SMM, August 13: Prices in the waste lead-acid battery market held steady today. Some smelters continued to raise purchase quotes, with the waste e-bike lead-acid battery purchase price raised by 20-100 yuan/mt, while adjustments for waste automotive lead-acid battery (white shell) and black shell varied. Recycling traders had already completed price adjustments following smelters over the previous two days. Today, recycling quotes in Hebei, Shandong, Sichuan, Fujian, and Northeast China, among other regions, remained unchanged, and the market as a whole showed relatively strong wait-and-see sentiment. Purchases on the recycling side were moderate; suppliers showed weak willingness to sell, and they mainly held back from selling and took a wait-and-see stance. A survey showed that although some smelters continued to raise purchase prices today, recycling traders had not yet followed the increase, mainly waiting to see whether smelters would adjust prices further, or waiting until prices gradually stabilized before making adjustments. Scrap battery prices are expected to remain stable with a wait-and-see sentiment in the short term. If some smelters continue to raise purchase quotes, e-bike battery prices still have some upside room; if smelters stabilize their pace of price adjustments, recycling-side quotes may hold at current levels.

SMM, August 13: In early trading, the SHFE aluminum 2608 contract moved lower from yesterday's center; market buying sentiment improved further, and trading among traders was relatively active. Today, SHFE aluminum spot premiums were mainly traded between parity against the August contract and August contract +10 yuan/mt, while market transactions against the September contract were at discounts of 30 yuan/mt to 20 yuan/mt. Today, the east China market shipment sentiment index was 3.18, up 0.01 day on day; the purchase sentiment index was 3.30, up 0.04 day on day. Aluminum futures pulled back somewhat; today, downstream processing enterprises in the central China market showed a slight recovery in purchase willingness, and overall market trading volume recovered. Large traders remained notably willing to hold prices firm and hold back from selling, and the price difference between large and small traders' quotes was wide. In the end, actual transaction prices in the central China market were in a range of discounts of 110-150 yuan/mt against the SHFE aluminum September contract. Today, the central China market shipment sentiment index was 3.06, down 0.03 day on day; the purchase sentiment index was 2.95, down 0.02 day on day. Inventory side, aluminum ingot inventories in major consuming regions rose by 3,000 mt day on day today, with only Gongyi showing destocking.

[SMM East China SHFE Aluminum Spot] In early trading, the SHFE aluminum 2608 contract moved lower compared with yesterday's center. Buying sentiment in the market improved further, and trading among traders was relatively active. Today, the main trading center for SHFE aluminum spot premiums was between parity and a premium of 10 yuan/mt against the 08 contract, while trades against the 09 contract were done at discounts of 30 yuan/mt to 20 yuan/mt.

According to SMM statistics, both mill inventories and social inventories rose to varying degrees in the current period. The total inventory of construction steel stood at 8.543 million tons, rising by 64,200 tons month-on-month, a month-on-month increase of 0.76%, with the inventory accumulation pace picking up slightly.

Construction steel social inventory: According to an SMM survey, total construction steel social inventory posted a slight build this period. As of August 13, 2026, SMM construction steel social inventory stood at 5.7557 million mt, up 50,000 mt WoW, an increase of 0.88%. During the survey period, Typhoon Dolphin struck, bringing heavy rainfall to some regions. Outdoor projects experienced severe waterlogging and construction progress was hindered. Compounded by transportation disruptions, end-use procurement demand declined, and inventory continued to build. Regional social inventory: Inventory performance across regions remained divergent. In east China, overall inventory shifted from decline to increase, mainly because typhoon-related heavy rainfall significantly constrained outdoor construction work and slowed the pace of end-use procurement. In northeast China, new maintenance at an individual blast furnace steel mill reduced supply, driving inventory from increase to decline. Inventory in southwest China also destocked slightly, mainly because the futures market improved somewhat during the survey period, market sentiment recovered in phases, and buying interest strengthened slightly. In addition, some steel mills in the region reduced production and overall material arrivals declined slightly; combined, these factors shifted inventory from increase to decline. Inventory performance in other regions was basically normal.

[CPI in Line with Expectations Eases Macro Anxiety; Sustained Destocking Provides Price Support] Based on a comprehensive assessment, on the macro front, US July CPI and core CPI YoY growth rates slowed to 3.4% and 2.5%, respectively, both in line with market expectations. The mild inflation pullback eased market concerns about further aggressive rate hikes by the US Fed; short-term upward momentum in US Treasury yields weakened, and macro liquidity pressure eased somewhat, providing support for aluminum prices at this stage. The fundamental supply gap persisted, and aluminum ingot inventories continued destocking. On the supply side outside China, UAE's EGA disclosed the progress of production resumption at the AlTaweelah aluminum smelter. Currently, 18% of the plant's 1,262 pots have been restarted, and the pace of production resumption has been faster than earlier market expectations. The supply-tightness premium priced in earlier now faces retracement pressure. In the near term, aluminum prices are expected to consolidate on a strong note, but upside room will be somewhat capped by production resumption expectations.