[SMM Silicon-based PV Morning Meeting Minutes] Polysilicon: N-type recharging polysilicon quotes are 30.6-33 yuan/kg, and order signing remains limited at present. However, as meetings are held, some enterprises have strong expectations for H2 policies, some believe a series of related measures will follow, and market sentiment has improved somewhat. Wafers: Market wafer prices are 18X (0.82-0.86 yuan/piece), 210RN (0.93-0.97 yuan/piece), and 210N (1.13-1.17 yuan/piece). As wafer energy consumption standards are further tightened and expectations of upstream price increases grow, wafer enterprises have turned cautious, waiting for meeting outcomes before deciding on pricing strategies. Currently, wafer prices are already near cash cost, so the likelihood of another sharp decline is relatively small.

The Sinowei Lithium Mine (Dechelongba Spodumene Mine) has retained resources of 24.924 million mt of ore, with an average Li2O grade of 1.34%. Designed for open-pit mining, it has a capacity of 1.5 million mt/year. The project has now entered the environmental impact assessment (EIA) acceptance stage, and construction is progressing as planned. SMM believes that the capacity release pace of this mine meets market expectations, as the market has already fully priced in the commissioning pace of such large mines. The subsequent real marginal variables remain the actual mining progress and the pace of profit recovery in the lithium chemical processing segment.

July 21, SMM Steel – According to SMM statistics, total estimated shipments of mainstream market resources this week were 246,200 mt, down 0.57% WoW. Breakdown by markets: Table 1: Mainstream Market Arrival Comparison Data source: SMM Steel Shanghai Market: Hot-rolled coil shipments in the Shanghai market declined WoW this week. Specifically, shipments from the Northeast market rebounded WoW, related on one hand to the receding impact of typhoons, and on the other hand to weakening demand in the north, with some steel mills adjusting their shipping pace; shipments from South China steel mills decreased. Looking ahead, north-south shipments may move sideways based on this week's levels, with limited room for change in Shanghai's mainstream resource arrivals. Chart 1: Shanghai Market Arrivals Data source: SMM Steel Lecong Market: Shipments to Lecong saw a significant increase this week. Specifically, North China resources remained stable, while of the two mainstream resources, one increased and the other decreased. Among them, WG's resources previously affected by typhoons arrived at ports successively, driving a notable increase in overall arrivals. Looking ahead, with previously backlogged cargoes arriving at ports, the concentrated arrivals are expected to ease subsequently, so next week's arrivals will likely decline. Chart 2: Lecong Market Arrivals Data source: SMM Steel SMM publishes hot-rolled shipments data for mainstream markets every Tuesday. To subscribe or follow more data, please scan the QR code below.

The domestic ore market in Liaodong is relatively stable, with mines and beneficiation plants showing a relatively strong willingness to hold prices firm and mostly reluctant to sell below psychological expectations. Both sides are clearly in a stalemate and waiting on the sidelines. Steel mills, taking advantage of the situation, have strengthened their desire to push for lower prices. Moreover, some individual equipment is not running smoothly and is under shutdown and debugging, leading to weakening demand and increasing constraints on ore prices. However, ROM ore is in short supply, and the periodic production of beneficiation plants has not significantly eased supply tightness, which still provides support for the bottom of ore prices. In the short term, sellers and buyers in the market remain in a game-playing state. It is expected that local iron ore concentrate prices will likely operate in the doldrums in the near term. [SMM Steel]

In June, China's total magnesium product exports reached 39,400 mt, up 4.8% MoM and 10.9% YoY. Of this, magnesium ingot exports were 22,700 mt, down 5.5% MoM, mainly dragged down by the traditional off-season demand in and outside China. In contrast, magnesium powder and magnesium alloy exports performed strongly, up 21.2% and 33.2% MoM respectively, driven by periodic restocking, downstream stockpiling in advance, and the rapid development of sectors such as lightweight vehicles.

NLMK Group is a top-20 global and the No.1 Russian steelmaker. Its 2025 annual report tells a defensive one built on vertical integration and rock-bottom costs — holding volumes and liquidity under the combined squeeze of shrinking demand, record Chinese exports and a stronger rouble, while keeping decarbonization options open through a roadmap that reaches to 2050.