Latest Update in the SMM Energy Storage Market

This week, the high-nickel pig iron (NPI) market has shown a continuous downward trend. According to SMM data, the average price of 8-12% high-nickel pig iron within the week was 962.2 yuan per nickel point (factory price, including tax), which is a decrease of 21.4 yuan per nickel point compared to last week's average. Meanwhile, the Indonesian NPI FOB index dropped by 2.7 dollars per nickel point from last week. On the supply side, in the domestic market, although the price of Philippine nickel ore has remained stable, the profits of domestic NPI smelters continue to weaken, reducing the motivation for production and keeping output at a low level. In Indonesia, the declining profits of high-grade nickel have led some enterprises to revert production back to nickel pig iron. Additionally, as the current tension over export tax invoices has eased, the amount of high-nickel pig iron expected to be exported to China is likely to increase.

Recently, according to The Portugal News, Portuguese energy company Galp submitted a statement to the Securities Market Commission (CMVM) stating that after Northvolt's withdrawal and the failure to find other partners, Galp has decided to abandon the Aurora project to build a lithium refinery in Setúbal.

Through the partnership, GAC Group plans to establish a premium smart new energy vehicle (NEV) brand in addition to its existing Trumpchi, AION, and HYPTEC brands.

【SMM Analysis】Clearway Energy Group has signed an exclusive offtake agreement with a California utility company, involving a 3GWh battery energy storage system (BESS). This agreement was signed against the backdrop of delays in energy storage installations and grid connections in the US, aiming to ensure smooth sales channels for the project's electricity.

The Western Australian (WA) government announced an A$150 million rescue package to sustain the state’s lithium sector.

SK On signed a three-year agreement with POSCO Pilbara Lithium Solution to secure up to 15,000 tons of domestically produced lithium hydroxide.

Bolivia's government has signed a US$1 billion agreement with the Chinese CBC consortium, including battery giant CATL, to construct two direct lithium extraction (DLE) plants in the Uyuni salt flats, part of the lithium triangle shared with Chile and Argentina.

Portuguese energy company Galp has officially canceled its €1 billion Aurora lithium refinery in Setúbal, a project that was poised to process 35,000 tonnes of battery-grade lithium hydroxide annually after 2026.