China’s energy metal sector rallied sharply on Wednesday, with Boqian New Materials (605376) surging by the 10% daily limit, leading gains across cobalt and lithium producers. Tengyuan Cobalt (301219), Huayou Cobalt (603799), Hanrui Cobalt (300618), Ganfeng Lithium (002460), and Shengxin Lithium Energy (002240) all posted significant advances, reflecting renewed optimism in battery-material demand.
The sector’s rebound was fueled by upward revisions in EV sales forecasts and tightening supply for cobalt sulfate, a key battery component. Analysts note restocking by battery makers ahead of peak production seasons is driving short-term momentum. However, concerns persist over oversupply risks in lithium carbonate markets, which could cap further upside.
This broad-based rally signals growing confidence in a second-half demand recovery, particularly from China’s EV and energy storage sectors. Investors are closely watching whether the momentum can sustain amid evolving supply-demand dynamics and macroeconomic uncertainties.
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