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  [SMM Analysis] In April 2025, SMM's total domestic lithium carbonate production fell 7% MoM and rose 40% YoY

• Most metals decline across the board, alumina rises over 3%, polysilicon gains more than 2%, while coking coal, coke and iron ore all fall over 2% [SMM Daily Review]

• Futures market fluctuates upward, with SiMn spot price remaining stable for now [[SMM SiMn Futures Review]]

  [SMM Manganese-Silicon Futures Review: Futures Market Fluctuates Upward, SiMn Spot Price Remains Stable] The SM2509 contract opened at 5,566 yuan/mt, fluctuated upward after the morning session, and eventually closed at 5,758 yuan/mt, up 2.53%. The daily high was 5,786 yuan/mt, and the low was 5,552 yuan/mt. Trading volume was 374,215 lots, and open interest was 412,745. Currently, the SiMn market remains in a wait-and-see mood, with most SiMn plants having no production resumption plans for the time being. Idled SiMn plants are mainly selling their inventory. Market participants are mostly waiting for the guidance of mainstream steel tenders on future price trends.

• This week, prices of ternary cathode precursors from different series diverged [SMM Weekly Review of Ternary Cathode Precursor Market]

  This week, in the market of ternary cathode precursors, the prices of 5-series products for consumer electronics decreased, while the prices of 6-series products for consumer electronics and 8-series products for NEV increased slightly.

• Spot price of cobalt sulphate declines slightly [SMM Weekly Review of Cobalt Sulphate Market]

  [SMM Weekly Review of Cobalt Sulphate Market: Spot Price of Cobalt Sulphate Declines Slightly] The spot price of cobalt sulphate has declined slightly. Supply side, cobalt salt smelters continue to stand firm on quotes, but some recycling plants have slightly lowered their cobalt sulphate quotes due to financial pressure. There has been a slight reduction in old social inventory, with low-priced old stocks being gradually absorbed by the market. Demand side, downstream producers exhibit strong wait-and-see sentiment, and market inquiries are extremely mediocre. It is expected that in the near future, if the DRC introduces follow-up policies on cobalt, it may stimulate downstream producers to make purchases, potentially leading to a rebound in spot transactions of cobalt sulphate.