This week, China’s domestic manganese-based battery materials market has shown a differentiated operation trend. The price of battery-grade manganese tetroxide has slightly declined, the price of electrolytic manganese dioxide has slightly increased, and lithium manganate has maintained a weak balance of supply and demand.

As of June 18, the total inventory of construction materials in Guiyang for the week was 68,000 mt, up 200 mt WoW, representing a WoW increase of 0.37%. Among them, the rebar inventory was 43,100 mt, unchanged WoW. The wire rod inventory was 24,900 mt, up 200 mt WoW.

[SMM Steel Morning Meeting Summary] Last week, rebar prices first declined and then rebounded, with the nationwide average price at 3,097 yuan/mt, down 7 yuan/mt MoM. On the supply side, the third round of coke price reductions took effect last week, with raw material costs continuing to decline. The profit levels of many blast furnace steel mills remained around 100 yuan/mt. However, some steel mills arranged for regular maintenance and experienced sudden maintenance due to production restriction policies, leading to expectations of a continued decline in short-term production. Short-process steelmakers faced intensified losses, with some planning to halt operations, suggesting a potential further decline in the overall operating rate...

[SMM Construction Steel Inventory: Divergence in Trends Between In-Plant and Social Inventories, Can Construction Steel Continue to Destock?] This week, the total inventory of construction steel continued to decline. The total inventory of rebar decreased by 2.43% WoW, and the total inventory of wire rod decreased by 9.97% WoW.

[SMM Steel Morning Meeting Summary] From a fundamental perspective, on the supply side, according to the SMM survey, due to poor profits at EAF steel mills and weakening demand, some electric furnace plants in south China adjusted their operating hours downward. Some electric furnace plants in central and south-west China also conducted temporary maintenance due to raw material procurement issues. This week, the national electric furnace operating rate dropped to 36.52%, down 1.82% WoW. On the demand side, the market enthusiasm for construction materials demand in May waned, and continuous rainfall during the flooding season in south China disrupted construction schedules. Overall, the supply-demand imbalance in the fundamentals is not yet prominent. It will take some time for positive news such as RRR cuts, reductions in housing provident fund loan interest rates, and the advancement of Sino-US peace talks at the macro level to be implemented. The market sentiment is one of wait-and-see, and merchants are operating more cautiously. It is expected that construction material prices may fluctuate in the short term, and subsequent attention should be paid to any changes in the macro direction.

[SMM Rebar Daily Review: Weak Balance of Supply and Demand Coupled with Pending Favourable Factors, Construction Steel to Maintain Wait-and-See Stance in Short Term] Today, rebar futures moved downwards after a higher opening, closing at 3,098 yuan/mt, up 0.19% from the previous trading day. In terms of spot prices, stimulated by favourable macro front news, spot prices in some regions increased by 10-20 yuan/mt, with overall trading performance being average.