[offline] honeycomb energy cobalt free cathode material ton pilot test successfully offline

On July 10, it was reported in the industry that the ton scale pilot test of cobalt free ni75 cathode material, the core material of honeycomb energy's cobalt free battery, was successfully offline in its Baoding R & D center.

It is reported that after nearly two years of synchronous development and continuous improvement, the materials have passed various rigorous quality and performance tests. The material has the advantages of high performance and low cost.

It is also reported that the company's Jintan cathode material factory in Changzhou, Jiangsu Province has recently achieved the structural capping of the plant, and the construction of phase I production line is expected to be completed by the end of the year. (source: battery bairenhui battery network)

[market] Congo confirmed news disturbed cobalt city again, and the demand for cobalt salt stocking increased slightly

Ternary materials: the price of ternary materials was flat last Wednesday. Last week, the price of precursor and carbon remained unchanged. The battery factory's purchase of ternary materials was less than expected. There were few market transactions, and the price remained basically unchanged. In the digital market, some enterprises misjudge the downstream expectations, have high inventories, and have recently shipped at low prices. Last week, the price of SMM ternary material (type 523) was 11-116500 yuan / ton, with the average price unchanged from last week. The price of SMM ternary material (type 622) is 130-137500 yuan / ton, and the average price is the same as last week. The price of SMM ternary material (type 811) is 147000-16000 yuan / ton, with the average price unchanged from last week.

Lithium iron phosphate: the price of lithium iron phosphate remained unchanged last week. Last week, the price of industrial carbon rose slightly, which was not transmitted to iron lithium enterprises for the time being, and the demand of downstream power market increased slightly, but the battery factory has strong bargaining power, so the price of iron lithium is difficult to rise. Last week, the price of SMM lithium iron phosphate (power type) was 34500-37000 yuan / ton, and the average price was flat compared with last week. The price of SMM lithium iron phosphate (energy storage type) is 28-33500 yuan / ton, and the average price is the same as last week.

Future forecast: for cobalt, affected by the news of confirmed cases in the DRC mining area last week, market sentiment was disturbed again, and the demand for cobalt salt stock increased slightly, which may support the short-term cobalt price. In terms of lithium, the recent slight rise in the price of industrial carbon has boosted market sentiment. In the long run, there is still a high correlation between the price of industrial carbon and electric carbon, and the industry needs a certain amount of time to digest inventory. At the stage when the price of lithium carbonate is already in the bottom range, whether there is an opportunity for trend increase in the price in the future needs to closely observe the emergence of the inflection point at the demand side. (source: SMM)

[fund raising] Lanxiao technology plans to raise an additional 150million to supplement working capital and enhance the competitiveness of salt lake lithium extraction business

On the evening of July 6, Lanxiao Technology (300487) disclosed the stock issuance plan to specific objects. The company plans to raise no more than 150million yuan to supplement working capital. The issuance price is 24.94 yuan / share. The issuance objects are Kou Xiaokang and Gao yuejing, who are directors, controlling shareholders and actual controllers of the company.

The announcement shows that the business scale of Lanxiao technology has expanded rapidly since its listing. From 2017 to 2019, the operating revenue was 44.42425 million yuan, 63.19868 million yuan and 101.19303 million yuan respectively, with a compound annual growth rate of 50.93%. At the same time, the scale of the company's accounts receivable also continued to grow, and the book balance of accounts receivable increased from 152.3242 million yuan at the end of 2017 to 23.29992 million yuan at the end of 2019. In 2017, 2018 and 2019, the net cash flow of the company's operating activities was 76.7727 million yuan, 19.6224 million yuan and -46.996 million yuan respectively, indicating that the company's daily production and operating activities have high requirements for working capital. Therefore, with the further development of the company's future business and the consolidation of the industrial chain, the company's demand for working capital will also increase significantly.

Lanxiao technology said that this time, the company issued shares to specific objects to supplement working capital, which is in line with the company's current actual financial situation and the capital needs for future business development, helps to promote the long-term healthy development of the company, and is conducive to maximizing the interests of the company and all shareholders, which is necessary.

It is worth noting that recently, Lanxiao technology said in the interactive exchange with investors that the total amount of the lithium extraction project of zangge lithium salt lake was 578million yuan. By the end of April 2020, the company had completed the installation of eight lines, with a cumulative revenue of 300million yuan. By the end of the first quarter of 2020, Jintai project has completed the construction of two 1000t/a lithium carbonate production lines and put them into operation to produce products. In addition to zangge and Jintai projects, the pilot scale production line signed by the company and Minmetals is also progressing smoothly. The Minmetals project adopts a multi-channel valve device, which has been installed and accepted by customers. (source: battery bairenhui battery network)

[analysis] strong rise or short-term stabilization analysis of the reasons for the recent lithium price rise

Recently, the price of lithium salt in China has changed. The price of SMM on July 8 showed that the latest quotation of industrial grade lithium carbonate was 32000-37000 yuan / ton, which increased by 500 yuan / ton compared with the low price of the previous trading day, and the average price increased by 0.73%.

According to SMM statistics, since the beginning of the year, the price of battery grade lithium carbonate has fallen by 20.4%, the price of industrial grade lithium carbonate has fallen by 12.7%, and the downward pressure on the price of battery grade lithium carbonate is more obvious.

From the SMM lithium salt inventory data, the current domestic lithium carbonate market as a whole still has a relatively obvious surplus trend. In this context, why did the price of industrial lithium carbonate rise?

SMM believes that this price increase is guided by the active price adjustment of the large industrial lithium carbonate factory in Qinghai, which has tight shipments. At the same time, the supply and demand structure of industrial lithium carbonate has improved, driving the process of small price increases in the industry. At present, there are still some differences between the application scenarios of battery grade lithium carbonate and industrial grade lithium carbonate, resulting in differences in the supply and demand structure of the two. (source: Shanghai Nonferrous Metals network)

[industry] lithium carbonate prices hit the bottom and rebounded, and the lithium salt market began to recover

Lithium supply side: since the beginning of 2019, the production and sales rate of lithium concentrate mining enterprises has seriously declined, and mining enterprises and smelting enterprises have passively added lithium concentrate inventory.

The last round of capacity expansion cycle of lithium mine (2017-2019) has basically come to an end. 2017-2019 has also gone from "one mine to seven mines". At the same time, greenbushes has also expanded its own capacity. However, a large number of other lithium mine production expansion projects will be put on hold, mainly because the lithium industry is weak and unable to raise money, or even if the downstream demand of production expansion cannot keep up with the supply. Now, it is expected that there will be no increase in lithium production capacity in the next 2-3 years, and there may even be a reduction (clearance of high-cost mines).

Lithium demand side: new energy vehicles were the main growth. In June, the wholesale sales of new energy vehicles were 85600, a year-on-year decrease of 34.9% and a month on month increase of 20.1%. Continue to maintain the growth momentum. Among them, the sales volume of plug-in hybrid vehicles was 17700, a year-on-year decrease of 11%; The wholesale sales volume of pure electric vehicles was 67000, a year-on-year decrease of 40%.

In June, the high-end trend of electric vehicles was obvious, with the year-on-year decrease of 56% for class A and below electric vehicles, and the year-on-year increase of 8 times for class B and above electric vehicles. In June, the performance of wholly-owned and joint venture new energy was strong, becoming an important force in the new energy vehicle market. In terms of wholly-owned brands, Tesla's sales share in the pure electric market was 23% in June. It is expected that Tesla will still be a pure increment in the second half of the year, and the domestic electric vehicle market in the second half of the year will be significantly higher than that in the second half of last year.

Aftermarket forecast: lithium salt prices have fallen to a low point, new lithium salt projects are also gradually going bankrupt, and the actual supply has decreased significantly. At present, the price of lithium carbonate has fallen below the cost price, the domestic operating rate is low, and the Australian mining cost is relatively high. Most domestic spodumene inventories were stored at high prices in the previous two years (average price of 500-800 dollars / ton). The low-cost lithium carbonate in the market is gradually consumed. In recent days, Salt Lake industrial carbon has taken the lead in raising prices, The rebound in industrial carbon prices will gradually stimulate the warming of electric carbon prices, and the short-term lithium salt price will rise slightly. It is expected that the lithium carbonate price will fluctuate between 40000-60000 yuan / ton in the next two years. (source: Southwest steel index)

[observation] lithium salt prices usher in a reversal? Some manufacturers' price adjustment signals have appeared

Statistics found that even if there was a drop on July 10, the lithium sector as a whole rose nearly 10% last week, Tianqi lithium rose nearly 28% in five trading days, and Ganfeng lithium also performed well, up nearly 13%. What is the reason for the sharp rebound of "lithium industry"? The key lies in the recent rising signal of lithium price.

The rise in lithium salt quotation is continuing to verify the reasoning logic of Wang Hetao, the new chief of Changjiang Securities, but whether the quotation of lithium carbonate in recent days can confirm the bottom is still worth tracking.

Wang Hetao believes that in June, the sales of new energy vehicles in many European countries exceeded expectations. If the recovery in Europe continues to exceed expectations, coupled with the recovery of domestic production and sales of new energy vehicles, the increase in domestic spot price of lithium hydroxide in the second half of the year is a high probability event, which is also the lithium salt variety whose price is expected to reverse first.

Li Chao, a nonferrous industry analyst at CITIC Securities, also believes that the lithium price is currently at the bottom of history and has touched the cost line of domestic lithium salt plants. Under the expectation of improving the supply and demand fundamentals of the industry, it is expected that there is little room for future price decline. (source: Cailian)

[order] Yahua international and Galaxy lithium renewed the lithium concentrate off purchase agreement, with a supply of more than 45000 tons this year

On the evening of July 10, Yahua group (002497) announced that its wholly-owned subsidiary Yahua international recently renewed the off take agreement with Galaxy lithium on the purchase of lithium concentrate, extending the contract period from five years to December 31, 2025.

According to the agreement, the product supplied by Galaxy lithium to Yahua international is spodumene concentrate, and the supply volume in 2020 will not be less than 45000 tons; From 2021 to 2025, the annual supply of each contract shall not be less than 120000 tons. The agreement will provide long-term, stable and high-quality raw material guarantee for the future production of lithium salt products of the company.

Yahua group entered the lithium industry by participating in Guoli company in 2013. At present, it has four lithium industry companies: Guoli company, Xingsheng lithium industry, Ya'an lithium industry and lithium technology. The company focuses on the R & D, production and sales of lithium hydroxide, and is equipped with lithium carbonate. The production process level and equipment technology level are at the forefront of the industry. At present, the company has a total capacity of nearly 40000 tons.

In 2019, the sales volume of lithium salt products of Yahua group increased by 66.49%, and the market share increased against the trend. In 2019, Ya'an lithium salt production line was completed for trial production, and the company's market share increased against the trend. The annual sales volume of lithium salt products was 11700 tons, with a year-on-year increase of 66.49%. (source: battery bairenhui battery network)

[acquisition] Tianhua Chaojing plans to transfer 26% equity of Tianyi lithium to speed up the construction of lithium battery materials project

Recently, Tianhua Chaojing (300390) announced that in order to enhance the company's comprehensive competitiveness and speed up the construction of lithium battery material projects, the company signed the equity transfer framework agreement with Changjiang chendao (Hubei) new energy industry investment partnership (limited partnership) (hereinafter referred to as "chendao investment"), Chendao investment plans to transfer its 26% equity of Yibin Tianyi lithium science and Innovation Co., Ltd. (hereinafter referred to as "Tianyi lithium") to the company.

Statistics show that Yibin Tianyi lithium industry science and Technology Innovation Co., Ltd. was founded by Tianhua super clean (300390), Ningde times (300750), Great Wall chendao and other companies. It was registered in Jiang'an on November 19, 2018, with a registered capital of 700million yuan. It mainly develops, produces and sells battery grade lithium hydroxide and other lithium battery material series products. Among them, Tianhua Chaojing, Changjiang chendao and Ningde times plan to invest 294million yuan, 182million yuan and 105million yuan respectively, accounting for 42%, 26% and 15% of the registered capital of the joint venture respectively.

The joint venture will focus on the scientific and technological research and development, production and operation funds and fixed assets of lithium carbonate, lithium hydroxide, ternary, lithium iron phosphate and other cathode materials around the lithium new energy industry chain, and plans to build an annual output of 40000 tons of lithium battery materials.

It is reported that the first phase of the lithium battery material project of Tianyi lithium industry invested 1billion yuan, covering an area of 194 mu, and built a battery grade lithium hydroxide production device with an annual output of 20000 tons; The second phase, with an investment of 1billion yuan and an area of 131 mu, will build a battery grade lithium hydroxide production plant with an annual output of 20000 tons. After the project is completed and put into operation, it is planned to continue to invest and expand the scale within five years, and the annual sales volume is expected to reach 10billion yuan by 2025. (source: battery bairenhui battery network)

[IPO] Tianli lithium energy gem IPO application was accepted. It plans to raise 836million yuan to expand the production of high nickel ternary materials

On July 8, Xinxiang Tianli lithium energy Co., Ltd. (hereinafter referred to as Tianli lithium energy) GEM IPO application was accepted by Shenzhen Stock Exchange. In this IPO, Tianli lithium energy plans to raise 836 million yuan for Huaibei Sanyuan cathode material construction project and Xinxiang Sanyuan cathode material construction project, adding a total of 13600 tons of high nickel ternary material capacity.

Specifically, the main body of Huaibei ternary cathode material construction project is Anhui Tianli, with a total investment of 64.42502 million yuan. After reaching the production capacity, it can achieve an annual output of 10000 tons of high nickel ternary material products; The main body of Xinxiang Sanyuan cathode material construction project is Tianli lithium energy. The total investment of the project is 212.9221 million yuan. After reaching the production capacity, it can achieve an annual output of 3600 tons of high nickel ternary material products. At the same time, the above two projects can take into account the production of 5-series, 6-series and other ternary material related products according to the new developments of the lithium battery market and the changes in the needs of different customers.

Public information shows that Tianli lithium energy is one of the first enterprises in China to successfully develop ternary materials and their precursors and achieve mass production. At the beginning of its establishment in 2009, it began to layout the research and development of ternary materials and precursors. Its products include ncm333, ncm523, ncm622, ncm811 and other series, covering almost all types of ternary materials. (source: battery bairenhui battery network)

[order] BMW signed a US $113 million cobalt supply agreement with Moroccan mining enterprises

On July 13, Beijing time, according to foreign media reports, BMW recently said that it had signed a five-year sustainable cobalt supply agreement with the Moroccan mining company to ensure the future battery supply of its electric vehicle business.

Andreas winter, a member of the company's management committee responsible for procurement and supplier network, said: "the contract amount is about 100million euros." Through this order, BMW will be able to ensure the supply of 20% cobalt for its fifth generation electric vehicle, and the remaining 80% will be purchased from Australia. The contract will be executed from 2020 to 2025. (source: Tencent automobile)

[think tank circle]"Cobalt free" wind rises again

In the recent week, the trend of "cobalt free" cathode material has risen again. Unlike previous gimmicks, this time it is a practical keyword such as "official supply" and "smooth offline": on July 8, Tianli lithium disclosed in the gem IPO prospectus that the company's newly developed cobalt free cathode material has been officially supplied to some customers; On July 10, it was reported that the ton scale pilot test of cobalt free ni75 cathode material, the core material of honeycomb energy's cobalt free battery, was successfully rolled out in its Baoding R & D center.

In the field of cathode materials, the general trend of "less cobalt" is set, and the process of "no cobalt" will continue to accelerate.

Article source:Battery net