A-shares staged a rebound on Thursday after an early dip, with major indices narrowing losses in the afternoon session. The ChiNext Index underwent adjustments, having fallen over 2.5% intraday. Among individual stocks, CNGR Advanced Material Co.,Ltd. (300919.SZ) closed at 61.38 yuan per share, up 7.50%, after hitting an intraday high of 61.98 yuan, marking a nearly three-year peak. Its Hong Kong-listed counterpart (02579) finished at 39.480 Hong Kong dollars per share, gaining 9.00%.

Market sentiment was fueled by supply-side developments on April 23. With annual RKAB quotas nearing exhaustion, French mining giant Eramet plans to place its Weda Bay nickel mine in Indonesia into full "care and maintenance" status by mid-May. Indonesia accounts for nearly 65% of global nickel supply, making its policy shifts a key indicator for the market. Following the news, LME nickel, Shanghai nickel, and stainless steel futures prices rose, reinforcing expectations of tightening nickel supply and further price increases.

Simultaneously, sulfur prices continue to climb as a strategic chemical raw material. According to industry data, the sulfur reference price reached 6,000.00 yuan per ton on April 23, up approximately 63.15% from 3,677.67 yuan per ton on January 5. The near halt of Russian sulfur exports since January and India's tightened export controls have exacerbated the situation. Research indicates the Strait of Hormuz handles about 50% of global seaborne sulfur trade, and ongoing tensions have nearly stalled shipments, accelerating price gains.

The sulfur price surge directly impacts the cost curve for High-Pressure Acid Leach (HPAL) processing of Indonesian laterite nickel ore, which relies heavily on sulfuric acid, significantly eroding profits for companies focused on HPAL capacity. Conversely, this trend amplifies the cost advantage of the Rotary Kiln Electric Furnace (RKEF) smelting route, which uses minimal sulfur.

Currently, leading domestic RKEF capacity is concentrated at CNGR Advanced Material. The company has stated that its smelting processes, which connect resources to materials, all follow the pyrometallurgical path. Its dual-technology approach combining OESBF and RKEF offers synergistic benefits, with sulfur comprising a minor portion of production factors. This is a key reason for the divergence among major players in the current nickel market rally.

CNGR's cost advantages from its RKEF route, combined with secured nickel ore resources exceeding 600 million wet tons in Indonesia and a closed-loop nickel industry chain ecosystem, are expected to be primary sources of profit flexibility moving forward.

Despite an overall market decline at the open, lithium mining concepts remained strong throughout the session. Companies including Shenzhen Lithium, Jinyuan Share, Rongjie Share, Jiangte Motor, and Tibet Summit hit the daily limit, while Tianqi Lithium touched the limit-up price. On February 25, Zimbabwe's Ministry of Mines announced an indefinite suspension of lithium ore and concentrate exports. Although export channels are reopening, short-term supply remains tight.

Everbright Futures noted that based on current effective supply from Zimbabwe, lithium ore supply is likely to stay constrained in the short term, potentially translating into cost support for lithium salts and affecting actual production. With demand growing steadily, destocking may resume in May.

Market data shows the latest lithium carbonate price on April 23 was 170,000.00 yuan per ton, up 8.28% over 10 days, 13.33% over 30 days, and 17.24% over 60 days, indicating an accelerating upward trend.

CNGR Advanced Material recently announced on an interactive platform that it has laid out two salt lake projects, Jama and Solaroz, in Argentina, controlling resources exceeding 10 million tons of lithium carbonate equivalent (LCE). The company will advance the development of these Argentine salt lake lithium resources based on its strategic needs and market conditions. This move signifies that CNGR has now assembled the three key resource pillars—nickel, phosphorus, and lithium—securing a leading position for the next cycle of industry growth.