push Contributes Significantly In June, China's spodumene imports reached 768,000 mt in physical content, up 13% MoM and surging 33% YoY, equivalent to approximately 72,000 mt of LCE. The import volume has maintained high growth for several consecutive months, reflecting that domestic lithium chemical plants' rigid demand for upstream ore remains strong. Source: China Customs, Compiled by SMM From a grade structure perspective, based on SMM's data screening, the proportion of lithium concentrates in total incoming ore in June fell to 72%, a MoM decline. The main drag was Brazil—its arrivals of 65,000 mt that month were mostly previously traded lithium raw ore powder; the concentrated arrivals of such low-grade minerals directly pulled down the overall proportion of concentrates. Besides spodumene, the import performance of another lithium raw material, lithium sulfate, is also worth noting. In June, China's lithium sulfate imports reached 13,500 mt, up 12% MoM, equivalent to over 7,700 mt of LCE. From the source perspective, Chile continued to dominate the supply landscape of this product with an absolute volume of 13,400 mt. Meanwhile, lithium sulfate imports from Zimbabwe also quietly rose to over one hundred mt. Although the absolute volume is still small, as the first batch shipment of lithium sulfate to China from the country, it marked the first step for subsequent regular supply growth from Zimbabwe. Summary: Raw material support was solid in June, but tightening expectations for the availability side are rising in July. In terms of total volume, combined imports of spodumene and lithium sulfate in June were equivalent to nearly 80,000 mt of LCE. Together with domestic lithium concentrate production of over 30,000 mt, total domestic lithium raw material supply reached over 110,000 mt of LCE in the month, providing ample and relatively solid raw material support for lithium chemical production fluctuating at highs in June. However, beneath the relatively optimistic aggregate data, one key variable deserves attention: Most of the June arrivals had their destinations locked in through orders weeks or even months earlier, with only a low proportion of cargo actually entering the freely tradeable circulation of traders. The continuation of this pre-locked structure means that entering July, the available volume for spot lithium ore in the spot market will remain tight. If downstream just-in-time procurement pace stays unchanged, the tightening of circulating supply will constrain lithium chemical plants' flexibility in securing raw materials to some extent, thereby limiting the further room for lithium carbonate production growth in July—a transmission effect already reflected in SMM's recent weekly lithium carbonate production data. Regarding spot prices for spodumene concentrates (CIF China), SMM data showed that the overall trend in June was a decline. As of June 30, the average spot price for spodumene concentrates (CIF China) was $2,260/mt, down $328/mt from $2,588/mt at the beginning of the month, representing a 12.67% decline. According to SMM, in June, enterprises extracting lithium from externally purchased spodumene saw their spot profits fall into deep losses. The losses continued to widen during the month, mainly because spodumene concentrate prices pulled back along with lithium carbonate but to a limited extent. In June, the decline in spodumene concentrate prices was less than that of lithium chemicals, leading to deepening losses in the processing segment. For externally purchased lepidolite, the immediate profit margin of enterprises extracting lithium from externally purchased lepidolite narrowed in June compared to May, but they still maintained positive immediate profits for the full month. The resumption of production at a leading mine in Jiangxi strengthened market expectations for longer-term supply release, and lithium carbonate futures plummeted 6.58% on the day. Additionally, the lithium carbonate market experienced an extreme trend of "sharp decline—weak rebound—further bottoming" in the fourth week of June, further squeezing the profit margins of enterprises relying on externally purchased ore. Lithium Carbonate According to customs data, China imported 25,861 mt of lithium carbonate in June, down 31% MoM but up 46% YoY. Of this, imports from Chile reached 16,037 mt, accounting for 62% of the total; imports from Argentina were 8,403 mt, representing 32% of the total; and imports from Indonesia stood at 500 mt, making up 2% of the total. China's cumulative imports of lithium carbonate from January to June totaled 179,000 mt, up 52% YoY. In May, China exported 261 mt of lithium carbonate, up 30% MoM but down 39% YoY. Cumulative exports from January to June reached 2,348 mt, down 5.6% YoY. According to SMM spot price data, the spot price of lithium carbonate generally declined in June. As of June 30, the spot price of battery-grade lithium carbonate fell to 156,500 yuan/mt, a drop of 22,500 yuan/mt from 179,000 yuan/mt at the beginning of June, representing a decline of 12.57%. SMM understands that the price center of spot lithium carbonate in China drifted lower in June. From a fundamental perspective, the supply side was disrupted by news of mine license renewals in Jiangxi, and China's lithium carbonate imports reached historic highs in May, while GFEX warrants remained elevated around 50,000 mt. The demand growth expectations were within market expectations, leading to a drift lower in prices. Upstream lithium chemical plants showed weak willingness to sell spot orders, maintaining an attitude of holding prices firm and holding back from selling; downstream material plants and battery cell manufacturers adopted a buy-the-dip strategy, engaging in substantial dip-buying for stockpiling when prices fell below 160,000 yuan/mt. As of July 23, the spot price of battery-grade lithium carbonate rose 3,500 yuan/mt from the previous trading day, reaching 142,000-151,000 yuan/mt, with an average price of 146,500 yuan/mt. Lithium Hydroxide According to customs data, in June 2026, China imported 4,400 mt of lithium hydroxide, up 12% MoM and surging nearly 2-fold YoY. By source country, imports from South Korea were 1,159 mt (26% of total), Chile ranked second with 993 mt, and notably, imports from Indonesia remained low at only 774 mt in June. On the export side, China's lithium hydroxide exports reached 6,018 mt in June, up 70% MoM, mainly driven by concentrated shipments at quarter-end and a mild recovery in overseas demand. Of this, exports to South Korea stood at 5,032 mt and to Japan at 679 mt. Overall, exports significantly exceeded imports during the month, temporarily returning China's lithium hydroxide trade to net exporter status after several months. Battery Materials LiPF6 According to China Customs data, in June 2026, China's cumulative LiPF6 exports totaled approximately 1,104.4 mt, down about 26.4% MoM, while cumulative LiPF6 imports were around 24.4 mt. On the export side, China's LiPF6 exports in June 2026 were about 1,104.4 mt, down approximately 26.4% MoM from May and down about 21.4% YoY. In detail, the main export destinations this month included South Korea, Poland, Malaysia, and Japan, among others. Exports to Poland were 336.8 mt, down about 25.47% MoM; to South Korea 319.738 mt, down about 45.9% MoM; to Malaysia 113.211 mt, down about 28.03% MoM; to the US 157.601 mt, up about 103.62% MoM; and to Japan 115.56 mt, up about 5.2% MoM. Overall, overseas procurement volume for LiPF6 edged down in June. Artificial Graphite In June 2026, China's artificial graphite imports amounted to 1,002 mt, up 2.3% MoM and up 3.3% YoY. Regarding import average price, in June 2026, China's artificial graphite import average price was 59,596 yuan/mt, down 0.9% MoM but up 16.6% YoY. Source: China Customs, SMM In June 2026, China's artificial graphite exports totaled 41,601 mt, down 16.9% MoM and down 18.7% YoY. On the export average price side, in June 2026, the average export price was 9,080 yuan/mt, up 17.5% MoM and up 13.9% YoY. On the import side, volume and price fluctuations were relatively mild, with overall stable operations. The export side showed a divergence of declining volume and rising prices: the drop in export volume may be linked to the high base in May and phased adjustments in overseas procurement pace, while the rise in export average price was mainly driven by persistently high domestic costs. Notably, despite the overall decline in export volume, shipments from key exporting provinces for lithium battery-grade artificial graphite showed a recovery trend, with one province's export volume surging about 50% MoM and another's up nearly 25% MoM. Flake Graphite In June 2026, China's flake graphite imports were 4,147 mt, down 30% MoM and down 12% YoY. Data source: China Customs, SMM In June 2026, China's flake graphite exports were 5,089 mt, down 33% MoM and down 5% YoY. Both imports and exports of flake graphite saw significant MoM declines in June, mainly due to the high base effect in May and seasonal demand adjustments in and outside China, while the YoY decline was relatively mild. Phosphoric Acid According to China Customs data, China's phosphoric acid exports in Q2 2026 showed a clear retreat after a rapid rise. Exports surged to 40,200 mt in May before pulling back to 29,500 mt in June, down 26.5% MoM, but achieved positive YoY growth from June last year (up 3,500 mt). The continued expansion of overseas new energy rigid demand offset the short-term pace-driven decline. Based on the full-year policy pace and industry fundamentals, China's phosphoric acid trade is exhibiting zero imports, pure exports, strong policy fluctuations, and continuous structural upgrading as distinct characteristics. Annual exports are affected by both agricultural supply protection policies and off-peak/peak season cycles in and outside China, resulting in a pattern of regular consolidation. ....... Based on the H1 run rate, combined with the current policy cycle, overseas demand pace, and China's spot market fundamentals, the phosphoric acid sector in July–August of H2 2026 will remain in the phosphate fertiliser export control window period. Agricultural-grade crude phosphoric acid exports will be restricted, and total export volume will have a natural upper limit. Supported by the release of off-season restocking demand from overseas food and energy storage enterprises, phosphoric acid exports are expected to recover slightly from the low in June, returning above the monthly central level of 30,000 mt, which will partially offset the pressure of inventory buildup during China's agricultural off-season, using external demand resilience to establish a market floor. Correspondingly in the spot market, domestic agricultural demand in the traditional off-season is weak, but with high raw material cost support from sulfur and phosphate ore, small and medium-sized wet process plants continue to incur losses and operate at low loads, with enterprises generally controlling production to support prices. As a result, wet process phosphoric acid sees a stagnant consolidation pattern overall—weak but without room for a deep trend correction. Entering September–December, industry fundamentals and the foreign trade landscape will see significant improvement. The phosphate fertiliser export control policy officially expires on August 31, coupled with concentrated overseas restocking of agricultural inputs in Q4, year-end capacity sprints by Chinese LFP enterprises, and the concentrated delivery of overseas lithium battery long-term contract orders. Phosphoric acid exports will enter the peak period for the year, with monthly exports potentially exceeding 40,000 mt and hitting a yearly high. The overall export volume and trade surplus of the industry will rise in tandem. Both domestic and external demand surges are expected to drive the market toward an inflection point and an upward trend. Not only is demand for wet process phosphoric acid continuing to recover, but thermal process phosphoric acid will also benefit from concentrated stockpiling in food and electronic fine chemicals, strengthening in tandem and ushering in a peak season where both wet and thermal markets thrive. Phosphate Ore In H1 2026 (January-June), China's phosphate ore imports stood at 998,200 mt, a YoY increase of 29.66%; exports were 133,900 mt, a YoY surge of 225.91%; net imports reached 864,300 mt. Four Key Changes 1. Imports rebound to high levels of 2024 . H1 2026 imports of 998,200 mt represented a 29.66% increase from 769,800 mt in H1 2025, recovering to the 986,600 mt level of H1 2024. January 2026 saw a single-month peak of 243,900 mt, followed by April (206,600 mt) and March (182,100 mt) as secondary highs. On the import side, a significant rebound from the trough of H1 2025 (769,800 mt) confirms that a "high import" baseline has been established since 2024. 2. Export volume triples to a near four-year high . H1 2026 exports of 133,900 mt surged 225.91% from 41,100 mt in H1 2025, the highest since H1 2023 (191,300 mt). June (50,900 mt), May (32,200 mt), and April (11,100 mt) formed a Q2 volume ramp-up, highly coincident with Egypt's announcement on May 13 to cease signing new phosphate ore export contracts and shift to higher-value phosphate fertiliser exports. 3. Net imports remain high but narrow . Net imports in H1 2026 at 864,300 mt were notably higher than both H1 2024's 942,800 mt (historical peak) and H1 2025's 728,700 mt, reflecting a persistent domestic phosphate ore supply gap and still elevated external dependence. 4. H1 and H2 seasonal pattern disrupted. Historically, H1 imports are typically lower than H2 (cumulative H2 imports from 2020 to 2025 were 2.7531 million mt, significantly higher than the H1 cumulative), but H1 2026 imports of 998,200 mt are already close to H2 2025's 949,900 mt — the traditional Q3-Q4 winter stockpiling peak season rhythm has been disrupted, with imports becoming more year-round. ......... H2 Outlook: On the import side: As H1 imports have already reached 998,200 mt , and with winter stockpiling purchases plus LFP cathode material stockpiling (in preparation for the Q3-Q4 NEV peak season) in H2, H2 2026 imports are projected at 1.1-1.3 million mt, with full-year imports of 2.1-2.3 million mt, a YoY increase of 15%-25%, marking a new record high since 2023. Export side : June alone at 50,900 mt has shown signs of acceleration, and exports are expected to reach 100,000-200,000 mt from July to September. In Q4, alongside overseas demand (India, Southeast Asia, Brazil) and the restructuring of export competition among Egypt, Jordan, and Morocco, annual exports are projected at 200,000-300,000 mt, up 200%-300% YoY. Net imports: Net imports in 2026 are expected to be 1.7-2 million mt, remaining at historically high levels, reflecting that the contradiction of China's phosphate ore undersupply is hard to resolve fundamentally in the medium term, and dependence on outside China (Egypt, Jordan, Morocco, Kazakhstan, Peru, Algeria) will continue to increase. 》Phosphate Ore Import and Export Half-Year Review: China’s Phosphate Ore Imports Rose to the Million mt Level in H1 2026, Exports Tripled [SMM Analysis] Sulphur & Sulphuric Acid Monthly China Sulphur Import Changes (H1 2025 vs. H1 2026) In H1 2026, China's sulphur imports showed a "monthly accelerating contraction" trend. From January to June, cumulative imports were about 2.26 million mt , versus 5.34 million mt in the same period of 2025, a sharp decline of 57.7% . The average monthly import volume plummeted from about 800,000 mt in 2025 to about 380,000 mt. From the monthly trend, imports in January-March held around 500,000 mt (496,000/538,000/516,000 mt); starting in April, they fell off a cliff , plunging to 296,000 mt in April and 268,000 mt in May, and in June hit 147,000 mt (down 85.1% YoY) —June's monthly imports had fallen to less than 20% of the same period in 2025 (988,000 mt). Compared with history, in full year 2025, imports were about 9.61 million mt , averaging about 800,000 mt per month, a steady volume, whereas the 147,000 mt in June 2026 has hit a rare low in recent years . If geopolitical conflicts and Kazakhstan's export ban persist, imports in H2 may come under further pressure, and the full-year total is expected to be only about 40% of the 2025 level . ....... Sulphur imports: cliff-like volume decline, source restructuring —H1 2026 imports of about 2.26 million mt, down 57.7% YoY (June down 85% YoY); the share of the four Middle Eastern countries was halved (from ~35% to ~20%), with South Korea, Oman, and Canada filling the gap (combined ~58%). Sulphuric acid exports: ban leads to near-zero —H1 2026 exports of about 780,000 mt, down 64% YoY; June exports were only about 980 mt, down 99.7% YoY , a cliff-like exit from the global market; destination Indonesia jumped to first place. Common Logic: Geopolitical conflicts and export controls dual effect , as China shifts from a global sulfur resource hub to self-protection contraction. Cobalt Side Cobalt Hydrometallurgy Intermediate Products In June 2026, China's imports of cobalt hydrometallurgy intermediate products were about 10,961 mt in physical content, up 324% MoM, down 42% YoY. Among them, imports from DRC were about 10,815 mt in physical content, up 423% MoM, down 43% YoY. In June 2026, the average import price of China's cobalt hydrometallurgy intermediate products was $16,352/mt in physical content, down 1.54% MoM. This month, about 7,561 mt in physical content of imported intermediate products entered Zhejiang and Guangdong provinces through Entrepot Trade by Customs Special Control Area, accounting for 69% of total imports; Ordinary Trade about 2,849 mt, accounting for 26%; processing trade with imported materials about 550 mt, accounting for 5%. Unwrought Cobalt In June 2026, China's unwrought cobalt imports were about 1,120 mt, up 66% MoM and 105% YoY. In June, by country/region, the top three sources of refined cobalt imports were Indonesia, Russia, and Madagascar, with imports of 476 mt, 293 mt, and 148 mt, respectively. Although China's refined cobalt price pulled back significantly in June and the import/export window remained completely closed, overseas refined cobalt demand was weak, and some overseas traders still shipped refined cobalt to China, resulting in a relatively large increase in imports. Regarding average import price, in June 2026, the average import price of unwrought cobalt in China was $52,228/mt, down 4.27% MoM. From January to June 2026, cumulative imports were 7,709 mt, up 118% YoY. Export side, in June 2026, China's unwrought cobalt exports were about 503 mt, up 36% MoM, down 46% YoY. By country, the top three export destinations were the US, Taiwan, China, and the Netherlands, with exports of 132 mt, 125 mt, and 66 mt, respectively. Regarding average export price, in June 2026, the average export price of unwrought cobalt in China was $59,579/mt, up 11.56% MoM. From January to June 2026, cumulative exports were 2,664 mt, down 76% YoY.

Recently, the groundbreaking ceremony for the Dexiang Manganese-Based New Energy Materials Production Project was held. The project is invested and constructed by Fujian Dexiang New Materials Co., Ltd., located in Xinluo District, Longyan City, Fujian Province. The first phase covers a planned land area of 299.82 mu, with a total investment of 1.2 billion yuan. Upon completion, the first phase will have an annual production capacity of 100,000 tons of high-purity manganese sulfate, 20,000 tons of trimanganese tetroxide, and by-products. The products can be applied in energy storage fields such as cathode materials for lithium-ion batteries, sodium-ion batteries, and aqueous zinc-ion batteries. Once the project reaches full production capacity, it is expected to achieve an annual output value of approximately 1.08 billion yuan, contribute about 160 million yuan in taxes, and provide around 330 jobs.

Qichacha shows that recently, Jiangsu Yili Technology Co., Ltd. (referred to as Yili Technology) completed a Series A financing round, with investors including Zhejiang Chuangwei Emerging Industry Venture Capital Partnership (Limited Partnership), Yixing Environmental Science Park Industrial Development Equity Investment Partnership (Limited Partnership), and Yuanhang Precision (920914). At the same time, Yili Technology’s registered capital increased from 5.3001 million yuan to 7.2082 million yuan, an increase of approximately 36%.

EcoPro BM announced on July 26 that it signed a memorandum of understanding (MOU) with Soulbrain and Aekyung Chemical at its headquarters, and launched the K-Sodium Alliance. Under the agreement, the three companies will jointly develop the optimal combination of key SIB materials, including cathode materials from EcoPro BM, electrolytes from Soulbrain, and hard carbon anode materials from Aekyung Chemical.

SMM July 24 News: Prices of cobalt industry chain products remained generally in the doldrums this week. With the release of import and export data, spot refined cobalt prices fell by 22,500 yuan/mt for the week due to import data exceeding expectations, the demand off-season, and downstream summer breaks. Meanwhile, the cobalt salt market saw sluggish inquiries and transactions, with the market still awaiting the realization of downstream concentrated restocking demand.... SMM has compiled the price changes for cobalt products this week, as follows: : According to SMM spot price data, spot refined cobalt prices drifted lower this week. As of July 24, spot refined cobalt prices fell to 340,000–360,000 yuan/mt, averaging 350,000 yuan/mt, compared to 372,500 yuan/mt on July 17, a drop of 22,500 yuan/mt or 6.04%. According to SMM, at the beginning of the week, impacted by cobalt intermediate product and refined cobalt import data slightly exceeding expectations, futures prices for refined cobalt pulled back sharply, triggering concentrated position reductions by bulls and further accelerating the decline. Mid-week, prices stabilized briefly but lacked momentum for a rebound under the constraint of weak demand, consolidating at lows overall. Supply side, mainstream smelters lowered their ex-factory prices to 365,000 yuan/mt. After the rapid price decline, traders' spot-futures price spread was raised to a premium range of 1,000–10,000 yuan/mt. Demand side, downstream enterprises are in the summer break cycle, with purchase willingness at a low ebb, only maintaining small-scale restocking for rigid demand. Overall, July and August are the traditional consumption off-season for refined cobalt, with limited demand support, and short-term prices may remain in the doldrums. Raw Material—Cobalt Intermediate Products: According to SMM spot price data, spot cobalt intermediate product prices remained stable this week. As of July 24, spot cobalt intermediate product (CIF China) prices were at $23–24/lb, averaging $23.5/lb. Spot market side, the market tug-of-war remained intense in the spot cobalt intermediate product market. Supply side, some Chinese miners continued to quote based on the low-end European standard refined cobalt price multiplied by the cobalt hydroxide coefficient, but actual transactions were difficult to close due to significant differences in psychological price levels for the premium coefficient between upstream and downstream. Demand side, affected by the weakening prices of cobalt salt and refined cobalt, downstream smelter psychological price levels for raw materials have further pulled back to around $21–22/lb. Additionally, the China cobalt intermediate product import data for June released early in the week was higher than market expectations, alleviating concerns about future raw material shortages to some extent and further weakening purchase willingness. In the short term, miners held firm intentions to hold prices, but downstream demand support remained insufficient, with ongoing tug-of-war between both sides. Intermediate product prices were expected to remain stable. Cobalt salts ( and ): : According to SMM spot quotes, cobalt sulphate spot quotes began a continuous decline within the week. As of 24 July, cobalt sulphate spot quotes dropped to 82,000-84,000 yuan/mt, with an average of 83,000 yuan/mt, down by 2,000 yuan/mt from 85,000 yuan/mt on 17 July, a decline of 2.35%. According to SMM, trading sentiment for cobalt sulphate remained sluggish this week. On the supply side, primary smelters maintained high offers, with mainstream enterprises holding firm at 80,000-85,000 yuan/mt. Recycled-material smelters showed relatively stronger willingness to sell, with some enterprises lowering quotes below 78,000 yuan/mt. No significant improvement was observed on the demand side. Top-tier players still held sufficient raw material inventories and had yet to release new procurement demand. Some small and medium-sized enterprises had rigid restocking needs, but influenced by the sharp decline in refined cobalt prices, purchasing sentiment leaned cautious, with intended prices anchored near the 73,000-74,000 yuan/mt cost level for refined cobalt reverse dissolution. A substantial gap with seller offers remained, leading to relatively limited actual transactions. In the short term, cobalt sulphate prices were expected to maintain a consolidating on a subdued note pattern, with a sustained recovery awaiting the realization of concentrated downstream restocking demand. : According to SMM spot quotes, cobalt chloride spot quotes also drifted lower this week. As of 24 July, cobalt chloride spot quotes dropped to 99,000-100,000 yuan/mt, with an average of 99,500 yuan/mt, down by 1,500 yuan/mt from 101,000 yuan/mt on 17 July, a decline of 1.49%. According to SMM, the cobalt chloride market remained sluggish this week, with no significant increase in inquiry activity and order signing still limited. On the supply side, smelters mostly kept their offers stable, though current offers largely reflected the upstream intent to hold prices firm, making transactions at quoted prices very difficult. On the demand side, the "rush to buy amid continuous price rise and hold back amid price downturn" logic continued to dominate, with cautious entry decisions and a strong wait-and-see sentiment. Moreover, downstream inventories were relatively sufficient, resulting in low urgency to purchase. In the short term, prices were expected to maintain a sideways movement. : According to SMM spot quotes, Co3O4 spot quotes remained stable this week. As of 24 July, Co3O4 spot quotes temporarily held steady at 310,000-330,000 yuan/mt, with an average of 320,000 yuan/mt, unchanged from 17 July. According to SMM, in the spot market, the Co3O4 market remained sluggish this week, with actual transactions still very limited. Supply side, entering Q3, shipment pressure on enterprises was generally light, concentrated selling pressure eased, and offers stabilized. Demand side, cathode material plants mainly pushed for lower prices in inquiries and made small purchases based on demand, lacking the motivation to actively restock. The sluggish market continued to constrain upstream shipment pace. In the short term, Co3O4 movements remain highly correlated with cobalt salt prices, and it will likely move sideways alongside cobalt chloride. On the news front, this week, the General Administration of Customs released cobalt product import and export data for June. According to customs data, China's unwrought cobalt imports in June 2026 were about 1,120 mt, up 66% MoM and up 105% YoY. By source, the top three for refined cobalt imports were Indonesia, Russia, and Madagascar, with imports of 476 mt, 293 mt, and 148 mt, respectively. Although China's refined cobalt prices pulled back significantly in June, the export and import window remained completely closed. However, due to weak overseas demand for refined cobalt, some overseas traders still chose to ship refined cobalt to China, leading to a substantial increase in China's imports. The import average price of unwrought cobalt in June 2026 was $52,228/mt, down 4.27% MoM. Cumulative imports in January-June were 7,709 mt, up 118% YoY. On the exports side, China's unwrought cobalt exports in June 2026 were about 503 mt, up 36% MoM and down 46% YoY. By destination, the top three were the US, Taiwan, China, and the Netherlands, with exports of 132 mt, 125 mt, and 66 mt, respectively. The export average price was $59,579/mt, up 11.56% MoM. Cumulative exports in January-June were 2,664 mt, down 76% YoY. China's imports of cobalt hydrometallurgy intermediate products in June 2026 were about 10,961 mt in physical content, up 324% MoM and down 42% YoY. Imports from the DRC were about 10,815 mt in physical content, up 423% MoM and down 43% YoY. The import average price of cobalt hydrometallurgy intermediate products in June 2026 was $16,352/mt in physical content, down 1.54% MoM. Of this month's intermediate product imports, about 7,561 mt in physical content entered Zhejiang and Guangdong via Entrepot Trade by Customs Special Control Area, accounting for 69% of total imports; Ordinary Trade was about 2,849 mt in physical content, accounting for 26%; and processing trade with imported materials was about 550 mt in physical content, accounting for 5%.

Solid‑State Battery Weekly Review Hybrid Solid‑Liquid Mass Production Set, All‑Solid‑State R&D Continues

SMM Cobalt Morning Briefing: The cobalt industry chain was generally in the doldrums this week. Refined cobalt prices drifted lower, affected by import data exceeding expectations, the demand off-season, and downstream summer breaks. Sellers and buyers of cobalt intermediate products had a wide psychological price spread, making it difficult to advance transactions, and prices remained temporarily stable. Market inquiries and transactions for cobalt sulphate, cobalt chloride, and Co3O4 were sluggish, with downstream users mainly pushing for lower prices and making just-in-time procurement. Cobalt powder prices continued to hit bottom, while cobalt carbonate was also under pressure.

This week, ternary cathode material prices continued to move lower. On the raw material front, nickel sulfate prices traded at low levels with fluctuations, cobalt sulfate offers continued to decline, manganese sulfate prices held steady, while lithium carbonate and lithium hydroxide saw relatively notable declines due to capital market volatility. In terms of transaction sentiment, some battery cell manufacturers remained bearish amid significant volatility in raw material prices. With sufficient inventory levels, downstream battery cell manufacturers largely adopted a cautious wait-and-see approach and slowed their pace of offtake, leading to subdued trading activity this week. On the payable front, battery cell manufacturers showed limited acceptance of upward payable adjustments amid lackluster demand growth. Meanwhile, with the upcoming reinstatement of the lithium battery consumption tax, battery cell manufacturers may shift part of their cost pressures upstream, further complicating any upward payable adjustments. On the demand side, ternary battery cell manufacturers in the EV market generally adopt M-1 month pricing for settlements. Given the notable decline in raw material prices in July, battery cell manufacturers have shown strong wait-and-see sentiment. Actual offtake volumes this month are expected to be lower than previously anticipated, suggesting that domestic ternary cathode shipments in July may decline. In the consumer market, while the expected reinstatement of the consumption tax exists, its pull-forward effect on orders has been relatively limited, with demand also weighed down by falling raw material prices.

On July 22, Ronbay Technology released its semi-annual report for 2026, showing operating revenue of 8.721 billion yuan, a year-on-year increase of 39.57%. This was primarily driven by the overall upward trend in major raw material prices, with product selling prices rising accordingly. During the reporting period, the company achieved a net profit attributable to shareholders of the listed company of 109.3984 million yuan, turning losses into profits and representing a year-on-year increase of 259.95%. This was mainly attributable to the significant growth in overseas shipments due to increased orders from international customers; a year-on-year increase in ternary cathode material sales, reaching approximately 52,000 tons; full-capacity production and sales of lithium iron manganese phosphate, up about 50% year-on-year; and a substantial year-on-year increase in sodium-ion cathode material sales, all of which positively contributed to profits.