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[weekly report of cathode materials] cobalt price fell below 350000 yuan / ton! Ningde times successively invested in two cathode material enterprises


[editor's note]The weekly report of cathode material is a weekly report of cathode material information jointly launched by battery network (wechat: mybattery) and rongbai holding (wechat: rongbaitouzi), a well-known domestic enterprise. It is launched every Monday and belongs to the "battery think tank" column. It aims to bring more objective cognition and analysis to the industry through more valuable data, reports or information, and give industrial manufacturing a different perspective and thinking, At the same time, we will launch in-depth research and project docking according to the needs of readers, industries and companies, and introduce foreign advanced technology and appropriate capital to promote the commercialization and application process of China's cathode material industry. In addition, exploring joint columns with enterprises or institutions is also to meet the needs of companies, markets and users to a greater extent. We look forward to your attention, participation and support!

Battery network editor in chief room rongbai holding rongbai Technology

March 22, 2021


[hot spot] in recent January, two lithium battery cathode material companies planned to terminate the listing of the new third board

On March 15, Jinli Technology (833616) announced that it planned to apply for termination of listing in the national small and medium-sized enterprise share transfer system (hereinafter referred to as the "new third board") in order to improve decision-making efficiency, reduce operating costs and maximize the interests of the company and shareholders, according to the company's operating conditions and long-term development strategic needs, taking into account the industry environment and the internal and external factors of the company's development stage, and taking into account the company's next business development.

According to the data, Jinli Technology was founded in December 2009 and listed on the new third board in September 2015. It is located in the manufacturing industry of lithium-ion battery cathode materials. It is a national high-tech enterprise specializing in the R & D, production and sales of lithium-ion battery cathode materials. Changyuan group currently holds 25% of the shares of Jinli Technology.

Battery network noted that in addition to gold lithium technology, not long ago, another cathode material manufacturer also announced that it plans to terminate the listing of the new third board. On February 26, Shanshan energy (835930) announced that in order to further improve the efficiency of the company's business decisions, enhance its comprehensive competitiveness, effectively integrate resources, speed up business development, and better maximize the interests of the company and all shareholders, the company plans to apply to the new third board for termination of listing after full communication and careful consideration. (source: battery bairenhui battery network)

钴供需结构存缓解趋势 碳酸锂将持续增量

[market] the price of ternary materials fell slightly, and the price of lithium iron phosphate continued to rise

The price of lithium cobalt was flat last week. The mainstream orders for lithium cobalt oxide are expected to be signed at the end of the month. Recently, the price of raw material cobalt oxide has gradually declined, and the downstream purchase demand has declined slightly from May to June. It is expected that the price of lithium cobalt oxide will be difficult to maintain. Last week, the price of smm4.4v lithium cobaltate was 333000-356000 yuan / ton, with the average price unchanged from the previous week.

The price of Yuan materials fell last Wednesday. Last week, the price of precursor fell with cobalt nickel salt, the price of lithium salt still rose slightly, and the price of ternary materials fell slightly. At present, the market has not reached the peak of transaction, there are too many market inquiries, and the actual transaction is light. Last week, the price of SMM ternary material (type 523) was 153000-162000 yuan / ton, and the average price fell by 6000 yuan / ton compared with the previous week. The price of SMM ternary material (type 622) is 168000-174000 yuan / ton, with an average price of 6000 yuan / ton lower than that of the previous week. The price of SMM ternary material (type 811) was 192000-199000 yuan / ton, and the average price fell by 6000 yuan / ton compared with the previous week.

Lithium iron phosphate has been in short supply recently. With the expansion of production in the early stage, some new production capacity has been put into use by some lithium iron enterprises recently. However, the overall production capacity is still in the climbing stage, and the improvement is limited, while the industry capacity shortage is expected to remain. At present, the power type quotation of iron lithium plants has generally risen to more than 50000, and there is still room for improvement in the future. Last week, the price of SMM lithium iron phosphate (power type) was 45000-50000 yuan / ton, and the average price increased by 1000 yuan / ton compared with the previous week. The price of SMM lithium iron phosphate (energy storage type) is 39000-44000 yuan / ton, with an average price increase of 1000 yuan / ton compared with the previous week. (source: SMM)


[market] when will the cobalt price fall below 350000 yuan / ton?

According to the data monitoring of the business agency, the domestic cobalt price continued to fluctuate and fall in March. Each time the cobalt price rose briefly, the cobalt price fell even more sharply. As of March 19, the cobalt price was 349666.66 yuan / ton, down 12.22% from 398333.34 yuan / ton at the beginning of the month (March 1); Compared with the highest level in the year (February 25), the cobalt price was 402833.34 yuan / ton, down 13.20%. Why does the cobalt market change so much, and what is the future market expectation of the cobalt Market?

Baijiaxin, a data analyst at business news agency, believes that the cobalt price fell sharply in March, reflecting the struggling performance of the cobalt Market under the dual stimulus of good and bad. On the positive side, the demand of cobalt market continued to rise steadily, the strong performance of the new energy vehicle market, the poor performance of the mobile phone market in 2020, but the market rebounded sharply in 2021, and the exchange tide of 5g mobile phones is expected to stimulate the surge in mobile phone demand; In terms of bad news, the production of cobalt in the Democratic Republic of the Congo has increased significantly, the supply of cobalt in the cobalt market is sufficient, and the supply of cobalt in the Democratic Republic of the Congo has a continuous upward trend, and the demand of mobile phone market is expected to rise sharply. However, due to the impact of extreme weather in the United States, the global mobile phone production may decline sharply in the second quarter, resulting in less than expected demand in the cobalt market. The increase of the US dollar exchange rate is also an important factor in the decline of cobalt. Generally speaking, the long-term demand of cobalt market continues to rise, and the rising momentum of cobalt market is large, but the supply of cobalt market is sufficient, and the oversupply of cobalt market is difficult to change in the short term, and the rising space of cobalt market is limited. In the future, the momentum of cobalt market still exists, but the rising space is limited. It is expected that the cobalt price will rise slightly in the future, but it is difficult to hit the 400000 yuan / ton mark in the short term. (source: Business Club)

[Research Report] the cathode market has ushered in a turning point of high growth, and the core is the safe and efficient game

The cathode material market is large. With the global electric vehicle market changing from policy to consumption driven, we predict that the global cathode demand in 25 years is expected to increase from 470000 tons in 20 years to 1.9 million tons, and the market space is expected to increase from 65 billion in 20 years to 210 billion yuan in 25 years. The ternary market is expected to account for nearly 80%. The core competition between lithium iron and ternary in the cathode industry is a safe and efficient game. Currently, high-voltage lithium cobalt oxide, high nickel ternary and lithium rich base are the main directions to increase the energy density of lithium batteries.

China's cathode production capacity accounts for more than half of the world, but the overall market concentration is low and overcapacity is serious. We judge that the current industry is accelerating the concentration: 1) the leading high nickel accounts for a high proportion and enjoys a high growth rate of demand; 2) The expansion of industry is concentrated in the leading, and the scale and cost advantages are strengthened; 3) Improve the layout of leading-edge technologies, and accelerate the cost reduction and quality improvement of products; 4) The layout of leading global customers and the landing of overseas production capacity bring about a performance harvest period. The precursor barriers in the cathode industry chain are high, and the profits of cathode enterprises in the whole industry chain are significantly higher than the industry average. (source: Guoxin Research)

[investment] Jiangxi Shenghua plans to introduce the 50000 ton lithium iron phosphate expansion project invested by Ningde times and other wars

On the evening of March 16, Fulin Seiko (300432) announced that in order to give full play to and integrate the resource advantages of all parties and realize the in-depth cooperation and industrial layout in the field of new energy lithium battery cathode materials, the company, together with Ningde times and Changjiang chendao, increased the capital of Jiangxi Shenghua new materials Co., Ltd. (hereinafter referred to as "Jiangxi Shenghua"), a wholly-owned subsidiary of the company.

Among them, Fulin Seiko subscribed for the increased registered capital of Jiangxi sublimation of RMB 272million, Ningde times subscribed for the increased registered capital of Jiangxi sublimation of RMB 20million, Ningde times appointed party subscribed for the increased registered capital of Jiangxi sublimation of RMB 44million, and Changjiang chendao subscribed for the increased registered capital of Jiangxi sublimation of RMB 164million. After the completion of this capital increase, the registered capital of Jiangxi Shenghua will increase to 720million yuan. The company will hold 68.33% equity of Jiangxi Shenghua, Ningde times and its designated party will hold 8.89% equity of Jiangxi Shenghua in total, Changjiang chendao will hold 22.78% equity of Jiangxi Shenghua, and Jiangxi Shenghua will become a holding subsidiary of the company.

The announcement shows that the products of the newly increased production capacity (50000 tons of lithium iron phosphate production expansion project) based on the funds obtained from this capital increase should be preferentially used to supply Ningde times and its designated entities, and independently carry out external sales business on the premise of ensuring the demand of Ningde times. (source: battery bairenhui battery network)

[M & A] Ningde times plans to acquire 10% equity of Tianyi lithium and purchase more than 200000 tons of cathode materials from Yibin Libao

After trading on March 16, Tian Yuan Co., Ltd. (002386) announced that it would continue to promote the development of new energy battery materials industry in accordance with the development strategy. According to the registration conditions for the company to publicly transfer its 10% equity of Yibin Tianyi lithium industry science and Innovation Co., Ltd., on March 16, 2021, Tian Yuan Co., Ltd Ningde times and Yibin Libao, an important shareholding subsidiary of the company, jointly signed the comprehensive strategic cooperation agreement (2021-2030).

In terms of business cooperation, under the same conditions of fair market prices, Ningde times agreed to give priority to the purchase of cathode material products produced by Yibin Libao in the next ten years (2021-2030), not less than 200000 tons, not less than 15000 tons in 2021 and not less than 25000 tons in 2022. The specific cooperation contents and methods shall be subject to the formal supply agreement signed by both parties.

On the same day, Tian Yuan also signed a property rights transaction contract with Ningde times, proposing to transfer 10% of the equity of Tianyi lithium to Ningde times at the price of 58.35 million yuan. (source: battery bairenhui battery network)


[think tank circle] lithium concentrate is accelerating, and the supply shortage is expected to intensify

According to the research report released by Anxin securities, last week was the first time since this year that spodumene rose more than lithium salt, which was in line with its early judgment on the accelerated rise of lithium concentrate. Anxin Securities believes that the contradiction between the upstream spodumene supply and the midstream lithium salt smelting demand is expected to further intensify. From the demand side, affected by the Spring Festival holiday, the operating rate of lithium salt plants decreased significantly in February 2021, and the operating rate of lithium salt plants in Jiangxi and Sichuan will gradually recover from March, increasing the marginal demand for raw materials. From the supply side, according to the mainstream Australian mining expansion plan, the supply increment of lithium concentrate in 2021 will be very limited, and the current price level of $490 / ton has not covered the cash cost of high-cost mines such as ball hill, so the systematic response of Australian mining still needs higher price incentives. Under the tight supply pattern, spodumene prices are expected to continue to accelerate the upward trend, and will support the rise of lithium salt prices from the cost side.

Article source: Battery net
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