[SMM Aluminum Price Weekly Review: Macro Situation Fluctuates, Domestic Aluminum Prices Under Pressure at the Top Amid High Inventory]

[SMM Aluminum Price Weekly Review: Ex-China Supply Gap Supports Prices to Hold Up Well, China Focuses on Aluminum Ingot Social Inventory Turning Point]

On May 7, 2026, iron ore futures fluctuated upward with intense trading, and the most-traded contract I2609 closed at 817 yuan/mt, up 0.62% from the previous trading session. Port spot prices were basically flat compared to the previous day. Traders showed moderate quoting activity, and steel mills remained cautious in procurement; overall spot transaction sentiment was lukewarm. Currently, iron ore supply-demand fundamentals remain stable. However, oil prices transmitted through the shipping market, leading to a significant rise in iron ore freight costs today, further supporting iron ore prices. In addition, reports indicated that the US and Iran are negotiating on resolving conflicts and reopening the Strait of Hormuz, with oil prices having fallen for three consecutive days. This news may boost market sentiment in the short term, providing positive sentiment-driven support for iron ore prices.

[TCs Continued to Decline, SHFE Zinc Fluctuated at Highs]: The most-traded SHFE zinc 2606 contract opened at 24,200 yuan/mt. After the opening, SHFE zinc fluctuated around the daily average line, touching a low of 24,105 yuan/mt during the session and reaching a high of 24,305 yuan/mt near the close, ultimately closing higher at 24,285 yuan/mt.

[SMM Magnesium Weekly Review: Post-Holiday Magnesium Market Consolidates Weakly, Supply-Demand Dual Weakness Puts Prices Under Pressure] The magnesium industry chain was overall in the doldrums this week. Dolomite prices remained stable, with delivery-to-factory prices consolidating at highs. Magnesium ingot quotes fell due to weak post-holiday restocking and an increase in low-priced supplies, with FOB prices also edging down in tandem. The magnesium powder and magnesium alloy markets held steady with firm processing fees, but downstream buyers remained on the sidelines, presenting an overall pattern of strong supply and weak demand. In the short term, magnesium prices may continue to move sideways.

[SMM News Flash] According to reports, Jintuo Technology Co., Ltd. recently planned to issue shares to specific targets to raise total funds of no more than 500 million yuan. The raised funds will be used for precision parts industrialisation construction projects and to supplement working capital, stepping up its presence in the NEV and robot parts sector.

During the 48th ASEAN Summit in the Philippines on May 7, 2026, Indonesian Minister of Energy and Mineral Resources Bahlil Lahadalia stated that Indonesia is open to cooperating with the Philippines on nickel supply to bolster the regional electric vehicle battery ecosystem. While Indonesia is not currently planning upstream investments in the Philippines, Bahlil emphasized that the Philippines could serve as a vital raw material supplier should Indonesian domestic supply face shortages, highlighting a strategic effort to build a unified energy strength within Southeast Asia.

Refined Cobalt: Spot refined cobalt prices maintained a fluctuating trend this week. Supply side, mainstream smelters slightly raised ex-factory prices, while other smelters maintained parity in their quotes; traders lowered the spot basis for mainstream brands to a premium of 7,000-8,000 yuan/mt to accelerate capital turnover. Demand side, downstream alloy and magnetic material enterprises continued just-in-time procurement restocking strategies, strictly controlling raw material inventory risks. From the price ratio perspective, the metal price spread between refined cobalt prices and low-priced cobalt salts has narrowed significantly, and enterprises' willingness to produce refined cobalt through reverse dissolution has pulled back accordingly. Refined cobalt prices are expected to move sideways in the short term, and future price rises still require effective support from cobalt salt prices. Cobalt Intermediate Products: Cobalt intermediate product prices remained stable this week. Supply side, most suppliers held relatively optimistic expectations for the market outlook, with quotes continuing to stay above $26/lb. Demand side saw no significant changes; affected by insufficient momentum for cobalt salt prices to follow upward, the market maintained only small volumes of just-in-time procurement, with intended transaction prices fluctuating around $25.8/lb. Shipping side, DRC cobalt intermediate product cargoes remained stranded at South African ports and in overland transportation. Only a few miners completed small-batch vessel bookings in April, with arrivals expected from May to June. Dragged by tight shipping capacity on African routes, other large-volume cargoes may be delayed until July for concentrated arrivals. Looking ahead, once downstream orders gradually materialize and restocking demand is progressively released, cobalt intermediate product prices still have room for upward recovery. Cobalt Sulphate: Spot cobalt sulphate prices stopped falling and stabilized this week. Supply side, mainstream brand quote centers remained in the range of 93,000-96,000 yuan/mt; driven by the rebound in refined cobalt prices, some smelters and traders that previously made concessions on shipments have slightly raised their quotes, and low-priced resources below 90,000 yuan/mt have decreased notably. Demand side, downstream enterprises overall were still consuming earlier inventory, with weak purchase willingness to enter the market, and only individual just-in-time procurement restocked small volumes at low prices. However, some Co3O4 enterprises have recently increased inquiry activities, with purchasing sentiment showing signs of recovery. From production schedule plans, both ternary and LCO enterprises saw restorative increases in May production schedules MoM. As downstream gradually initiates restocking, cobalt sulphate prices are expected to see a phased recovery rebound.

Anthropic signed an agreement with Elon Musk's SpaceX to enhance its computing power and meet the surging demand for its Claude artificial intelligence software. The two companies said Wednesday that Anthropic plans to obtain computing resources from a large SpaceX data center in Memphis called Colossus 1. Anthropic said the partnership would "significantly" increase its computing resources and enable it to raise usage limits on its AI products. The terms of the agreement were not disclosed. The move brings together two AI race rivals. While xAI lags behind in coding, it leads in data center and chip procurement. xAI had previously provided computing power to Cursor and was building data centers in Memphis and Mississippi. In a potential new branding move, xAI referred to itself as "SpaceXAI" when announcing the computing agreement.

Tang Eng Iron Works, a major Chinese Taiwan stainless steel producer, has returned to profitability in Q1 2026, posting a net profit of NT$114.12 million and ending 11 consecutive quarters of losses. EPS reached NT$0.33, a sharp turnaround from the NT$1.22 loss per share in the same period last year. While revenue dipped slightly to NT$2.474 billion, the recovery was driven by consistent price hikes implemented since last December.