能源金属＆新材料周报：碳酸锂持续走弱，关注软磁材料配置机会

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The energy metals sector is experiencing a weak price trend, with lithium carbonate prices dropping by 3.66% to 73,650 CNY/ton, and hydroxide lithium prices down by 0.73% to 67,925 CNY/ton. Supply has increased steadily since the beginning of the year, but demand has weakened due to sufficient inventory in downstream sectors [1][12] - The cobalt market shows mixed signals, with overseas MB cobalt prices falling to 10.75 USD/pound while domestic cobalt prices increased to 182,000 CNY/ton. Supply remains adequate, but demand is low, maintaining a state of destocking [2][17] - The rare earth permanent magnet market is also experiencing price fluctuations, with prices for praseodymium-neodymium oxide down by 3.01% to 419,000 CNY/ton and dysprosium oxide down by 4.70% to 1,725,000 CNY/ton. The market is expected to remain volatile [2][26] Summary by Sections 1. Industry Overview - The report highlights significant developments in the lithium sector, including the acquisition of a mining license by Shengxin Lithium Energy for the Huirong Mining Company, which has the largest hard rock lithium deposit in Asia [6] - The report also notes that Shantou Technology plans to invest approximately 1.54 billion USD in a lithium-ion battery anode material project in Malaysia [6] 2. Energy Metals 2.1. Lithium - Lithium prices are under pressure, with spodumene down by 3.34% to 752 USD/ton and lithium carbonate down by 3.66% to 73,650 CNY/ton. The refining margin for lithium carbonate from spodumene has decreased by 25.00% to 3,065 CNY/ton [11][12] 2.2. Cobalt - The cobalt market is characterized by a decline in overseas MB cobalt prices to 10.75 USD/pound, while domestic prices for cobalt sulfate have decreased to 27,800 CNY/ton. The domestic refining margin has increased to 58,900 CNY/ton [17][18] 2.3. Nickel-Manganese - Manganese sulfate prices have risen to 6,300 CNY/ton, while nickel sulfate prices remain stable at 28,100 CNY/ton. The market is currently experiencing a cautious outlook due to rapid price declines [23] 2.4. Rare Earth Permanent Magnets - Prices for light rare earth ore have decreased by 3.00% to 34,000 CNY/ton, while praseodymium-neodymium oxide has dropped by 3.01% to 419,000 CNY/ton. The profitability of praseodymium-neodymium oxide has decreased by 3.05% to 53,300 CNY/ton [26][28] 3. New Materials 3.1. Power New Materials - Phosphate iron prices remain stable at 10,400 CNY/ton, while lithium iron phosphate prices have decreased to 32,900 CNY/ton. The price of precursor 622 has dropped to 73,000 CNY/ton [34][35] 3.2. Photovoltaic New Materials - The average price of welding tape remains stable at 4.25 CNY/kg, while the average price of 421 metal silicon powder is 13,150 CNY/ton. The average price of photovoltaic frames has decreased by 0.84% to 23,600 CNY/ton [40][45]