Eight, upstream resources cobalt: fully benefit the positive material volume
Cobalt-containing materials account for nearly 70% of the market share of cathode materials. The positive electrode material is the main cost of the lithium battery, accounting for 33%, and the cobalt-containing positive electrode material includes lithium cobaltate, lithium nickel cobalt manganese oxide, lithium nickel cobalt aluminate, etc., which together account for 70% of the market share of the positive electrode material.
The most important area of global cobalt consumption is battery materials, accounting for 38%. Cobalt consumption mainly includes battery materials, high-temperature alloys, industrial materials, ceramic glazes and catalysts. Under the rapid development of new energy vehicles, cobalt prices will fully benefit the amount of cathode materials.
2, upstream resource cobalt demand: two-wheel drive rapid growth
The global production of cobalt-based cathode materials is growing at a high rate, with a growth rate of 60.5% in 2014. Among them, the output of lithium cobaltate and cobalt-based ternary materials has increased rapidly, especially the production of cobalt-based ternary materials has increased from 17,000 tons in 2010 to 48,000 tons.
The demand for cobalt-based superalloys will benefit from increased applications in the aerospace industry. Superalloys are important metal materials for the manufacture of modern aero engines, space rocket engines and industrial gas turbine engines. In the future, with the release of China's autonomous aviation engines, the demand for cobalt-based superalloys will maintain rapid growth.
3, upstream resources cobalt supply: two-wheel drive rapid growth
Global cobalt concentrate supply is highly concentrated and production growth is stable. There are few cobalt minerals, most of which are associated with low cobalt content. The top 5 countries account for more than 80% of the total, which leads to higher concentration of cobalt concentrate and stable growth. In 2014, global cobalt concentrate production grew by only 9.3% year-on-year, and Congo (gold) production accounted for 47%.
The global refined cobalt production growth rate is relatively stable. In 2014, global cobalt production grew by only 5.5.% year-on-year.
4, upstream resources battery grade lithium carbonate: lithium demand is good
Lithium products can be divided into two processes: lithium extraction from ore (35%) and lithium extraction from brine (65%). Lithium ore giant Talison (51% of Tianqi Lithium Holdings) is lithium extracted from ore, accounting for about 70% of the world's total lithium production. The world's three major lithium resources giants SQM, FMC, Rockwood are all lithium brine. The total output accounts for about 80% of the total lithium production in the world's salt lakes.
The global demand for lithium resources has grown steadily. In 2003 and 2014, the global demand for lithium resources increased by about 7%. Lithium batteries accounted for 41% of lithium consumption, and the proportion of power lithium batteries increased continuously, and it has risen to 15% of lithium batteries. , all of the lithium demand is more than 6%.
5, upstream resources battery grade lithium carbonate: lithium supply shrinkage
In 2015, the production of new lithium carbonate capacity was significantly pushed back. This mainly includes Rockwood's 20,000-ton technical transformation, Australia's Orocobre's expansion of 17,500 tons, and Canada's lithium industry's 20,000 tons. The theoretical increase in 2015 is about 60,000 tons, but the real production should be in the second half of this year, and all production will be in the middle of 2016, and the output will not contribute much.
This year is the year of El Niño, Chile has experienced serious floods that have not occurred in 80 years, and increased concerns about supply shocks. In the early Atacama desert region of northern Chile, there was 80 years of heavy rainfall, because Atacama is the gathering place of Chile’s SQM company’s 48,000 tons of salt lake capacity and the US Rockwood company’s 30,000 tons (20,000 tons expansion) capacity. Supply 50%), and SQM (about 30% of global lithium supply) has suspended production, and lithium supply is tight.
6, upstream resources NdFeB: demand is good, strong Hengqiang
The neodymium iron boron magnetic material is an alloy of base metal or boron iron, and has an extremely high magnetic energy product, a force and an energy density. The upstream of NdFeB materials is a rare earth producer, and the downstream is widely used in information technology, automotive, nuclear magnetic resonance, wind power and other fields.