Data source: Xinlun Lithium Battery

1. Lithium carbonate

This week, domestic lithium carbonate prices have maintained a downward trend. In the atmosphere of buying up rather than falling, downstream procurement is very cautious. Recently, some lithium salt factories have engaged in low-priced selling behavior, leading to an accelerated decline in spot prices. From a supply perspective, lithium salt manufacturers in Sichuan are operating normally, but some lithium salt factories that rely on outsourced mines face high cost pressures and are expected to reduce production. Temperatures in Qinghai and salt lakes continue to warm up, and lithium carbonate production continues to increase. Currently, lithium salt factory inventory is at a high level. On the contrary, domestic downstream demand has recovered less than expected and remains sluggish. Actual transactions are not optimistic, and the market supply and demand relationship is difficult to support spot prices, It is expected that lithium carbonate will continue to decline in the short term.

2. Positive electrode material

This Wednesday, the yuan material quotation continues to decline. From the perspective of market demand, the feedback on orders in April is currently weak, and the recovery of downstream demand is limited. There has been no significant increase in material procurement by battery companies, indicating a strong pessimistic sentiment in the market; Overseas demand is guided by fluctuations in lithium salt prices, with cautious increments and temporarily maintaining stable production. At present, the quotation of lithium carbonate is still higher than the terminal psychological price, and there is still room for exploration in the short term.

3. Negative electrode material

This week, the negative electrode market continued to experience a cold spell, and in the short term, there was a serious mismatch between supply and demand in the market. Negative electrode material factories often produce products based on sales; Downstream manufacturers have a cautious willingness to stock up, while the performance of the power battery market is lackluster. They often purchase according to demand and have a strong pressure on prices. The graphitization market is still chilly in winter, and the cost pressure on negative electrode manufacturers continues to spread upstream. The competition among graphitization manufacturers is fierce, with prices hovering around the cost line, and there are generally no orders available in the market. Overall, the demand for batteries is sluggish, and the negative electrode market is facing difficulties in shipping. It is expected that there is still room for further decline in negative electrode material prices.

4. Diaphragm

The industry's wait-and-see sentiment continues, and lithium salt prices remain the main contradiction in the market. Downstream battery manufacturers' inventory consumption of finished products continues, and downstream production in April still falls short of market expectations. At present, the overall industry has shifted from production to sales, resulting in a significant decline in overall market demand in the first quarter of this year. In terms of price, the upstream coating material PVDF material price has further declined. Against the backdrop of phased overcapacity and declining coating costs, the overall price of the diaphragm has been impacted to a certain extent, and there is still a possibility of a downward trend in the future.

5. Electrolyte

There are no signs of improvement in the electrolyte market this week. The traditional off-season of the Spring Festival continues to extend, and the price of lithium carbonate cannot be stabilized. The performance of the energy storage and power markets is calm, and there is currently no positive sentiment in the overall market; In terms of price, raw material prices have slid, electrolyte prices have continued to decline, and downstream markets purchase on demand, resulting in a shortened procurement cycle.

In terms of raw materials, the performance of the lithium hexafluorophosphate market is poor. Due to the continuous decline in the price of raw material lithium carbonate, the price of lithium hexafluorophosphate continues to decrease due to cost and emotional factors. Coupled with the low willingness of downstream customers to purchase, the shipment volume and operating rate of lithium hexafluorophosphate have also decreased simultaneously.

Source: China Chemical and Physical Power Supply Association, Xinlun Lithium Battery, Hua'an Securities Research Institute