【SMM Vanadium Express】Australian Vanadium Ltd. reported progress on its flagship project, confirming the completion of its bankable feasibility study (BFS) and the initiation of financing discussions.

[SMM Construction Steel Inventory: Reduced Supply Drives Further Decline in Construction Steel Inventory; Can Destocking Continue?] This week, the total inventory of construction steel continued to decline. Total rebar inventory fell 2.20% WoW, and total wire rod inventory fell 2.70% WoW.

According to SMM's survey, the maintenance impact volume of construction steel this week (May 31 - June 6) saw a slight increase. Most steel mills continued their maintenance from last week, and some steel mills added new rolling line maintenance plans. The maintenance impact volume of construction steel was 1.1984 million tons, a month - on - month increase of 0.041 million tons.

Fundamentally speaking, on the supply side, the production profits of construction steel from BF and EAF steel mills have diverged. BF steel mills have relatively considerable profits and mostly maintain normal production status. However, EAF steel mills are facing poor profitability and difficulties in scrap collection, with most maintaining production status during off-peak and mid-peak electricity pricing periods. On the demand side, market sentiment has loosened somewhat, with downstream procurement enthusiasm increasing. Meanwhile, end-users have begun stockpiling ahead of the holiday. According to the SMM survey, the total inventory of rebar stands at 5.4782 million mt, down 3.66% WoW, indicating an accelerated pace of inventory reduction. Overall, the current inventory pressure on construction steel is relatively small, and downstream demand for stockpiling ahead of the holiday remains. The market transaction atmosphere has heated up, and it is expected that construction steel prices will consolidate and hold up well in the short term.

The ultra-high compaction NFPP (polyanion) cathode material developed by Puna Energy made its global debut at the 2025 CIBF Shenzhen International Battery Fair. The introduction of this material will rapidly increase the capacity of mainstream 160Ah batteries to 190Ah. Puna Energy has completed the construction of the world's first fully automated mass production line for sodium-ion battery cathode materials, with an annual capacity exceeding 10,000 mt. Its products have been applied as planned in Shanghai's ESS demonstration projects, including projects by Shenergy Group and Shanghai Airport Group.

[SMM Steel Morning Meeting Summary] From a fundamental perspective, on the supply side, there is a divergence in production profits for construction materials between BF and EAF steel mills. BF steel mills enjoy relatively considerable profits and mostly maintain normal production status. In contrast, EAF steel mills face poor profitability and difficulties in scrap collection, leading to phenomena such as shortened operating hours and production halts at electric furnace plants. On the demand side, construction site operations were hindered during the holiday, coupled with the onset of the rainy season in south China after the holiday, resulting in generally weak downstream demand. Additionally, considering that downstream construction sites had already engaged in stockpiling before the holiday, the pace of procurement slowed during the holiday, leading to a slight accumulation of construction material inventory after the holiday and increased inventory pressure. According to the SMM survey, the total rebar inventory stands at 6.1434 million mt, up 1.65% MoM. Overall, there is currently a slight accumulation of construction material inventory, with demand performance falling short of expectations and market sentiment leaning towards caution. It is expected that construction material prices may maintain a weak and volatile pattern in the short term.