[Pr-Nd Oxide in the Doldrums, Traders Selling at Low Prices, Dysprosium Oxide Continues to Recover, Magnetic Material Scrap in Wait-and-See Mode] Yesterday, Pr-Nd alloy prices continued to be in the doldrums, mainly due to persistent sluggish downstream inquiry activity. Some suppliers slightly lowered their quotations, but metal enterprises’ quotations remained firm, and the actual decline was limited, with actual transactions remaining stagnant. In the medium-heavy rare earth market, driven by the price increase of dysprosium oxide, dysprosium-iron alloy suppliers raised their quotations accordingly, while terbium metal prices held steady.

[SMM Cast Aluminum Alloy Morning Comment: Overnight Futures Narrowly Recover, Spot Cargo Lacks Uward Momentum in Off-Season] Overnight, the aluminum alloy 2610 contract opened at 22,905 yuan/mt. After a quick dip at the night session's open, buying gradually stepped in, driving prices to consolidate and rebound, hitting an intraday high of 23,055 yuan/mt before closing at 23,035 yuan/mt, up 0.41%.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,890.5/mt, dipped to $13,875/mt in early trading, then its center moved up to a high of $14,058/mt, and finally closed at $14,051.5/mt, up 0.64%. Trading volume reached 23,000 lots and open interest stood at 261,000 lots, a decrease of 8,415 lots from the previous trading day, indicating a reduction in bearish positions. Overnight, the most-traded SHFE copper 2609 contract opened at 107,020 yuan/mt, quickly hit a high of 107,340 yuan/mt in early trading, then its center declined to a low of 107,010 yuan/mt, and finally moved sideways to close at 107,230 yuan/mt, up 0.23%. Trading volume reached 25,000 lots and open interest stood at 171,000 lots, a decrease of 4,636 lots from the previous trading day, indicating a reduction in bearish positions.

[Aluminum Social Inventory Destocking Underpins Futures, Short-Term Prices to Consolidate Within Range] Overall, domestic aluminum prices are expected to mainly consolidate in the short term, with upside room likely to be suppressed by production resumption expectations.

The Export-Import Bank of Korea said on August 17 that it will provide $1 billion in financial support to Glencore, on the condition that the company supplies copper to Korean companies during the loan period. The funds will be used as Glencore’s general operating capital, while the financing structure is designed to help Korean companies secure key raw materials. Glencore operates mines, smelting assets and trading networks across multiple regions, including exposure to copper-producing countries such as Chile and Peru. Korea Eximbank said Glencore’s diversified asset and trading base could provide alternative procurement channels if supply disruptions occur in a specific country or mine. The arrangement does not add near-term copper production, but it strengthens copper procurement security for Korean companies.

HRC futures closed at 3,286 today, gaining 0.4% for the full day. In the spot market, spot HRC prices edged up 10 yuan/mt while remaining largely stable, cold-rolled prices were flat, and overall trading was moderate today. HRC city inventory data was released today: inventories in Zhangjiagang, Shanghai, Ningbo, and Tangshan built up, while those in Lecong and Shenyang saw slight destocking. Overall, HRC social inventory is expected to build up this week. Cost side, expectations for price hikes in coking coal and coke are heating up, strengthening the support from raw materials for HRC’s bottom. Steel mills have become somewhat more inclined to hold prices firm. However, end-use demand has yet to improve materially, capping upside room. In the short term, HRC lacks a directional driver. The futures market is trading on expectations for the September peak season. The upside is pressured by weak demand, while the downside is cushioned by costs. Prices are most likely to continue moving sideways.