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[weekly report of cathode materials] the long-term trend of high nickel ternary is clear, and the terminal demand restricts the recovery of cobalt lithium raw material prices


[investment] shengtun mining plans to develop kalongwei mine with us $293million, and the proved cobalt ore volume is 42700 tons

On March 31, shengtun mining (600711) issued an announcement on foreign investment. The 51st meeting of the ninth board of directors of the company considered and passed the proposal on investment and construction of kalongwei mine. In order to further increase the control of upstream resources, respond to national industrial policies, and improve the scale and overall profitability of the company's copper and cobalt business, the company plans to invest in the construction and development of kalongwei mine, with a total investment of US $29325382, The total investment payback period (including construction period) of the project is 5.51 years.

The announcement shows that the kalonway project is located in luyalaba Province in the southwest of the Democratic Republic of the Congo, at the western end of the world's largest central African copper belt, with a mining right area of 8.3 square kilometers. The geological exploration results in the early stage of enzuri show that the proven ore volume of kalongwei project is 13.46 million tons, the average grade of copper ore is 2.7%, the average grade of cobalt ore is 0.62%, and the metal volume of copper is 302000 tons and cobalt is 42700 tons.

The total investment of the project is US $29325382, and the construction investment of the project is US $2558625400, including US $82.04021 for construction works, US $127.06876 for equipment purchase and installation, US $19.33973 for other costs of engineering construction, and US $27.41384 for project reserve funds; The loan interest during the construction period is $8.95519 million; The working capital is 28.43609 million US dollars. In addition to the above investment in the construction period, the project cost of tailings pond in the third and fifth years of operation is $5716300 and $7443000 respectively.

The raw materials of the project come from the copper cobalt ore mined in the open pit of kalongwei mine. In addition to processing the self-produced copper cobalt ore, the hydrometallurgy system of the project also has some purchased copper oxide ore. Among them, the annual processing capacity of self-produced oxidized copper ore is 1million tons, and the annual processing capacity of purchased oxidized copper ore is 160000 tons. (source: battery bairenhui battery network)

钴锂承压明显 终端需求制约原料价格复苏

[market] cobalt lithium is under obvious pressure, and terminal demand restricts the recovery of raw material prices

Ternary materials: the price of ternary materials fell last Wednesday. The price of upstream precursors continued to decline, the orders in the downstream digital market decreased, battery manufacturers pressed the price of upstream seriously, and Sanyuan material factory was forced to reduce the price. Some material factories export more business to Japan and South Korea. The shutdown of European and American car companies may affect the output of battery factories in Japan and South Korea. Industry customers are worried about orders in April. The power market has not recovered yet, and the demand for high nickel products also decreased in April. It is difficult for downstream demand to recover in the short term, and the price of ternary materials may continue to fall. The price of SMM ternary material (type 523) is 120-127000 yuan / ton, and the average price is 4500 yuan / ton lower than that of the previous week. The price of SMM ternary material (type 622) is 141000-147000 yuan / ton, and the average price is 35000 yuan / ton lower than the previous week.

Lithium iron phosphate: the price of lithium iron phosphate last week was flat compared with the previous week. Last week, the price of electric carbon fell slightly, the demand for iron and lithium in the downstream car market did not increase, the order volume in the energy storage market increased, and the price of iron and lithium was temporarily stable. It is expected that the new 5g base station project will start in April, and the demand for iron and lithium will increase steadily. Last week, the price of SMM lithium iron phosphate (power type) was 39000-42500 yuan / ton, with the average price unchanged from the previous week.

Future forecast: in terms of cobalt, South African ports announced that they would continue to be open to all kinds of ships, and domestic smelting enterprises have not yet purchased due to the weak market demand for downstream cathode materials, so the actual raw material prices are difficult to stabilize. Lithium salt price is greatly affected by terminal demand, and the pressure is obvious. As the end demand is difficult to improve in the short term, the industry has a relatively cold response to the subsidy policy, and it is difficult for the raw material price to recover in a short time. (source: Shanghai Nonferrous Metals network)

[performance] gross profit margin of cobalt products increased, and the net profit of Huayou cobalt industry in the first quarter is expected to exceed 170million yuan

On the evening of April 8, Huayou cobalt (603799) released a quarterly performance forecast that it is expected to achieve a net profit of 170-200 million yuan attributable to shareholders of Listed Companies in the first quarter of 2020 (12000 yuan in the same period last year, an increase of 1317%-1567% year-on-year), and a net profit of 120-150 million yuan excluding non recurring profits and losses attributable to shareholders of listed companies (17 million yuan in the same period last year, an increase of 606%-782% year-on-year).

Huayou cobalt said that the company's performance increase this time was mainly due to the good results achieved by the implementation of the company's business strategy of high-end products and industrial integration. With the relative stabilization of the price of cobalt products, the gross profit margin of cobalt products increased, while the gross profit margin and sales volume of copper products also increased. (source: battery bairenhui battery network)


[transfer] Guanghua technology plans to transfer the 1million ton spodumene beneficiation project with 397million yuan

On the evening of April 8, Guanghua Technology (002741) announced that it planned to transfer its 1million ton spodumene beneficiation project assets (including raw materials, intermediate products, by-products inventory, supporting production equipment and production technology) to Zibo Tesco New Materials Technology Co., Ltd.

The announcement shows that the project is located in Fenghuang Town, Linzi District, Zibo City, Shandong Province, and uses the crushing grinding flotation concentrate magnetic separation concentrate dehydration gravity separation process scheme. The raw material is spodumene raw ore, and the final products are spodumene concentrate, lithium / cesium / rubidium salt, tantalum mud, albite and other related products. After full negotiation between the two parties, the transaction amount is proposed to be about 397million yuan.

Guanghua technology said that the transfer of inventory is mainly to peel off business projects with a long payback period, improve asset operation efficiency, accelerate capital withdrawal, concentrate resources, speed up the development of its main business, and improve the overall profitability of the company. (source: battery bairenhui battery network)

1-2月份三元前驱体出口量下滑 疫情对新能源市场影响或仍将持续

[data] from January to February, the export volume of ternary precursors fell, and the impact of the epidemic on the new energy market may continue

According to China's customs data, the export volume of China's ternary material precursors from January to February 2020 was about 8538 tons, a year-on-year decline of 18.2%, and the average export price was about $13.7 / kg. From January to February, almost all domestic ternary precursors were exported to South Korea; The monthly export volume accounts for about 42.5% of the total monthly output.

The end of January is China's traditional Spring Festival holiday, and most overseas customers purchase raw materials in advance. However, the COVID-19 gradually spread at the end of January, and some domestic manufacturers of ternary material precursors were unable to produce normally due to the impact of the epidemic in mid to early February. It is expected that the decline in export volume is mainly due to the reduction in production of manufacturers in February.

According to SMM, the domestic epidemic was controlled in March, the resumption rate of domestic ternary precursor enterprises reached more than 95%, and the market operation rate gradually recovered to 50-60%. The overseas epidemic began to break out in mid March. Since the European and American markets, the downstream battery and automobile markets have continued to stop production or reduce production; In terms of raw materials, the supply of cobalt raw materials decreased due to the impact of the African epidemic, and the supply of nickel raw materials also decreased in April due to the control of the epidemic in Papua New Guinea.

At present, the production scheduling plan of China's ternary precursor in April is normal, but it has declined year-on-year. The main reason is that in addition to orders affected by the epidemic, the production stimulation caused by the postponement of the decline of new energy subsidies in 2019 cannot be followed this year. The impact of the overseas epidemic on the raw materials and downstream end consumer markets has not been determined. Although the battery and automobile markets in Japan and South Korea are relatively stable at present, from the perspective of exports, orders in the overseas power and digital markets have begun to decrease gradually, and domestic manufacturers are becoming more and more cautious in production. At present, they still hold a wait-and-see attitude towards the market after May. SMM believes that the output and export volume of China's ternary precursor in the second quarter will decline year-on-year. SMM will also continue to pay attention to nickel and cobalt raw materials as well as the downstream end markets in Japan, South Korea, Europe and the United States. (source: SMM)

[company] green beauty plans to establish a high nickel precursor joint venture with ecopro, with a target production of 24000 tons in 2022

On April 13, greenmead (002340) announced that the company's subsidiary Fu'an Qingmei Energy Materials Co., Ltd. and South Korea ecopro Co., Ltd. recently signed an investment memorandum of understanding (MOU) on the cooperation in the business of nca&ncm high nickel precursor materials for new energy power batteries.

Ecopro is a global manufacturer of core high nickel cathode materials and an external core supplier of NCA cathode materials for Samsung SDI. Fu'an Qingmei and ecopro have agreed to establish a joint venture in Fu'an Qingmei Park in Fu'an City at a ratio of 51% to 49% by June 2020, mainly producing high nickel precursors NCA and NCM, with production targets of 24000 tons in 2022 and 48000 tons in 2024. Among them, the allocation of nickel, cobalt and other raw and auxiliary materials and the use of electricity, water, steam and other energy are based on the principle of allocation and operation of the existing infrastructure of Fu'an Qingmei; Fu'an Qingmei and its shareholders actively assisted in the supply of nickel hydrometallurgy intermediates (MHP), nickel sulfate crystals, cobalt sulfate crystals and other raw materials to the project. (source: battery bairenhui battery network)

[battery think tank]The long-term trend of high nickel ternary is clear

The long-term trend of high nickel ternary is clear. Since this year, long-term orders and investment news of high nickel at home and abroad have continued:

In the domestic market, Fengyuan shares plans to raise 450million yuan to expand the production of high nickel ternary materials; Greenmead plans to establish a joint venture with ecopro for high nickel precursors; From 2020 to 2026, ecopro plans to purchase high nickel ncm8 series and 9 series precursors with a total amount of not less than 100000 tons from greenmead; Huayou cobalt signed a three-year 76000 ton three yuan precursor order for n65 model with POSCO;

Abroad, POSCO chemical will supply LG Chemical with a total of 125000 tons of high nickel cathode materials from 2020 to 2022; Samsung SDI and ecopro plan to establish a joint venture to build a 50000 ton high nickel cathode material project; Ecopro will supply ski with high nickel cathode materials worth $2.32 billion by the end of December 2023.

Article source:Battery net

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