SMM reported on June 23: Dealers in Shandong reflected that end-use consumption in the e-bike lead-acid battery market was sluggish, with multiple brands implementing sales promotions, creating a strong promotional atmosphere in the battery wholesale market. For example, the wholesale price for the main model 48V20Ah was 380 yuan per set. Manufacturers in Jiangxi reported that the off-season trend in the e-bike lead-acid battery market persisted, with dealers showing low procurement enthusiasm. After the holiday, battery orders did not improve, and the factory's operating rate is currently around 70%, with raw material lead mainly being used to digest inventories. Manufacturers in Zhejiang reported that replacement demand in the e-bike lead-acid battery market was weak, and matching orders for complete vehicles were also scarce. Currently, the factory produces based on sales, with the production line operating rate at 70-80%. Additionally, as they had already stockpiled inventory during the earlier period when lead prices fell, there is no plan to purchase in the short term.

[SMM Stainless Steel Daily Review] Base Metals Slump Drags SS Lower; Spot Stainless Steel Holds Price Floor with Limited Losses as Downstream Stays Sidelined According to SMM on June 23, SS futures fluctuated lower and gradually pulled back. Base metals futures fell across the board today, dragging SS futures lower in tandem. As of the close, the most-traded SS contract settled at 14,885 yuan/mt. In the spot market, while SS futures pulled back sharply, cautious wait-and-see sentiment among downstream enterprises intensified, and spot transactions remained sluggish with no significant improvement. However, spot traders continued to hold their price quotes firm, limiting the overall extent of price declines. Regarding the most-traded SS futures contract, at 10:15 AM, SS2608 was reported at 14,930 yuan/mt, down 155 yuan/mt from the previous trading day. Spot premiums for 304/2B products in the Wuxi area ranged 240-640 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was flat; for cold-rolled, un-edged 304/2B coil, the average price in Wuxi fell by 50 yuan/mt while the average price in Foshan remained flat; prices for cold-rolled 316L/2B coil in the Wuxi area were flat; and for hot-rolled 316L/NO.1 coil, quoted prices in Wuxi fell by 25 yuan/mt. Prices for cold-rolled 430/2B coil in both Wuxi and Foshan held steady. This week, stainless steel futures and spot experienced wild swings, as offshore macro expectations repeatedly disrupted futures and the market saw an intensified tug-of-war between longs and shorts. The overall landscape was one where macro forces dominated futures, transactions fluctuated with sentiment, tightening supply supported spot prices, inventories remained steady, and profits saw minor repairs. Early in the week, macro tailwinds lifted the market, and the futures rebound spurred a recovery in spot transactions; by mid-week...

On June 22, SMM reported: In early trading, the SHFE aluminum 2606 contract fluctuated downward, with the overall operational center at the opening higher than that of the same period on the previous trading day. Affected by the rise in aluminum prices, downstream predominantly stayed on the sidelines today, and buying sentiment weakened slightly. Market circulation was sufficient, and sellers' offers and transaction prices continued to decline. Mainstream spot aluminum transaction prices were at a discount of 40-50 yuan/mt against the SHFE aluminum July contract. Today, the east China market shipment sentiment index was 2.95, up 0.04 MoM; the purchase sentiment index was 2.93, down 0.27 MoM. On the first day after the holiday, aluminum prices rebounded. In the central China market, downstream processing enterprises' buying sentiment was not high, but suppliers were active in selling and had weak intention to hold prices firm. Market transactions were relatively subdued, mostly featuring stockpiling by traders. Eventually, the actual transaction price range in the central China market centered around a discount of 90-110 yuan/mt against the SHFE aluminum July contract. Today, the central China market shipment sentiment index was 2.94, up 0.01 MoM; the purchase sentiment index was 2.22, down 0.01 MoM. In terms of inventory, today, aluminum ingot inventory in major consuming areas fell by 1.4 MoM, with destocking observed in all three regions.

SMM news on June 22, customs data showed that in May 2026, China's imports of other antimony ores and their concentrates were approximately 10,972.27 mt, edging down MoM from April and remaining above the 10,000 mt mark. Looking at the sources of antimony ore imports, in May, the largest volume came from Thailand, with significant amounts also from Myanmar and Bolivia, and additionally some antimony ore imported from Africa. Market participants noted that recently, as overseas antimony product prices kept falling, the price spread between Chinese and overseas markets narrowed significantly, making it understandable that antimony ore imports increased.

SMM News, June 22: According to SMM, the Third Smelter of Baiyin Nonferrous Group Co., Ltd. started an open tender today for the sale of its 66 mt of 1# refined cadmium. Specifically, according to official information, the bid floor price was at a discount of 500 yuan/mt, with the highest bidder winning. This project required registration from three parties to proceed normally with the auction. The registration deadline was 17:00 on June 24, 2026, and the bidding start time was 15:00 on June 25, 2026. Interested clients needed to register as suppliers on the Longdao platform at www.longdaoyun.com. Market participants said that, due to the relatively subdued trading sentiment in the cadmium market, end-user buying interest was insufficient, but prices remained relatively stable. As the period gradually approaches Q3 and market stockpiling before the summer break, there may be an increase in end-user stockpiling in the future. Therefore, this tender is also highly noteworthy, as it can, to some extent, reflect the strength or weakness of market demand.

[SMM Stainless Steel Daily Review] Stainless Steel Futures Stop Rising and Pull Back, Spot Trading Weakens but Prices Hold Steady According to SMM on June 17, SS futures showed a stop-rise and pullback trend. Although the overall nonferrous metals futures market strengthened today, SHFE nickel remained in the doldrums. Additionally, after a rapid successive run-up earlier, stainless steel lacked sufficient momentum for further gains, leading to a slight pullback in futures today. As of the midday close, the most-traded SS contract settled at 15,190 yuan/mt. In the spot market, SS futures continued to climb during the week, lifting spot offers in tandem and strengthening them, while purchasing demand was largely released early in the week. After SS futures declined today, inquiries and transactions weakened somewhat, but spot offers remained firm. The most-traded SS futures contract. At 10:15 a.m., SS2607 was quoted at 15,210 yuan/mt, up 115 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged 10-410 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi was flat; for cold-rolled 304/2B coils with mill edge, average prices were flat in Wuxi and Foshan; cold-rolled 316L/2B coil prices in Wuxi rose 150 yuan/mt; hot-rolled 316L/NO.1 coil offers in Wuxi increased 50 yuan/mt; cold-rolled 430/2B coils in both Wuxi and Foshan held steady. This week, stainless steel futures and spot markets both came under pressure and declined, with ex-China macro headwinds dominating the market and bearish sentiment spreading rapidly in the off-season. Industry expectations for the outlook weakened, end-users turned cautious, rigid demand remained sluggish, and traders concentrated on offering discounts to sell and destock. On the futures side, this week ex-China macro became...