Key points
New military materials: the price of electrolytic cobalt picked up slightly. (1) The price of electrolytic cobalt this week was 570000 yuan / ton, a month on month increase of + 0.5%. The ratio of electrolytic cobalt to cobalt powder is 0.88, with a ring ratio of + 0.1%; The price ratio of electrolytic cobalt and cobalt sulfate was 4.75, with a ring ratio of + 0.5%. These two ratios show that the performance of military industry is stronger than that of manufacturing and new energy vehicles this week. (2) The price of carbon fiber this week was 186.3 yuan / kg, a month on month increase of + 0%. The gross profit was 57.67 yuan / kg, a month on month increase of + 0.7%. Both the price and gross profit were 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: electricity and carbon prices fell for the first time in nearly 34 weeks. (1) This week, the CIF price of Li2O 5% lithium concentrate in China has reached US $2775 / ton, a month on month increase of + 0%. (2) This week, the prices of electric carbon, industrial carbon and battery grade lithium hydroxide were 504000 yuan / ton, 485000 yuan / ton and 490800 yuan / ton respectively, with a month on month ratio of – 0.9%, – 0.59% and + 1.1%. Wind shows that the contract price of electric carbon lc2206 is 462500 yuan / ton this week, with a month on month ratio of + 0.5%, and the discount has been nearly 42000 yuan / ton. Pilbara of aokuang recently said that the auction price of lithium concentrate on BMX platform may reach US $6000 / ton, so the smelting cost of lithium carbonate is 400000 yuan / ton. According to the price of 500000 yuan / ton lithium carbonate, the gross profit margin of smelting end is about 20%. On March 26, academician Ouyang Minggao pointed out at the electric vehicle hundred people’s meeting forum that the balance between supply and demand of lithium resources is expected to return to normal in 2-3 years. Under the condition of high overseas lithium concentrate prices, we believe that China’s independent controllable lithium resource development will speed up. (3) This week, the price of cobalt sulfate was 118000 yuan / ton, a month on month increase of + 0%. (4) This week, the prices of lithium iron phosphate, 523 and 811 cathode materials were 16800 yuan / ton, 371000 yuan / ton and 354500 yuan / ton respectively, with a month on month ratio of + 0%, + 0% and + 0%. (5) This week, the price of praseodymium and neodymium oxide was 990000 yuan / ton, a month on month increase of – 2.9%.
New photovoltaic materials: polysilicon prices fell slightly. (1) This week, the price of photovoltaic grade polysilicon was US $32.87/kg, with a month on month ratio of – 0.2%. The price is still at a high level in recent 6 years. (2) The price of EVA this week was 22000 yuan / ton, a month on month increase of + 0%, maintaining a high position since 2013. (3) This week, the coating price of 3.2mm photovoltaic glass was 26 yuan / m2, a month on month increase of + 0%.
New materials for nuclear power: the prices of main products were flat month on week. (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, 20875 yuan / ton and 200625 yuan / ton respectively, with a month on month ratio of + 0%, + 0%, + 0%, + 0%, + 0%.
New materials for consumer electronics: the price of high-purity gallium rose slightly. (1) On Thursday, the price of cobalt trioxide was 437500 yuan / ton, a month on month increase of + 0%. The price of lithium cobaltate this week was 600.0 yuan / kg, a month on month increase of + 0%. (2) The price of silicon carbide this week is 9500 yuan / ton, a month on month increase of + 0%; This week, the prices of high-purity gallium, crude indium and refined indium were 2675, 1375 and 1525 yuan / kg respectively, with a chain comparison of + 1.9%, + 0% and + 0% respectively; On Tuesday, the price of germanium oxide was 6750 yuan / kg, a month on month increase of + 0%.
Other materials: the price of rhodium increased slightly. (1) This week, the prices of 99.95% platinum, rhodium and iridium were 223, 4320.5 and 1255 yuan / g respectively, with a month on month ratio of + 0%, + 0.2% 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: over valuation risk; Risk of technology path change; The risk of radical adjustment and management of enterprises, as well as the risk of radical adjustment and liquidity.
