Lithium: For lithium ore, the inquiries were muted, with poor transactions. The mines were especially firm to the prices, which were much higher than the buyers' bids. The transaction prices edged down amidst the tug-of-war of buyers and sellers. It is expected that the lithium ore prices will move rangebound in the short period. For lithium carbonate, the spot prices were stable yesterday, while the futures prices edged down. Though the bids and offers were active, the downstream consumers purchased on rigid demand. It is estimated that the lithium carbonate prices will be rangebound in the near term.
Nickel: The quotations for nickel sulfate were mostly around Yuan 25,000-25,500/tonne. Though the production scheduling of top-tier integrated producers was sound, the demand for outsourced raw materials was muted. On the other hand, the independent cathode factories were cautious in building raw material stocks. Therefore, it is likely that the nickel sulfate prices will remain flat with the nickel price staying rangebound.
Cobalt: The intermediate cobalt prices stabilized recently, and the cobalt chemicals producers focused on the negotiations of raw material long-term orders for 2025. It is likely that the spot supply of intermediates will tighten in the future. For cobalt chemcials, the producers maintain low operating rates, but the demand is even weaker in the traditional off-season. In addition, the players will focus on destocking entering December. It is likely that the cobalt chemicals prices will remain stable with occasional fall in the near future.
Battery scrap: The battery scrap absolute prices were stable at the beginning of the week. The bids offered by the hydrometallurgical plants were stable compared with the previous trading day, and they were quite catuious. Some plants maintained low operating rates for lack of raw materials.
