SMM, July 23: PV Aluminum Extrusions: This week, the operating rate among sampled PV frame enterprises continued to hold up well. According to SMM, downstream module enterprises' Q3 production schedules are expected to be slightly higher than Q2 levels, primarily driven by preparations for the year-end installation rush for centralized PV projects in China and the supplement of export orders. However, overall growth remained conservative, with limited MoM increases and no clear signs of significant volume expansion. A leading PV frame enterprise reported it would maintain full capacity through July, while another noted its orders on hand have been scheduled through the end of Q3. Overall, the operating rate of PV frame enterprises is expected to consolidate on a strong note in the short term. Raw Material Prices: During the period (July 20–July 23, 2026), the weekly average price of SMM A00 aluminum ingot was 23,175 yuan/mt, up 0.1% from the previous period. Overall, the macro front sentiment improved slightly recently. Persistent geopolitical risk premium in the Middle East and continuous destocking of aluminum ingots in China jointly underpinned aluminum prices. However, sustained capacity additions for aluminum outside China over the long term, weak end-use demand in China's traditional sectors, and recurring macro-level uncertainties exerted visible pressure on aluminum's upside room. In summary, aluminum prices are expected to maintain a consolidation pattern in the short term. The most-traded SHFE aluminum contract is expected to trade within a range of 22,800–23,500 yuan/mt next week, while LME aluminum is expected to trade within $3,150–$3,220/mt.

[SMM Weekly Survey on Aluminum Downstream: This Week, Aluminum Processing Operating Rate Dropped 0.2 Percentage Point to 61.1%, Off-Season Effect Deepens and Continues] Overall, as the off-season effect deepens, downward pressure on the industry's operating rate remains unabated. Export orders for aluminum plate/sheet and strip and aluminum foil provide some temporary support, while other sub-sectors are expected to remain in the doldrums in the short term.

In H1 2026, China’s sulphur market experienced a full transmission chain of “import collapse – output pressure – export stagnation”. Key figures: Production: National sulphuric acid output in January–May fell 1.6% y‑o‑y, with significant declines in traditional phosphate fertiliser producing provinces like Hubei, Guizhou, and Yunnan, while Anhui and other smelter‑acid‑concentrated regions saw growth. Exports: Sulphuric acid exports practically halted in June......

This week, spot lithium carbonate prices moved sideways in a narrow range. The futures market saw intensifying volatility, with the most-traded contract 2609's price range consolidating from 141,400-154,800 yuan/mt at the week's start to 137,200-148,500 yuan/mt. After hitting a weekly low of 136,800 yuan/mt mid-week, prices rebounded, while open interest continued to decline. Market transactions reflected a pattern of downstream users buying the dip and purchasing as needed, while upstream producers held prices firm and held back from selling. Upstream lithium chemical plants showed strong sentiment to hold prices firm and hold back from selling spot orders, with persistently weak willingness to sell and firm quotes, keeping in-factory inventory at low levels. Downstream material plants continued their strategy of dip-buying and purchasing as needed, with purchase willingness strengthening when prices fell to relatively low levels, though large-scale restocking had yet to emerge. Trader inventories continued to destock due to downstream just-in-time procurement and lithium chemical plants holding back from selling. Overall, market inquiries and actual transactions remained relatively stable, while the spot-futures price spread continued to strengthen. Supply-side production maintained a decreasing trend, with upstream inventory staying low. This week, lithium carbonate production continued its decreasing trend, mainly because some spodumene and lepidolite-based smelters underwent maintenance, coupled with gradually tightening circulation of spodumene ore, leading to a decline in the overall operating rate of lithium chemical plants. Looking at inventory changes: upstream lithium chemical plants showed noticeable sentiment to hold back from selling, keeping in-factory inventory at low levels; downstream material plants continued their just-in-time procurement strategy by buying the dip, with inventory remaining largely stable; traders' inventory continued to destock under the impact of downstream purchasing as needed and lithium chemical plants holding back from selling. Looking ahead, short-term lithium carbonate prices are expected to maintain a slight upward consolidation trend within a range. Supply-side, ongoing maintenance at some lithium chemical plants and tightening spodumene ore circulation will lend support to prices; demand-side, downstream dip-buying continues, but large-scale centralized stockpiling has yet to appear. Currently, tightening spot circulation and a strengthening spot-futures price spread provide bottom support for prices. Close attention should still be paid to the August production schedule expectations of downstream players and whether there are expectations of further tightening in spot lithium carbonate circulation.

[SMM Aluminum Bulletin] This week, the coal tar pitch market continued to weaken. As of Thursday, the average price of coal tar pitch was 4,705 yuan/mt, down 3.35% WoW. On the cost side, high-temperature coal tar remained weak; operating rates at coal tar deep-processing enterprises increased, leaving ample commercial pitch supply in circulation and an overall loose supply picture. Downstream, prebaked anode consumption stayed rigid, supported by high aluminum capacity, but with raw material inventories at high levels, buyers pushed for lower prices and insisted on need-based purchasing. Weak demand from secondary downstream sectors such as carbon black failed to provide a boost, and trading was thin. In the near term, under loose supply-demand conditions, coal tar pitch will likely consolidate at lows on a weak note.

This week (7.17-7.23), the machine operating rate of the enamelled wire industry declined WoW...