Latest Update in the SMM Hydrogen Energy Market

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.

According to the SMM survey, as of July 25, the total zinc ingot inventory in seven regions surveyed by SMM was 169,100 mt, a decrease of 22,800 mt compared to July 18 and a decrease of 8,600 mt compared to July 22, with domestic inventory continuing to decrease.

According to SMM, as of July 25, the inventory in the Shanghai bonded zone was 17,000 mt, flat from a week ago.

Recently, prices went down.

Regarding aluminum billet inventory, despite the off-season, the decline in aluminum prices last week did not significantly improve pick-up from warehouses.

On July 25, 2024, SMM reported that the total social inventory of aluminum ingots was 790,000 mt, (the amount for sale stood at 664,000 mt), down 7,000 mt WoW and 2,000 mt from July 22, but it is still 254,000 mt higher YoY.

In June 2024, the domestic import volume of primary aluminum decreased by 23.22% MoM to 121,200 mt, up 35.61% YoY; the domestic export volume of primary aluminum in June was approximately 7,000 mt, down 78.68% YoY; the net import volume of primary aluminum in June 2024 was 114,200 mt, up 102.5% YoY, down 24.41% MoM.