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

This week, the Co3O4 market continued to operate steadily, with overall trading activity remaining relatively subdued. Quotations from mainstream enterprises still held firm at around 370,000 yuan/mt, supported by tight inventory of cobalt intermediate products on the cost side, which remained resilient. However, demand-side performance was even more mediocre WoW, as the procurement pace at downstream LCO material plants slowed down further, with most adopting produce based on sales and restocking only as needed, while inquiry and transaction sentiment cooled slightly. Amid the continued tug-of-war between suppliers holding prices firm and buyers remaining cautious, the market still lacked clear directional guidance in the short term. Prices were expected to remain largely stable, with limited room for fluctuations.

From January to February 2026, China's air conditioner production reached 40.118 million units, up 0.7% YoY. From January to February, national refrigerator production reached 16.643 million units, up 6.5% YoY. From January to February, national washing machine production reached 18.579 million units, down 0.8% YoY. From January to February, national color TV production reached 24.678 million units, up 2.3% YoY. In February 2026, China exported 6.84 million air conditioners, up 1.2% YoY; cumulative exports from January to February totaled 13.15 million units, down 6.5% YoY. Refrigerator exports reached 6.93 million units in February, up 26.6% YoY; cumulative exports from January to February totaled 14.91 million units, up 18.6% YoY. Washing machine exports reached 2.7 million units in February, up 18.1% YoY; cumulative exports from January to February totaled 6.1 million units, up 11.8% YoY. LCD TV exports reached 8.53 million units in February, up 34.4% YoY; cumulative exports from January to February totaled 17.69 million units, up 17.2% YoY.

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

The LCO market started the week with stable operation, with prices mainly fluctuating slightly in line with upstream lithium carbonate, but overall fluctuations were limited. Currently, cathode producers' quotations for conventional models remain above 400,000 yuan per mt, while high-voltage product quotations hold firm around 420,000 yuan. As the post-holiday period falls within the traditional off-season for consumer electronics, downstream battery cell manufacturers currently exhibit low purchase willingness, mostly adopting a wait-and-see attitude. It is expected that after the new stockpiling cycle begins in early March, LCO prices are likely to continue rising. Wang Cong 021-51666838 Ma Rui 021-51595780 Feng Disheng 021-51666714 Lü 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

Price side, the average price of LCO (4.4V) in November was 140,500 yuan/mt, down 3.4% MoM and 37% YoY.

[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 Slightly Declined, Demand Expected to Recover] Recently, the LCO industry has shown diverse development trends. Price-wise, according to SMM analysis, LCO prices slightly declined this week, with the latest prices for 4.2V, 4.4V, and 4.5V LCO at 134,000 yuan/mt, 137,000 yuan/mt, and 149,000 yuan/mt, respectively.

[LCO Prices Slightly Declined, Demand Expected to Recover] Recently, the LCO industry has shown diverse development trends. Price side, according to SMM analysis, LCO prices slightly declined this week, with the latest prices for 4.2V, 4.4V, and 4.5V LCO at 134,000 yuan/mt, 137,000 yuan/mt, and 149,000 yuan/mt, respectively.

[Spot Prices of LCO Soared This Week, With Further Price Increases Expected] This week, LCO prices saw a significant surge, with the latest prices for 4.2V/4.4V/4.5V LCO at 152,000/156,000/166,000 yuan/mt, respectively. The average price of battery-grade lithium carbonate declined this week, primarily due to increased operating rates at lithium chemical enterprises combined with weak end-use demand, leaving the market's loose supply and demand dynamics unchanged. Affected by the ongoing impact of the DRC government's suspension of cobalt concentrate exports, Co3O4 quotations soared this week, and short-term cobalt salt prices are still expected to rise.