Rio Tinto’s Oyu Tolgoi gold-copper mine in Mongolia announced on social media the resumption of copper concentrate shipments. The mine had announced the previous day that from 9 a.m. local time on June 17, civil groups blocked a concentrate transport route at the mine, causing a halt to planned concentrate shipments. Oyu Tolgoi is one of the world’s most important copper mine projects and is critical to Rio Tinto’s copper sales growth strategy. The mine is still ramping up to operate at full capacity and is expected to become the world’s fourth-largest operating copper mine. Meanwhile, the project is also vital to Mongolia’s economy, with its exports accounting for a significant portion of the country’s GDP.

SMM, June 18: This week, trading sentiment weakened somewhat for domestic aluminum fluoride enterprises, with prices running steady. As of now, SMM’s aluminum fluoride reference price is 11,280-11,700 yuan/mt; cryolite prices also held steady, with SMM’s reference price at 7,000-8,500 yuan/mt. Raw material side, the 97% fluorite wet powder market was largely stable, with mainstream delivery-to-factory prices at 3,100-3,400 yuan/mt, and notable price spreads by region. Supply side, mine operating rates in the north continued to recover, and Mongolian imports gradually arrived at ports, resulting in a looser supply-demand pattern; however, a coal mine accident in Shanxi triggered expectations of stricter mine safety and environmental oversight, which may cause periodic disruptions to some mines’ production going forward, leaving a wait-and-see sentiment on the supply side. Demand side remained subdued—downstream hydrofluoric acid enterprises, constrained by insufficient operating rates at refrigerant and fluoropolymer terminals, mainly made just-in-time procurement, with limited large-order follow-through. Consequently, fluorite prices are likely to stay weak in the near term. Meanwhile, the aluminum hydroxide market firmed slightly, with SMM’s weighted average price at 1,683 yuan/mt, up 1.2% WoW; the sulphuric acid market hovered at highs, as sulphur cost support and production cuts for maintenance tightened supply in some regions, but cautious demand during the phosphate fertiliser off-season capped upside room, while LFP and fine chemicals provided just-in-time demand support. Raw material side, both aluminum hydroxide and sulphuric acid strengthened, further lifting overall production costs, yet costs could not be effectively passed downstream, putting the industry as a whole under notable pressure. Supply side, a pattern of ‘rigidly high costs—persistent profit pressure—low operating rates’ persisted, with the industry operating rate holding around 40%, limiting effective incremental supply. Demand side, downstream operating aluminum capacity remained high and stable, providing rigid support, but aluminum smelters focused on just-in-time restocking and pushing for lower prices, adopting a wait-and-see stance without releasing additional demand for the time being. On balance, the aluminum fluoride market currently lacks directional drivers, caught in a tug-of-war stalemate between upstream and downstream, with transactions limited to just-in-time procurement, and prices expected to largely stay steady in the near term, leaving limited room for wild swings. Going forward, close attention should be paid to raw material cost-side dynamics and marginal changes in the procurement pace of downstream aluminum enterprises.

[Imported Zinc Concentrate Market] Overseas ore supply disruptions have persisted recently. Offers for imported ore remained scarce this week, with some heard quoted at around -$80 to -$90/dmt, but smelters held a strong wait-and-see sentiment, keeping overall trading activity sluggish during the week.

Fed Hawkish Signals Exceed Expectations; Precious Metals Under Short-Term Pressure but Downside Limited June 18 — At 2:00 AM Beijing Time on June 18, the Federal Reserve kept the federal funds rate unchanged at 3.50%-3.75%, marking the fourth consecutive hold. The statement was significantly shortened in length and removed language hinting at further rate cuts. The dot plot showed nine officials expect a rate hike this year, while newly appointed Chairman Warsh did not submit a dot plot and declined to provide forward guidance. Hawkish signals pushed market pricing for a year-end rate hike up to 38 basis points. From a policy perspective, this FOMC meeting delivered hawkish signals that exceeded market expectations. Combined with the return of rate-hike expectations in the dot plot, it signals that the Fed's communication tone has shifted from "pause and watch" to "potential hiking," putting near-term pressure on precious metals. However, the fourth consecutive hold itself was in line with market expectations, and any actual rate hike still requires more data for validation, so the marginal impact of the policy signal itself is relatively limited. More critically, earlier economic data — U.S. May nonfarm payrolls rose by 172,000, beating expectations, with a combined upward revision of 93,000 for March-April — underscores that labor market resilience remains the most significant headwind suppressing rate-cut expectations and is the core bearish factor for precious metals recently. By contrast, May headline CPI matched expectations while core CPI came in slightly below consensus, meaning inflation data did not reinforce the tightening narrative beyond expectations, and its bearish impact is comparatively moderate. On balance, precious metals face dual pressure from hawkish policy signals and labor market resilience, but the elevated rate-hike expectations are still in the pricing-in phase, and the market may not form a systemic downward resonance at current levels. The trading logic will continue to hinge on subsequent nonfarm payrolls, CPI data, and actual communication from Warsh. US-Iran Peace Talks Advance; Geopolitical Risk Premium Unwinds June 18 — The presidents of the United States and Iran have signed an electronic memorandum of understanding (MoU). The official 14-point text largely matches prior media disclosures, and both sides are set to formally sign the agreement in Switzerland on Friday. Trump stated that if follow-up implementation of the MoU falls short of satisfaction, bombing operations would resume, and also revealed discussions with Syrian leaders on striking Hezbollah. Meanwhile, southern Lebanon witnessed multiple Israeli attacks, and Israel's finance minister indicated no withdrawal on Friday or thereafter. The geopolitical situation remains in a complex tug-of-war characterized by "negotiations alongside conflict." In the near term, the signing of the MoU marks a substantive phase in ceasefire negotiations, with market expectations for the reopening of the Strait of Hormuz strengthening, leading to further unwinding of the risk premium. Should the formal agreement be finalized on Friday, structural concerns over crude supply would materially ease, putting downward pressure on the oil price center, which in turn would cool global inflation expectations. From a medium-to-long-term perspective, if sustained oil weakness drives down energy costs, the Fed's monetary policy room would reopen, and market logic could gradually shift from "tightening expectations" toward a "rate-cut cycle," potentially offering new macro support for precious metals. Overall, US-Iran relations are currently in a phase of "peace talks advancing, conflicts unresolved," and market pricing will revolve around Friday's agreement implementation and subsequent execution risks in a repeated back-and-forth manner. Early Hiking Cycle Pressure Does Not Alter Long-Term Logic; Precious Metals' Allocation Value Remains Prominent Historical experience shows that in the early stages of every rate-hiking cycle, precious metals typically come under pressure from rising nominal rates and a stronger dollar, but the trend is not unidirectional downward. As the hiking cycle deepens, growing concerns over recession risks and liquidity stress increasingly highlight gold's role as an inflation hedge and safe-haven asset, with its price center tending to rise in the middle-to-late stages. Therefore, even if the Fed continues on a hawkish path, the pressure on precious metals may not be sustained; liquidity conditions and shifts in macro expectations also influence price dynamics. Of course, our overall bullish long-term logic for precious metals remains unchanged: First, global central banks continue to accumulate gold, with de-dollarization and reserve diversification strategies providing a solid floor for gold prices. Second, the U.S. dollar's credit system faces deep erosion — high interest rates on U.S. Treasuries imply high risk, and over the long run, U.S. debt rollover pressures and fiscal indiscipline are accelerating global de-dollarization. Third, the ever-expanding U.S. government debt stock and deteriorating fiscal sustainability raise the risk of future debt monetization and dollar depreciation. As a non-liability, supra-sovereign hard asset, gold's safe-haven and store-of-value functions hold irreplaceable appeal in the current macro environment. At the same time, geopolitical conflicts continue to simmer without truly subsiding, while global supply chains and energy markets remain volatile, with inflation persistence lingering. These uncertainties will collectively underpin the demand for gold and silver as safe-haven allocation assets, further boosting their strategic value over the medium-to-long term. From the Gold/Silver Ratio Perspective: Silver Under Pressure in the Short Term, but Outperforming Gold in the Medium-to-Long Term Remains Intact Historically, the gold/silver ratio exhibits significant mean-reverting behavior, with its long-term center roughly fluctuating between 60 and 70. However, under extreme macro environments, it can deviate markedly — for instance, the ratio widened sharply after the 2008 financial crisis and approached a historical extreme near 120 during the 2020 pandemic. The underlying dynamic is that during extreme risk-off episodes, the market prioritizes gold as a safe-haven asset, while silver, burdened by its industrial metal characteristics, tends to face systematic selling. Thus, the gold/silver ratio's cyclical movement can be summarized as: widening during crises (silver underperforms) and narrowing during recovery/inflation cycles (silver outperforms). Its essence is a cyclical indicator driven by the alternating dominance of safe-haven attributes versus industrial attributes. In the near term, the gold/silver ratio is more prone to stage-wise upward moves or range-bound drift with an upward bias. On one hand, silver has already posted notable gains, with crowded positioning making it more vulnerable to pullback pressure. On the other hand, the photovoltaic industry — a key pillar of silver industrial demand — is expected to see cell silver consumption decline by 9.51% year-over-year in 2026, and with ongoing silver-reduction progress and evolving cell product structures, annual silver consumption is projected to maintain a roughly 5 percentage-point decline through 2030. Although positive terminal installation expectations may boost cell production volumes, translating to some incremental demand, when converted to silver demand, a roughly 20% decline is anticipated this year. Over the long cycle, 2026 also marks a pivotal turning point in silver's industrial demand structure. The low-voltage electrical equipment sector, as a rigid support segment, exhibits strong irreplaceability in its silver demand. Emerging sectors such as new energy vehicles, PCBs, and SiC chips are rapidly expanding their end-market bases, and despite unchanged unit silver consumption, overall demand continues to grow steadily. Therefore, we maintain our core view that the gold/silver ratio will trend downward in the medium-to-long term — i.e., we are constructive on silver outperforming gold. The driving logic will gradually shift from rates and liquidity toward energy transition and industrial demand. Silver is transforming from a traditional precious metal into a strategically important industrial metal with rising exposure to photovoltaics, AI data centers, and grid upgrades, while supply remains highly inelastic due to its heavy dependence on lead-zinc and copper byproduct production. Once the global economy enters a rate-cutting cycle or real rates decline, silver's industrial elasticity will significantly amplify its upside potential, whereas gold, supported more by central bank buying and safe-haven demand, tends to follow a smoother trajectory.

Guangdong is a core cluster for China's wire and cable industry, with complete upstream and downstream support, prominent regional advantages, and market reach covering South China, Hong Kong, Macau, and Southeast Asia. The industry is now undergoing transformation. Overseas infrastructure and new energy markets are favorable for enterprises going global, but fluctuations in copper and aluminum raw material prices, capacity homogenization, and market involution continue to squeeze profits. Intelligent and digital transformation has become an urgent necessity for breaking through the industry deadlock. will be held on July 14-15, 2026 at Wyndham Hotel, Guangzhou Design Capital, Guangdong . SMM , together with Baotou Zhenxiong Copper Co., Ltd. , invites you to attend. The conference will leverage data from the entire industry chain and resources in and outside China, focusing on market assessment, transformation and upgrading, supply-demand matching, and empowering go-global strategies, helping local enterprises improve quality and expand markets, and promoting high-quality international development of the regional wire and cable industry. Click , and we look forward to meeting you at the conference. Shanghai Cun'an Industrial Co., Ltd. is located in the Shanghai Nonferrous Metals Trading Center, specializing in commodity trading and supply chain services mainly for nonferrous metals. It is one of the earliest enterprises in China to practice the integration of futures and spot. Starting as a startup, it has grown into an industry benchmark with annual sales exceeding 100 billion yuan and serving over 2,000 manufacturing enterprises, forging a high-quality development path with its own characteristics, and is recognized by the Shanghai municipal government as a top-tier player. Corporate Competitiveness Research-driven and Continuous Innovation The company's market share of copper cathode/aluminum trading volume has consistently held a leading position in the industry. In 2025, annual sales of copper cathode reached 2.3 million mt, and including other products (copper rod, aluminum rod, aluminum ingot, zinc ingot, nickel, silver, tin, lead, lithium carbonate, etc.), total sales reached 4 million mt. Having deeply cultivated the industry for 30 years, the company is annually recognized by professional industry platforms such as "SMM" as a "price submitter," "quality supplier," and other honors. Professional Team, Flexible Models When Shanghai Cun'an was first established, its core team had already experienced multiple market cycles in the commodity sector. Facing industry changes brought by the internet, the company made two important strategic decisions: first, to stick to its core business in nonferrous metals and extend deeply into supply chain services; second, to respond to the Belt and Road Initiative and steadily expand into the African market. Currently, the company has nearly 30 projects underway in Africa, with over 3,000 Chinese and foreign employees, building momentum for international market expansion. Solid Channels, Service First Guided by the national plan to accelerate the development of new-type international trade, the company has established subsidiaries in the Lin-gang Special Area of Shanghai, Singapore, and Hong Kong, actively deploying cross-border finance and trade businesses. Aligning with the Belt and Road Initiative, the company has invested in Africa, where its industries now span various sectors across the continent, including manufacturing of production entities, agriculture, warehousing and logistics, ore and recycled metals, among others. Corporate Vision The vigorous development of the bulk commodity industry is both the aspiration and mission of Cun’an. Cun’an is willing to join hands with its peers, working together to build a more honest, standardized, and efficient non-ferrous metal trade circle, jointly promoting the effective allocation of commodity resources in the real economy environment, and striving to enhance the competitiveness and industry discourse power of China’s non-ferrous metal industry. Contact Information Business Director: Xiong Li 138 1660 9892 Business Manager: Xiong Xicheng 130 4415 6111 SMM Conference Contact Chen Bo 183 7089 1981 chenbo@smm.cn

Middle East Air Conditioning Market: Restocking Demand Concentratedly Released as Conflicts Ease. Regional geopolitical conflicts have eased in phases, trade and logistics order has been restored, releasing previously pent-up restocking demand; coupled with the implementation of large-scale infrastructure projects in various countries driving demand for commercial equipment, and the iteration of regional energy efficiency regulations accelerating the replacement of old products, further boosting the growth in import stockpiling.

[Weekly Review of Aluminum Scrap and Secondary Aluminum]Pre-Holiday Stockpiling Fell Through, Supply and Demand in Secondary Aluminum Market Both Remained Weak

The most-traded iron ore contract was in the doldrums today. The most-traded I2609 contract closed at 747 yuan/mt, down 1.13%. Port spot prices fell in tandem, dropping 10-15 yuan/mt from the previous day. Traders showed moderate selling interest; steel mills remained cautious, purchasing as needed with weak restocking willingness. Overall market trading was sluggish, with scarce transactions. As the holiday approached, market trading turned mediocre. Spot and futures prices moved sideways. Looking ahead to next week, as hot metal production peaks and pulls back, iron ore demand expectations are likely to weaken; meanwhile, falling ocean freight rates eroded cost support. In the near term, iron ore prices are expected to remain in the doldrums.

[SMM Hot Topic] Middle East Steel Export Flows Shift: Finished Products Stall and Steel Billet Counterattacks Looking back at 2025, the Middle East market was undoubtedly the most dazzling "emerging dynamic market" in China's overseas steel landscape. In 2025, China's total steel exports to the Middle East reached 15.81 million mt, with monthly shipments basically stable in the high range of 1.2–1.3 million mt. Against the backdrop of total annual steel exports of 134 million mt, up 14% YoY, the Middle East market accounted for 11%–12% of China's total overseas steel export share. This means that in a single geo-economic region, its share and strategic reliance were second only to Southeast Asia, serving as the "second largest core pillar" for China's steel going global. In terms of product mix, high-added-value HRC (29% share), steel pipes essential for oil and gas projects (18% share), and medium-thickness plates (14% share) formed the three dominant players, reflecting the region's strong diversified industrial and infrastructure throughput capacity. However, it was precisely due to such a massive trade base in 2025 and high reliance on conventional Persian Gulf shipping lanes that when geopolitical storms suddenly struck and straits were dramatically blocked, the resulting "broad market stall" and supply chain disruption were so severe. Below, we will analyze in order: the specific situation of China's steel exports to the Middle East, how cargo pressure was shifted through port replacements during the strait blockade, and how the export landscape will be reshaped after the latest US-Israel negotiations? The "Stall" and Structural Anomaly of China's Steel Exports to the Middle East Data Source: SMM, China's General Administration of Customs First, let's look at total export performance. According to SMM historical data and the latest customs export trends, China's total steel exports to the Middle East in the first four months of 2026 plummeted from 5.47 million mt in the same period of 2025 to 3.57 million mt, with April exports directly halving. Specifically, among China's 5.47 million mt of steel exports to the Middle East from January to April 2025, a highly advanced finished-product-oriented export characteristic was evident. HRC (29%), steel pipe (18%), coated steel (15%), and medium-thickness plates (14%) constituted the four mainstays of China’s steel trade. In terms of destination countries, Saudi Arabia’s rigid demand for offshore/oil & gas pipe (986,000 mt) and the UAE’s strong processing throughput of general HRC (1.607 million mt) and medium-thickness plates (779,000 mt) jointly established the traditional “dual-core consumption hinterland” within the Persian Gulf. Data source: SMM, General Administration of Customs of China Supply Shock and Physical Scissors Gap: The “Billet Export Bonanza” Under a Double Squeeze Since the start of 2026, the blockade of the Persian Gulf Strait caused by geopolitical conflicts significantly weakened overall shipments, while a dramatic “underlying mutation” simultaneously unfolded in the product mix. Steel billet, a minor product that previously accounted for only an 8% share (431,000 mt), registered a strong countertrend increase of 24% in the first four months of 2026. According to the SMM survey, the underlying driver of this anomaly originated from a localized supply shock induced by geopolitical shifts in Iran. If the closure of the Persian Gulf Strait severed the “aorta” of Middle Eastern steel imports, the sudden destruction of Iran’s two largest steel giants—Mobarakeh Steel Company (MSC) in Isfahan and Khuzestan Steel Company (KSC)—on March 27, 2026, completely ignited a “raw material upheaval” within the region. Iran is the world’s tenth-largest and the Middle East’s largest crude steel producer (accounting for over 50% of the region’s total crude steel output), with annual steel exports exceeding 10 million mt, among which semi-finished steel billets are the absolute mainstay. Mobarakeh (MSC) has an annual capacity of 11.8 million mt (20% of Iran’s total capacity), making it the undisputed “King of Flat Products/Sheets & Plates” in the Middle East; Khuzestan (KSC) is Iran’s second-largest steel producer and its most critical production base for slabs and billets. Data source: SMM, General Administration of Customs of China Under normal conditions, Iran was the primary supplier of low-priced steel billets to local rolling mills in the Middle East. With the sharp contraction in Iran's external supply, rolling mills in the Middle East, particularly in Oman and parts of the UAE outside the Gulf that were not directly affected by the blockade, faced severe raw material supply disruption risks. To maintain production, local buyers quickly released a large number of urgent inquiries to the international market. According to SMM survey, the huge demand gap for steel billets created by Iran's exit was filled and shared by supplies from China, India, and Russia. Because the local shortage was mainly crude steel raw material for rolling sheets and plates, and the equipment destruction from explosions meant that rolling lines were the first to restart, the main incremental product in these counter-trend orders was steel slab. This situation shares similarities with the article at https://mp.weixin.qq.com/s/bsrZaRRSRDHC_FmGLulJOQ (Middle East turmoil triggers "mismatch", China accelerates filling a supply vacuum of about 2.3 million mt in Southeast Asia), which mentioned that China would accelerate taking over steel billet supply gaps. That is, despite the decline in steel exports this year, billet exports also achieved counter-trend growth. Stock Game: The "X-Shaped Crossover" of Inside-Gulf Shutdowns and Outside-Gulf Safe Havens Verified by SMM through freight forwarders, steel trade (especially medium-thickness plates, pipes, and steel billets) relies heavily on bulk or breakbulk vessels. When container liners encounter blockades, they can easily reroute by amending bookings via computer systems, but the diversion of bulk carriers faces rigid constraints from destination port drafts, specialized handling equipment (such as large quay cranes), and inland truck connections. Therefore, over the past two months, the supply chain staged a dramatic "port drift" inside and outside the Persian Gulf. The following uses SMM's panoramic shipping data to explain in detail the changes in cargo flow between ports. Under normal conditions, over 70% of China's steel shipments to the Middle East converged densely on Jebel Ali Port inside the Persian Gulf and Dammam Port on the eastern coast of Saudi Arabia. But after the strait blockade, steel port arrivals at these two traditional hubs showed a historic "physical shock" in SMM's high-frequency shipping data (falling to zero from April to May). Meanwhile, the diverted cargo, fighting to survive, surged wildly toward alternative ports outside the strait, tearing open a "lifeline of safety" spatially: ① "Overload Surge" at Oman's Port of Sohar: As the most critical cross-border multimodal transshipment hub outside the Gulf, its port arrivals in April surged nearly fivefold MoM. Large batches of Chinese HRC and steel billet originally destined for the inner Gulf were forced ashore here, causing massive congestion at the port in May as cross-border heavy truck capacity collapsed. ② "Western Route Counterflow" at Saudi Arabia's Jeddah Port: Saudi Arabia abandoned its eastern sea route (Dammam Port) nationwide, forcibly redirecting all Chinese orders to Jeddah on the Red Sea side, causing its throughput to surge to a peak of 361,000 mt in April. Source: SMM, Google Maps However, it should be noted that while cargo can be transferred via other ports in the short term, port arrivals in May have already shown a weakening trend again. The reason is that alternative ports outside the Gulf simply cannot handle such massive and concentrated cargo volumes, leading to extremely severe congestion. According to SMM's survey, because navigation within the Gulf is no longer possible, some shipping lines originally bound for Jebel Ali had to divert to Fujairah, but are still queuing for berths. Jeddah Port faces similar issues. With tight capacity, prices keep surging, and transportation faces severe obstacles. Source: SMM Outlook for Change: With the US-Iran blockade-lifting deal, what impact will the shipping supply chain face? After 108 days of the "dual blockade" (Iran's blockade of the strait and the US's counter-blockade of Iranian ports) that gripped the lifeline of global energy and commodities, the US and Iran officially issued successive high-profile statements announcing a ceasefire memorandum of understanding. The relevant timeline is summarized below. Data source: Compiled by SMM from public channels The news, once released, triggered a strong market reaction. On one hand, there are expectations for export increments from shipping recovery; on the other hand, there are certain demand expectations for post-disaster reconstruction. According to the latest SMM survey, most exporters have not responded enthusiastically to the lifting of the blockade and remain skeptical about its actual implementation. Therefore, from the perspective of actual order-taking, shipments to the Middle East still need 3 to 4 weeks to be verified. If a full lifting is confirmed, the "demand backlog" caused by the earlier shipping disruptions will see a concentrated release. Based on past customs data and the local supply-demand balance table, SMM roughly predicts that finished steel products will experience strong growth expectations, potentially filling a disaster-induced gap of approximately 1.7-2.1 million mt. Among them, HRC accounts for the highest proportion (29%) of China's finished steel exports to the Middle East. Although the Middle East's largest flat steel giant, Iran's Mobarakeh Steel Company (MSC), has reported production resumptions for its blast furnace previously damaged by war, its capacity is in a post-disaster repair phase and is not expected to fill the local gap in the short term. However, recent market rumors suggest that Indian resources are seizing the Middle Eastern market at lower prices, which will also pose some impact on China's export order-taking. However, for semi-finished products, the reason Chinese steel billets have been "hot" in recent months is the supply gap caused by the strait blockade and the bombing of Iranian steel mills. Once Iran's logistics fully recover, Chinese steel billets will lose their advantage in absolute price, logistics distance, and surrounding multilateral competition, and the demand gap in Southeast Asia previously filled by substituting Iranian sources may also be reclaimed. Recently, according to SMM surveys, billet resources are already circulating in the Middle Eastern market. Through the following comparison of comprehensive landed costs (CFR) for billets in the Middle East, it can be clearly seen that Chinese resources are under comprehensive pressure: Therefore, steel billet exports to the Middle East are expected to be somewhat limited, with competition only possible at lower prices. Preliminary forecasts indicate a pressure reduction of 50,000–250,000 mt. However, we need to broaden our perspective to the global multilateral trade context, and we must not fall into excessive pessimism due to localized marginal reductions. Although the billets exported to the Middle East are under pressure, the incremental steel billet volumes that previously replaced Iranian exports to Southeast Asia may not necessarily be wiped out. Given the uncertainty of the Middle East situation and based on considerations of a more stable supply chain, Southeast Asian buyers may continue to source from Chinese suppliers. Therefore, against the backdrop of an overall steel recovery and resilience in steel billet prices, SMM maintains its earlier view, holding a moderately optimistic stance on annual steel exports, with expectations of "steady incremental growth." Finally, it needs to be added that, currently, due to severe port congestion, even if the strait is confirmed passable, it will still take a long time for actual cargo to arrive and cannot immediately be reflected in the data. At the same time, ocean freight rates will also maintain high-level fluctuations in the short term due to unfavorable port cargo pick-up. 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[SMM Lithium Battery Anode Raw Material Market Weekly Review: Anode Raw Material Coke's Rigid Demand Dominates the Market, Price Lacks Significant Upside Momentum] June 18 News: This week, China's anode raw material coke market largely maintained a steady trend, with only some...