[LCO prices held steady this week] The LCO market remained relatively stable this week, with mainstream quotations for 4.2V/4.4V/4.5V products pulling back to 209,000 yuan/mt, 214,000 yuan/mt, and 225,000 yuan/mt, respectively.

["[LCO Prices Decline, Market Adopts Wait-and-See Attitude] In April 2025, LCO production increased by 27% MoM. On the demand side..."]

[Minister of Commerce Wang Wentao: Hope German Automobile Industry Association Continues to Play an Active Role in Resolving the EU's Anti-Subsidy Case on Chinese EVs] Minister of Commerce Wang Wentao met with Hildegard Müller, President of the German Automobile Industry Association (VDA), and the two sides exchanged views on topics such as Sino-German automotive industry cooperation and the EU's anti-subsidy case on Chinese EVs. Wang Wentao stated that Sino-German automotive industry cooperation has a solid foundation, and German automakers are witnesses, participants, and beneficiaries of China's reform and opening up. China's door to opening up will only open wider, and its policies on utilizing foreign investment remain unchanged and will not change. He hoped that German automakers would seize the opportunity and strengthen their confidence in investing in China. 》Click to view details [Li Lecheng, Secretary of the Party Leadership Group of MIIT, Meets with Hildegard Müller, President of the German Automobile Industry Association] Li Lecheng, Secretary of the Party Leadership Group of the Ministry of Industry and Information Technology (MIIT), met with Hildegard Müller, President of the German Automobile Industry Association (VDA), in Beijing on April 27. The two sides exchanged views on deepening Sino-German automotive industry cooperation. Li Lecheng stated that China and Germany are comprehensive strategic partners, and the German Automobile Industry Association has assisted German companies in deepening their presence in the Chinese market, carrying out diverse forms of cooperation in areas such as new energy vehicles (NEVs) and intelligent connected vehicles (ICVs). He hoped that both sides would continue to leverage their respective strengths, tap into cooperation potential, and jointly promote the transformation, upgrading, and high-quality development of the automotive industry. The Chinese side will create a world-class business environment that is market-oriented, law-based, and internationalized for the development of foreign-funded enterprises in China. Hildegard Müller stated that the German Automobile Industry Association has always advocated for free trade, called for fair competition, and valued international cooperation. She looked forward to working hand in hand with Chinese partners to promote the coordinated development and technological innovation of the automotive industries in both countries and continuously achieve new results in Sino-German automotive industry cooperation. [220 Million Tons of Lithium Ore Resources Proven in Yajiang, Sichuan] Yajiang County, Ganzi Prefecture, Sichuan Province, has proven lithium ore resources totaling 220 million tons. Zhong Se, County Magistrate of the Yajiang County People's Government, stated at a meeting that Yajiang is rich in lithium ore resources and is a core component of the Jiajika rare metal ore field, with proven pegmatite-type lithium ore reserves ranking first globally. Currently, Yajiang has proven 220 million tons of raw ore resources of spodumene and 3.06 million tons of lithium oxide resources. In terms of lithium ore resource development, Zhong Se revealed that Yajiang has "joined hands" with three industry giants: CATL, Tianqi Lithium, and Shengtun. "CATL's Sinoway and Shengtun's Murong lithium mine projects have obtained mining rights, and Tianqi's Cuola lithium mine has fully resumed production." [Nissan's Wuhan Plant Reportedly to Halt Production This Business Year] Citing sources, it is reported that Nissan Motor will end automobile production at its Wuhan plant by the end of the current business year, which concludes at the end of March 2026. The report indicates that amid fierce competition from Chinese automakers, the operating rate of Nissan's Wuhan plant has fallen below 10% of its annual production capacity of 300,000 units. The plant, which Nissan has been leasing from Dongfeng Motor since 2022, is used to produce Nissan's Ariya electric vehicle and X-Trail sport utility vehicle. [Canadian Retail Sales Decline in February, Expected to Rebound Mildly Next Month] Statistics Canada stated that due to a decline in sales at automobile and parts dealers, Canadian retail sales in February fell by 0.4% MoM from January, totaling CAD 69.33 billion (USD 49.95 billion). In February, sales declined in four out of nine sub-sectors, accounting for 43.1% of total retail sales. In terms of volume, retail sales fell by 0.4%. In its preliminary estimate, the agency said that retail sales in March may increase by 0.7%, while factory sales in March are likely to decline by 1.9% MoM, mainly due to sales declines in sub-sectors such as petroleum and coal products, primary metals, and transportation equipment. [China National Heavy Duty Truck Group and Toyota Motor Sign Strategic Cooperation Agreement] China National Heavy Duty Truck Group and Toyota Motor signed a strategic cooperation agreement at Toyota's headquarters in Nagoya, Japan, on the 25th. The hydrogen fuel cell tractors jointly developed by the two sides have been delivered to the market in batches for application. In the future, the two sides will establish broader cooperation in areas such as the R&D, demonstration operation, promotion, and business model innovation of hydrogen fuel cell commercial vehicles. Related Reading: March Battery Material Import and Export Data Released: Spodumene Imports Decline MoM, While Lithium Carbonate Imports Increase MoM. How Did They Perform? [SMM Special Topic] Refined Cobalt Spot Quotations Continue to Rise; High Raw Material Costs Lead to Production Cuts at Some Smelters. This Cobalt Salt Price May Remain Firm [Weekly Observation] [SMM Analysis] A Review of This Week's Scrap Spot Price Trends (April 21-27, 2025) [SMM Manganese Ore Weekly Review] Sluggish Market Purchases; Spot Prices Under Pressure to Decline [SMM Analysis] Weekly Review of the Lithium Carbonate Market: Demand Falls Short of Incremental Expectations, Prices Fall by Over RMB 1,000 Weekly! [SMM Analysis] Weekly Market Trends of Lithium Ore (April 21-25) [SMM Analysis] Weekly Market Trends of Lithium Hydroxide (April 21-25) [SMM Analysis] Recent Electrolyte Prices (April 21-24, 2025) [SMM Analysis] Analysis of Weekly Price Trends of Energy Storage Battery Cells from April 17-24 [SMM Analysis] This Week, Spot Prices of Cobalt Tetroxide Decline Slightly [SMM Analysis] This Week, Prices of Ternary Cathode Materials Further Decline [SMM Analysis] This Week, Prices of Ternary Cathode Precursors Rebound Slightly [SMM Analysis] This Week, Spot Prices of Refined Cobalt Rise Slightly [SMM Analysis] This Week, Spot Prices of Cobalt Intermediate Products Remain Stable [SMM Analysis] This Week, Prices of Cobalt Chloride Rise Slightly [SMM Analysis] This Week, Spot Prices of Cobalt Sulphate Remain Stable, with Strong Market Wait-and-See Sentiment [SMM Analysis] This Week, Prices of Power Battery Cells Remain Generally Stable, with Demand Pressure on Ternary Systems Limiting Price Increases [SMM Analysis] This Week, Prices of Anode Materials Remain Stable [SMM Analysis] This Week, Prices of Anode Raw Material Cokes All Decline to Varying Degrees [SMM Analysis] With No Significant Fluctuations in Supply-Demand Patterns or Costs, This Week, Prices of Graphitisation Tolling Services Remain Stable LFP Market Situation from April 21 to April 25 [SMM Analysis] [SMM Analysis] In March 2025, China's Unwrought Cobalt Exports and Average Export Prices Increased Significantly MoM [SMM Analysis] In March, Imports of Cobalt Intermediate Products Increased Both YoY and MoM [SMM Analysis] Supercharging Technology Showdown: CATL vs. BYD [SMM Analysis] Zimbabwe's Step Aside Lithium Mine Project Initiates Asset Realization: Focusing on Strategic Adjustments and Market Opportunities The 2025 (10th) New Energy Industry Expo Concluded Successfully! See Industry Leaders Gather to Discuss Hot Topics! SMM: Global LFP Production Expected to Continue Rising, with Subsequent Prices Still Heavily Influenced by Lithium Carbonate [New Energy Summit] [SMM Analysis] In March, China Imported a Total of 534,500 mt of Spodumene [SMM Data] Import and Export Data of LiPF6 in March 2025 Import and Export Situation of LFP Materials in March [SMM Analysis] [SMM Analysis] In March, Import and Export Volumes of Ternary Cathodes Released, with Imports Up 31% MoM and Exports Up 36% MoM [SMM Analysis] Market Warms Up in March, with Increased Exports of Artificial Graphite [SMM Analysis] Analysis of Export Situation of Ternary Cathode Precursors in March

【Ministry of Commerce on China-EU Auto Negotiations: China Willing to Resolve Trade Frictions Through Dialogue】 The Ministry of Commerce held a regular press conference on the afternoon of April 24. Reporter: China and the EU previously agreed to immediately launch negotiations on EV price commitments and discuss investment cooperation in the auto industry. Can the Ministry of Commerce provide an update on the current progress of these negotiations? Spokesperson He Yadong: Following the video meeting between Minister Wang Wentao and EU Trade and Economic Security Commissioner Šefčovič on April 8, the technical teams from both sides have maintained close communication on EV price commitments and trade investment cooperation, and are accelerating the negotiation process. China is willing to work with the EU to properly handle trade frictions through dialogue and consultation, deepen bilateral practical cooperation, and inject more certainty and positive energy into the Chinese, European, and global economies. 》Click for details 【GFEX Adjusts Price Limits and Margin Requirements for Futures Contracts During 2025 Labor Day Holiday】 Starting from the settlement on April 29, 2025 (Tuesday), the price limit for silicon metal futures contracts will be adjusted to 8%, with speculative trading margin requirements set at 10% and hedging margin requirements at 9%. The price limit for polysilicon futures contracts will be adjusted to 9%, with speculative trading margin requirements set at 11% and hedging margin requirements at 10%. The price limit for lithium carbonate futures contracts will be adjusted to 10%, with speculative trading margin requirements set at 12% and hedging margin requirements at 11%. (Cailian Press) 》Click for details 【Tesla’s Q1 Sales in Europe Plunge 45%】 Data released by the European Automobile Manufacturers Association on the 24th shows that new car registrations in the EU fell 1.9% YoY in the first three months of this year. The market share of EVs and hybrid vehicles continued to expand, while the share of traditional internal combustion engine vehicles shrank significantly. Data shows that gasoline car registrations fell 20.6% YoY to 779,000 units, accounting for 28.7% of the market. Diesel car registrations dropped 27.1%, with market share falling to 9.5%. Pure EV registrations rose 23.9% to 413,000 units, accounting for 15.2% of the market, up from 12% in the same period last year. Data shows that Tesla’s new car sales in Europe fell 45% YoY in Q1. (Cailian Press) 【China’s First Industry Standard for Safe Maritime Transport of Lithium Batteries to Take Effect in May】 Li Ying, spokesperson for the Ministry of Transport, stated at a press conference that the "Technical Requirements for the Safe Transport of Lithium Batteries by Ships" will take effect on May 1. The standard, consisting of 10 parts, 5 informative appendices, and 2 normative appendices, is China’s first industry standard for the safe maritime transport of lithium batteries. Compiled under the leadership of the Maritime Safety Administration of the Ministry of Transport, the standard integrates input from producers, testing agencies, port and shipping companies, and incorporates China’s experience and practices in lithium battery transport. It addresses gaps in existing international and domestic technical standards, ensuring safe and compliant transport of lithium battery products while resolving challenges in transport classification, labeling, and packaging for relevant production and transport companies. This effectively promotes the international trade and domestic safe circulation of China’s lithium battery products, enhancing the country’s competitiveness in the global new energy sector. (Cailian Press) 【Jinyang Co., Ltd. to Invest Up to $90 Million in Malaysian Lithium Battery Precision Component Project】 Jinyang Co., Ltd. (301210.SZ) announced that the company plans to invest in the construction of a lithium battery precision component project in Malaysia, with a total investment not exceeding $90 million. The funding will come from the company’s own funds or self-raised funds. The project will be implemented by a project company established in Malaysia through the company’s wholly-owned subsidiary in Singapore. The construction period is approximately 36 months. The company’s investment in a new production base in Malaysia aims to meet overseas market demand, optimize capacity layout, and enhance overall competitiveness. However, the project faces risks such as approval uncertainties, investment scale and progress uncertainties, overseas market competition, and internal control management. (Cailian Press) 【EVE Energy Reports Q1 Revenue and Non-GAAP Net Profit Up 37.34% and 16.60% YoY, Power Battery Business Expected to Continue Improving】 EVE Energy (300014.SZ) released its Q1 2025 report. Facing a deep adjustment in the new energy industry, the company achieved revenue of 12.796 billion yuan, up 37.34% YoY, demonstrating its lean management and resilience as an industry leader. Non-GAAP net profit attributable to the parent company was 817 million yuan, up 16.60% YoY. The company’s ESS and power battery shipments continued to grow rapidly in Q1. Benefiting from the volume increase of new energy vehicle models, breakthroughs in the plug-in hybrid market, and stable growth in commercial vehicle installations, EVE Energy’s power battery shipments reached 10.17 GWh in Q1, up 57.58% YoY, significantly outpacing the industry average. Meanwhile, the company is actively expanding into emerging markets such as eVTOL, drones, and robots, with some projects having completed the delivery of the first batch of samples. Overseas, the small cylindrical battery factory in Malaysia has been completed and put into production, ESS projects are expected to start mass production next year, and the Hungary base has begun construction, with the internationalization strategy expected to open a second growth curve. (Cailian Press) Related Reading: 【SMM Analysis】Weekly Review of Lithium Carbonate Market: Demand Falls Short of Expectations, Weekly Drop Exceeds 1,000 Yuan! 【SMM Analysis】Weekly Lithium Ore Market Review, 4.21-4.25 【SMM Analysis】Weekly Lithium Hydroxide Market Review, 4.21-4.25 【SMM Analysis】Recent Electrolyte Price Trends, 4.21-4.24, 2025 【SMM Analysis】ESS Battery Cell Price Trends, 4.17-4.24 【SMM Analysis】Spot Prices of Cobalt Tetroxide Slightly Decline This Week 【SMM Analysis】Ternary Cathode Material Prices Further Pull Back This Week 【SMM Analysis】Ternary Precursor Prices Rebound Slightly This Week 【SMM Analysis】Spot Prices of Refined Cobalt Rise Slightly 【SMM Analysis】Spot Prices of Cobalt Intermediate Products Remain Stable 【SMM Analysis】Cobalt Chloride Prices Rise Slightly This Week 【SMM Analysis】Spot Prices of Cobalt Sulphate Remain Stable, Market Sentiment Cautious 【SMM Analysis】Power Battery Cell Prices Remain Stable Overall, Ternary System Demand Under Pressure 【SMM Analysis】Negative Electrode Material Prices Remain Stable This Week 【SMM Analysis】Negative Electrode Raw Material Coke Prices Decline to Varying Degrees This Week 【SMM Analysis】Supply-Demand Pattern and Costs Remain Stable, Graphitisation Tolling Prices Unchanged This Week 【SMM Analysis】LFP Market Situation, 4.21-4.25 【SMM Analysis】China’s Unwrought Cobalt Exports and Export Prices Rise Significantly MoM in March 2025 【SMM Analysis】Cobalt Intermediate Product Imports Rise YoY and MoM in March 【SMM Analysis】Ultra-Fast Charging Technology Showdown: CATL vs. BYD 【SMM Analysis】Zimbabwe’s Step Aside Lithium Mine Project Initiates Asset Liquidation: Focus on Strategic Adjustments and Market Opportunities 2025 (10th) New Energy Industry Expo Concludes Successfully! Industry Leaders Gather to Discuss Hot Topics! SMM: Global LFP Production Expected to Continue Rising, Prices Still Largely Affected by Lithium Carbonate【New Energy Summit】 【SMM Analysis】China’s Spodumene Imports Total 534,500 mt in March 【SMM Data】LiPF6 Import and Export Data for March 2025 【SMM Analysis】LFP Material Import and Export Situation in March 【SMM Analysis】Ternary Cathode Imports and Exports in March: Imports Up 31% MoM, Exports Up 36% MoM 【SMM Analysis】Market Recovery in March, Artificial Graphite Exports Increase 【SMM Analysis】Analysis of Ternary Precursor Exports in March

SMM Cobalt and Lithium Morning Meeting Minutes: Refined cobalt spot prices fluctuated upward this week. Supply side, the current market social inventory remained high, but the inventory structure showed slight differences. Supply side, due to raw materials maintaining high levels, the economic viability of refined cobalt production was poor, and smelters' enthusiasm for refined cobalt production was relatively low, with some smelters implementing production cuts. Demand side, downstream producers' inquiry activity slightly increased, but their willingness to stock up at high prices was not strong. It is expected that refined cobalt prices will maintain a fluctuating trend next week.

[SMM Analysis: Downstream Demand Rebounds, Cobalt Tetroxide Output in September Increases Month-on-Month] In September, China's cobalt tetroxide production increased slightly both month-on-month and year-on-year. The main reasons for the increase in production in September are: driven by Huawei's new phone models, lithium cobalt oxide enterprises have increased their production schedules, which in turn drove up the demand for cobalt tetroxide, a raw material, mainly concentrated in leading enterprises.

According to SMM statistics, customs data shows that the provinces with the largest exports of cobalt tetroxide in August 2024 are mainly concentrated in Zhejiang and Hunan, with import shares of 46% and 38% respectively.

According to SMM statistics, customs data showed that China's cobalt tetroxide exports in August 2024 were approximately 72 physical tons, down 80% month-on-month and 79% year-on-year. In terms of the average export price, the average price of China's cobalt tetroxide exports in August 2024 was US$15,192 per ton. From January to August 2024, the cumulative export volume reached 2,576 physical tons, a cumulative increase of 17% year-on-year.

According to SMM statistics, customs data showed that China's imports of cobalt tetroxide in August 2024 were approximately 10 physical tons, representing a month-on-month increase of 400% and a year-on-year increase of 67%. In terms of the average import price, the average import price of cobalt tetroxide in China in August 2024 was USD 21,833 per ton. From January to August 2024, the cumulative import volume was 54 physical tons, with a cumulative year-on-year decrease of 4%.

[SMM Analysis: Exports of Cobalt Tetroxide Increased Month-on-Month in August] According to customs data, China's imports of cobalt tetroxide in August 2024 were approximately 10 physical tons, up 400% month-on-month and 67% year-on-year.