Key points
New military materials: the price of electrolytic cobalt picked up slightly. (1) The price of electrolytic cobalt this week was 547000 yuan / ton, a month on month increase of + 2.1%. The ratio of electrolytic cobalt to cobalt powder was 0.86, with a ring ratio of + 1.6%; The price ratio of electrolytic cobalt and cobalt sulfate was 4.71, with a month on month ratio of – 1.2%. These two ratios show that the performance of military industry relative to the manufacturing industry is stronger and weaker relative to new energy vehicles this week. (2) The price of carbon fiber this week was 186.8 yuan / kg, a month on month increase of + 0%. The gross profit is 58.71 yuan / kg, with a month on month ratio of – 0.3%. The price and gross profit are at a high level in the past 20 years. (3) The prices of titanium, rhenium and beryllium were the same as last week.
New energy vehicles and new materials: the price of electric carbon is nearly 500000 yuan / ton. (1) This week, the CIF price of li2o5% lithium concentrate in China has reached US $2710 / ton, unchanged month on month. (2) This week, the prices of electric carbon, industrial carbon and battery grade lithium hydroxide were 484000 yuan / ton, 461000 yuan / ton and 401000 yuan / ton respectively, with a month on month ratio of + 13.9%, + 16.10% and + 13.3%. In terms of supply, there are no large shipments on the market, and there is less spot circulation. At the same time, most manufacturers supply old customers and a small number of new orders. The tight supply situation in the market is difficult to alleviate. Under the high lithium price, the inventory level of lithium carbonate still showed a downward trend in February 2022. The average weekly inventory of lithium carbonate in February 2022 was 4945 tons, which was still lower than the average weekly inventory of 5055 tons in January 2022 and 5925 tons in December 2021. (3) the price of cobalt sulfate this week was 114000 yuan / ton, a month on month increase of + 1.8%. (4) This week, the prices of lithium iron phosphate, type 523 and type 811 cathode materials were 16, 33.93 and 354500 yuan / ton respectively, with a month on month ratio of + 11.89%, + 4.2% and + 0%. The sharp rise in lithium iron phosphate was mainly due to the rise in the prices of raw materials lithium carbonate, phosphoric acid and iron phosphate. (5) This week, the price of praseodymium and neodymium oxide was 1.095 million yuan / ton, a month on month increase of + 0%.
New photovoltaic materials: polysilicon and EVA prices rose slightly. (1) This week, the price of photovoltaic grade polysilicon was US $33.05/kg, with a month on month increase of + 1.1%. The price is still at a high level in recent six years. (2) EVA price this week was 20200 yuan / ton, with a month on month increase of + 5.2%, maintaining a high position since 2013. (3) This week, the coating price of 3.2mm photovoltaic glass is 25 yuan / m2, with a month on month increase of + 0%.
The price of new nuclear power materials: zirconium oxychloride and zircon sand increased slightly. (1) This week, the prices of zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate and zircon sand were 24500 yuan / ton, 235 yuan / kg, 4500 yuan / kg, 19975 yuan / ton and 19125 yuan / ton respectively, with a month on month ratio of + 4.3%, + 0%, + 0%, + 2.6%.
New materials for consumer electronics: the price of cobalt varieties continued to rise slightly. (1) On Thursday, the price of cobalt trioxide was 427500 yuan / ton, a month on month increase of + 1.2%. This week, the price of lithium cobaltate was 564 yuan / kg, a month on month increase of + 4.6%, mainly due to the high price of raw material cobalt lithium. (2) This week, the price of silicon carbide is 9000 yuan / ton, with a month on month increase of + 4.6%; This week, the prices of high-purity gallium, crude indium and refined indium were 2575, 1425 and 1545 yuan / kg respectively, with a month on month ratio of + 0%, + 0% and + 0% respectively; The price of germanium oxide on Tuesday was 6700 yuan / kg, a month on month increase of + 0%.
Other materials: platinum and rhodium were mixed. (1) This week, the prices of 99.95% platinum, rhodium and iridium were 228, 4734.5 and 925 yuan / g respectively, with a month on month ratio of – 3.0%, + 9.9% and + 0%.
It is suggested to pay attention to the target: continue to be optimistic about the new metal materials sector in an all-round way. The high price of lithium concentrate is still good for enterprises with high self-sufficiency rate of lithium resources. It is suggested to pay attention to Tianqi Lithium Corporation(002466) , Youngy Co.Ltd(002192) , Ganfeng Lithium Co.Ltd(002460) ; The construction of a world-class Salt Lake industrial base in Qinghai has been mentioned again. China’s independent and controllable salt lake resources are of great strategic significance. It is suggested to pay attention to Qinghai Salt Lake Industry Co.Ltd(000792) , Keda Industrial Group Co.Ltd(600499) , Sunresin New Materials Co.Ltd Xi’An(300487) .
Risk warning. Risk of overvaluation; Risk of technology path change; Risks such as radical enterprise operation, deviation of strategy, governance failure, macro policy and liquidity adjustment.
