H1 2026, performance of listed companies in the solid-state battery supply chain showed stark divergence. Traditional lithium battery material suppliers reaped huge profit growth (Tinci Materials +>900%) due to price rebounds, while overseas start-ups remained deep in the red (QuantumScape net loss $199M).

This week, platinum and palladium retreated after a rapid rise and then consolidated at highs. Weaker nonfarm payrolls and a mild pullback in CPI fueled a cooling of rate-hike expectations. However, the US and Iran became embroiled in a compensation dispute and the strait remained closed. Together with technical resistance and profit-taking, prices came under pressure and pulled back. Spot market quotes were marked by relative involution, and consumption remained subdued.

Precious metals fluctuated at highs overall this week, with spot gold rallying from $4,240 to above $4,440 and hitting a two-month high. The core drivers were a sharp downside surprise in July nonfarm payrolls and a mild pullback in CPI; expectations for a US Fed interest rate hike in September cooled significantly, the US dollar and US Treasury yields both pulled back, and central bank gold purchases accelerated. Watch for a rebound in oil prices, supply pressure in US Treasuries, and a short-term technical pullback.

August production schedules were further under pressure, with the MoM impact on refined lead reaching -22,300 mt. Most enterprises had held a pessimistic view on the market outlook earlier, making maintenance and low-load operations the norm. Many smelters postponed their originally planned production resumptions for August to September.

[Ore Side: Overseas Market Strong, Spot Steady; Inquiries Recover but Transactions Need to Follow Up] August 11, 2026 – Ferrochrome and chrome ore markets fluctuated slightly...

[SMM Analysis: July LiPF6 Production Slightly Expanded, Limited Growth and Low Inventory Support Market Recovery] In July 2026, China's LiPF6 production saw steady expansion, with industry monthly production up about 1.5% MoM and about 75% YoY, while the overall supply release pace remained relatively slow.