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有色金属行业能源金属&新材料周报:碳酸锂价格底部反弹,稀土永磁板块涨幅领先
Hua Yuan Zheng Quan·2024-11-03 09:01

Investment Rating - The investment rating for the industry is "Positive" (maintained) [2] Core Insights - The report highlights a divergence in energy metal prices, with lithium carbonate rebounding from the bottom, while rare earth permanent magnets are experiencing an upward fluctuation. Lithium carbonate prices increased by 0.75% to 73,850 CNY/ton, while lithium hydroxide prices decreased by 0.37% to 66,945 CNY/ton. The supply side shows a steady increase in lithium carbonate production since the beginning of the year, but a decline in production since June. Demand has stabilized, leading to a relatively quiet spot market. Optimistic expectations and production scheduling have stimulated a price rebound, but a surplus is expected to keep prices weak in the future [1][2][12]. Summary by Sections 1. Market Performance - The top three performing segments this week are: Permanent Magnets 22.07%, Rare Earths 14.80%, and Diamonds 2.66%. The bottom three are: High-Temperature Alloys -2.75%, Aluminum Alloys -0.96%, and Lithium -0.25% [8][9]. 2. Energy Metals - Lithium: Lithium spodumene prices rose by 0.54% to 747 USD/ton, lithium mica prices increased by 1.80% to 1,415 CNY/ton, and lithium carbonate prices rose by 0.75% to 73,850 CNY/ton. Lithium hydroxide prices fell by 0.37% to 66,945 CNY/ton. The profit margin for lithium carbonate from spodumene increased by 8.06% to 3,522 CNY/ton, while the margin from mica decreased by 2.70% to 4,979 CNY/ton [12][13]. - Cobalt: Overseas MB cobalt prices rose to 10.88 USD/pound, while domestic cobalt prices fell to 174,000 CNY/ton. Supply remains sufficient, but demand is low, maintaining a surplus [2][20]. - Nickel Manganese: Manganese sulfate prices fell to 0.62 CNY/ton, while nickel sulfate prices remained stable at 27,800 CNY/ton. The market is currently quiet, with expectations for a rebound post-inventory depletion [1][22]. 3. Rare Earth Permanent Magnets - Light rare earth ore prices increased by 0.15% to 34,300 CNY/ton, while medium and heavy rare earth ore prices rose by 0.27% to 183,000 CNY/ton. The prices for praseodymium-neodymium oxide increased by 0.12% to 423,500 CNY/ton, and terbium oxide rose by 1.27% to 5,975,000 CNY/ton. The market is expected to remain strong due to recovering downstream orders and supply disruptions [2][24]. 4. New Materials - Power New Materials: Phosphate iron prices remained stable at 10,400 CNY/ton, while phosphate lithium prices increased by 0.6% to 33,100 CNY/ton. The price of precursor 622 remained stable at 72,500 CNY/ton, while ternary cathode 622 prices fell by 0.8% to 120,500 CNY/ton [28][29]. - Photovoltaic New Materials: The average price of welding tape remained stable at 4.25 CNY/kg, while the average price of 421 metal silicon powder rose by 0.76% to 13,250 CNY/ton. The average price of photovoltaic frames decreased by 0.17% to 23,880 CNY/ton [28][29].