During the week, the SMM 8-12% NPI weekly average price was 987.1 yuan/mtu (ex-factory, tax included), up 14.3 yuan/mtu from a week ago. The Indonesian NPI FOB index rose 1.46% MoM to $1.7/mtu, with the price increase of NPI expanding this week. Supply side, domestically, current NPI production is running at a low level......

In June 2024, China's import volume of ternary cathode materials (NCM+NCA combined) was 7,680 mt, down 11% MoM, up 1% YoY. Among them, NCM imports were 6,193 mt, down 13% MoM, up 2% YoY; NCA imports were 1,486 mt, down 1% MoM, down 1% YoY. In June 2024, China's export volume of ternary cathode materials (NCM+NCA combined) was 6,262 mt, down 9% MoM, down 25% YoY. Among them, NCM exports totaled 6,028 mt, down 10% MoM, down 24% YoY; NCA exports were 234 mt, up 24% MoM, down 49% YoY.

【SMM Analysis：Downstream demand is weak, what is the price outlook for SiMn alloy?】In June 2024, the average cash price of SiMn alloy 6517 in the north China market was 8,042.11 yuan/mt, up 0.28% MoM; in the south China market, the average cash price was 8,142.11 yuan/mt, up 0.43% MoM. Entering July, most SiMn alloy producers have exhausted their low-price manganese ore inventory and need to purchase high-price manganese ore externally, leading to increased production costs and narrowed profit margins, even resulting in losses. Additionally, July marks the off-season for downstream steel mills, with current steel procurement volumes lower than in June. Due to the dual impact of reduced profit margins and the off-season for downstream steel mills, some SiMn alloy plants in both north and south China plan to reduce or halt production. For SiMn alloy prices in July, the majority of the market holds a bearish view. Most industry participants expect a bearish price outlook, mainly due to the impact of high temperatures in July, which is expected to increase the number of blast furnace shutdowns for maintenance in steel mills. The off-season for steel mills leads to weaker purchasing enthusiasm for SiMn alloy, and the price trend for SiMn alloy is likely to be weak.

【SMM Analysis：The export volume of refined cobalt in June maintained an increase】In June 2024, China's imports of unwrought cobalt were approximately 258 mt in metal content, up 15% MoM, down 30% YoY.

DCE iron ore futures rebounded after stopping their decline.. the main contract closed 779. an increase of 1.5% throughout the day; Some traders are shipping as they go;