Lithium: The lithium ore market stagnated on the back of sufficient inventory at port and in domestic warehouses. But the sellers were unwilling to sell in light of constant price drop. It seems that the lithium ore prices will stop falling in light of stabilizing lithium carbonate prices and low capacity utilization rates of lithium mines. For lithium carbonate, the market inquiries were lackluster yesterday, and the futures prices rebounded slightly. But the lithium carbonate spot prices are projected to remain weak with poor downstream demand.

Nickel: The nickel sulfate demand showed no signs of improvement, and the market players reduced the production extensively. Some smelters refrained from selling until after the Chinese New Year holiday to mitigate the losses. As such, the nickel sulfate prices were relatively resilient on falling supply. But the demand is unlikely to pick up either. And the oversupplied MHP will keep weighing on nickel sulfate prices.

Cobalt: Domestic cobalt sulfate market was still lackluster, and the market players were bearish towards the future prices. Some large-sized downstream players sought lower-priced sources, but the smelters were unwilling to lower the prices in the face of persistent losses.

Battery scrap: The battery scrap prices were stable yesterday, the prices of NMC and LCO battery scrap dropped slightly, and the payables were resilient. The quotations of LFP black mass fell as well. But the overall transactions were muted.