Iron phosphate negotiations in April were deadlocked, with offers hitting 13,000 yuan/mt. The price surge appeared raw-material driven, but in fact reflected pricing power shifting upstream after a reversal in supply-demand fundamentals. Downstream buyers cited “cost increases” to push back, yet conveniently forgot the upstream losses quietly absorbed over the past three years. This was never about simple cost pass-through—it was a restructuring of profit distribution across the chain.

This week (March 13, 2026–March 19, 2026), multiple enterprises in the solid-state battery sector were active: Dali Times commenced construction of a 2 GWh specialized semi-solid-state battery base; EVE’s Longquan Phase III/IV all-solid-state batteries rolled off the line in Chengdu; Chery released its 600 Wh/kg Rhino all-solid-state battery technology。

[Phosphorus Chemical Industry: Wengfu's Wet-Process 85 Phosphoric Acid Rose by 700 yuan/mt Within Half a Month, Pushing Iron Phosphate Production Costs Higher Under Pressure] On March 16, 2026, SMM reported that phosphorus giant Wengfu Group raised the ex-factory price of wet-process 85 phosphoric acid by 200 yuan/mt yesterday. Wengfu implemented a "price adjustment on every 5th" mechanism (the 5th, 15th, and 25th of each month). This marked the second price adjustment in March, bringing the cumulative increase to 700 yuan/mt (it had already increased by 500 yuan/mt on March 5). The continued increases in phosphoric acid prices brought significant cost pressure to new energy enterprises, while the production costs of iron phosphate via the iron-process and sodium-process routes rose by several hundred yuan accordingly.

[Phosphorus Chemical Industry: Tinci Materials Plans to Invest 2.1 Billion Yuan to Build the Yichang New Energy Industrial Park, With 1 Million mt of Iron Source and 300,000 mt of Iron Phosphate] On March 9, 2026, Tinci Materials (002709) announced that, to strengthen its strategic layout in lithium-ion battery materials, the company plans to build a new energy materials industrial park in Yichang, Hubei, through its wholly owned subsidiary Tinci Materials (Hubei) Co., Ltd. The project is expected to have an annual capacity of 1 million mt of iron source and 300,000 mt of iron phosphate, with total investment expected not to exceed 2.1 billion yuan.

Geopolitical conflict in the Middle East led to a blockade of the Strait of Hormuz, cutting off the global sulphur supply chain (China’s import dependence exceeds 50%, with the Middle East accounting for 56%). Sulphur prices surged to 4,395 yuan/mt, directly pushing up phosphate fertiliser costs. Rigid demand from spring ploughing provided support, but China’s policies to ensure supply and stabilise prices curbed phosphate fertiliser gains。

After the Chinese New Year, iron phosphate prices rose by 100 yuan/mt, but the increase has yet to be implemented. Upstream phosphoric acid then suddenly jumped by 500-700 yuan/mt, directly wiping out the entire increase and even turning it into a loss.

[Transaction Information on Molybdenum Concentrates] SMM News on March 4: A molybdenum concentrates enterprise in Jiangxi sold 40%–45% molybdenum concentrates, with copper averaging 1.985% and phosphorus averaging 0.068%. The transaction price was 4,450 yuan/mtu, with a bidding floor price of 4,410 yuan/mtu. Payment terms were 35% cash and 65% acceptance, and the volume was 320 mt.

Iron phosphate prices rose by ¥500/ton, yet ¥409 of this was offset by surging raw material costs. Tight supply in sulfur and titanium dioxide sectors drove up input expenses, making this hike a cost pass-through with little real profit gain for producers.

[Molybdenum Concentrate Tender Information] SMM September 23: A Jiangxi copper-molybdenum mine tendered the sale of 40%-45% grade molybdenum concentrates (average copper 3.277%, average phosphorus 0.0875%). The transaction price was 4,415 yuan/mtu, with a reserve price of 4,400 yuan/mtu, 35% cash and 65% acceptance. The tender quantity was 256 mt.

According to SMM, Guangdong Xingqi New Materials Co., Ltd. will establish Guangdong's first high-end alloy copper production line. The project involves an investment of 400 million yuan and will construct a production project with an annual output of 15,000 mt of tin-phosphorus bronze and alloy copper plate/sheet and strip, aiming to achieve trial production by early 2026.