Recently, China’s manganese sulfate market has shown an operating pattern of rigid cost bottoming and differentiated demand structure. Divergent performance is seen between battery-grade and industrial-grade manganese sulfate, while the overall market remains steady with a firm undertone.

Recently, China's manganese sulphate market has exhibited an operating pattern characterized by "rigid cost underpinning and diverging demand structures." Battery-grade and industrial-grade manganese sulphate performed slightly differently, but the overall market maintained a steady-to-strong trend. Core raw material prices fluctuating at highs continued to push up production costs. Combined with steady demand release from the new energy sector, this provided strong support for manganese sulphate prices. Meanwhile, factors such as tightening liquidity at month-end and production adjustments in some producing regions caused minor disruptions, but did not alter the core logic of an overall strong market. In the short term, prices are expected to mainly fluctuate upward.

SMM April 24: Most cobalt-related product prices remained stable this week, with only refined cobalt and cobalt sulphate prices continuing their gradual decline, edging down to varying degrees. However, on the raw material side, cobalt intermediate products continued to maintain a strong position, as suppliers' strong willingness to hold prices firm, combined with miners participating in market procurement, intensified the tight supply of spot cobalt intermediate products... SMM compiled the cobalt market price changes this week, as follows: : According to SMM spot quotes, spot refined cobalt prices edged down this week. After a decline of 2,000 yuan/mt on April 23, spot refined cobalt prices remained at 408,000-418,000 yuan/mt, with an average price of 413,000 yuan/mt. According to SMM, futures fluctuations for refined cobalt narrowed this week, and the market operated steadily overall. From a supply-demand perspective, on the supply side, the firm pricing sentiment persisted, with mainstream smelters maintaining ex-factory prices, and traders keeping the spot-futures price spread at parity to a premium of 10,000 yuan/mt, with only a few traders offering discounts to accelerate capital recovery. On the demand side, the weak pattern continued, as downstream alloy and magnetic material enterprises saw no recovery in orders, maintaining cautious procurement strategies focused on small-batch, high-frequency purchasing as needed, strictly controlling inventory risks. After refined cobalt prices stabilized at low levels, some downstream enterprises shifted to more optimistic expectations for the market outlook, with restocking willingness slightly rebounding. In the short term, weak demand continues to weigh on prices, while high raw material costs and the reverse dissolution price spread provide solid bottom support. Prices are expected to maintain a fluctuating trend. As downstream demand gradually recovers going forward, refined cobalt prices still have upside room. Cobalt salt ( and ): : According to SMM spot quotes, spot cobalt sulphate prices maintained a fluctuating downward trend this week. As of April 24, spot cobalt sulphate prices fell to 93,700-96,400 yuan/mt, with an average price of 95,050 yuan/mt, down 300 yuan/mt from 95,350 yuan/mt on April 17, a decline of 0.32%. From a supply-demand perspective, according to SMM, on the supply side, mainstream cobalt sulphate smelters maintained quotes at 94,000-97,000 yuan/mt, supported by production costs. Some recycling enterprises and traders, under capital turnover pressure, offered concessions on shipments, lowering quotes to 92,000-93,000 yuan/mt, while some older cobalt sulphate inventory was transacted at around 90,000 yuan/mt. Demand side, downstream enterprises saw sluggish demand, compounded by sufficient inventory levels, leading to weak overall restocking willingness, with only small volumes of low-priced resources purchased as needed. In the short term, affected by a small amount of low-priced supply from upstream and weak downstream demand, cobalt sulphate prices are likely to remain in the doldrums, with prices expected to see a corrective rebound once purchasing demand recovers. : According to SMM spot quotes, spot cobalt chloride quotes remained stable this week. As of April 24, spot cobalt chloride held steady at 114,500-116,200 yuan/mt, with an average price of 115,350 yuan/mt. According to SMM, the cobalt chloride market continued to see a tug-of-war between bulls and bears this week, with the stalemate showing no signs of a breakthrough. In terms of supply, top-tier enterprises maintained firm quotes, with mainstream prices hovering around 116,000 yuan/mt and relatively solid support at the bottom; small and medium-sized producers, under pressure to recover funds, flexibly lowered shipment prices to 114,000-115,000 yuan/mt, but actual transaction volumes remained limited. Demand side, downstream participants remained predominantly cautious and on the sidelines. Although market inquiries were relatively active, substantive transaction increments were insufficient. Dragged down by weak end-use demand, Co3O4 enterprises maintained a conservative purchasing strategy for raw material cobalt chloride, with only occasional sporadic small orders for restocking. Overall, the cobalt chloride market still lacked clear momentum to drive a price breakthrough. : According to SMM spot quotes, spot Co3O4 quotes ran steadily this week. As of April 24, spot Co3O4 quotes held at 360,000-367,000 yuan/mt, with an average price of 363,500 yuan/mt. According to SMM, the overall trading activity in the spot Co3O4 market was low this week. Top-tier enterprises slightly lowered their quotes, but the periodically tight supply of cobalt intermediate products provided effective cost support for prices. Downstream LCO material enterprises continued to purchase as needed, mostly restocking in small volumes based on orders on hand, with market inquiry activity remaining at a moderate level. Looking ahead, end-use demand performance remains the key variable determining the purchasing intensity of cathode materials. Against the backdrop of overall weak demand, the Co3O4 market is expected to remain focused on holding prices stable and staying on the sidelines in the short term, with all parties operating cautiously. Regarding raw material cobalt intermediate products, according to SMM spot quotes, cobalt intermediate product prices held up well this week. As of April 24, spot cobalt intermediate products (CIF China) were quoted at $26-26.25/lb, with an average price of $26.125/lb. From a supply-demand perspective, according to SMM, suppliers on the supply side showed strong willingness to hold prices firm this week. Coupled with miners participating in market purchasing, spot tightness intensified, with some enterprises maintaining quotes above $26.0/lb. Demand side, downstream purchase willingness recovered slightly, but constrained by cobalt salt prices struggling to catch up, enterprises mostly adopted a wait-and-see approach with inquiries, with only small-volume transactions concluded in the $25.8–$25.9/lb range. It was learned that cobalt intermediate product cargoes from the DRC remained stranded at South African ports and in transit by land, 4 with only a few miners completing small-volume vessel bookings in April, expected to 5~6 arrive at port in May–June; affected by tight shipping conditions in Africa, the remaining cargoes are not expected to arrive in China in bulk until 7 July. Going forward, as downstream orders materialize and restocking demand is released, cobalt intermediate product prices still have upward momentum. On the news front, at the SMM Information & Technology Co., Ltd. (SMM) -hosted , SMM cobalt industry analyst Xiao Wenhao provided an outlook on the future development of the Chinese and global cobalt markets following the DRC cobalt export ban. On the domestic front, he noted that under the impact of the DRC policy, the Chinese cobalt market continued destocking, and cobalt product prices surged upward. Taking cobalt intermediate products as an example, as of March 2026, the spot price of cobalt intermediate products (CIF China) had risen to $25.85/lb, representing a 349.57% increase compared to $5.75/lb on February 25, 2025. According to SMM, since May 2025, the cobalt market began shifting into a tight supply situation, which is expected to see slight relief by June 2026. In addition, he also analyzed the supply-demand balance of the Chinese and global cobalt markets under two scenarios respectively: a pessimistic scenario — the DRC exports only the base quota of 87,000 mt + 70% exported to China, and a neutral scenario — the DRC maintains a long-term cobalt intermediate product export quota of 96,600 mt + 80% exported to China. Under the former assumption, according to SMM estimates, from 2025 to 2028, China's cobalt resources will exhibit a tight supply situation, with the Chinese market continuously facing raw material shortages. It is not until 2029–2030 that China's cobalt resource shortage is expected to ease, shifting to a tight balance. The DRC, on the other hand, shifted from a previous tight supply-demand balance to a significant oversupply in 2025, and the oversupply of its cobalt resources is expected to continue expanding in the coming years. Under the neutral scenario assumption, SMM expects that China's cobalt resources will exhibit a tight supply-demand balance in 2026, gradually shifting to a slight oversupply after 2027, though the surplus will be relatively small. The DRC's cobalt resources reached a supply-demand inflection point in 2025, and from 2025 onward are expected to exhibit a significant oversupply.

SHFE stainless steel futures end the week (April 20-24, 2026) above RMB 15,100/mt as RKAB quota-cut expectations shift the market narrative from macro stimulus to supply-side cost support.

Recently, China's EMM market displayed a distinct dual pattern of "strong cost support with loosening at highs," with intensifying industry supply-demand and cost dynamics.

Nickel prices trended higher in a volatile manner this week, with supply-side news serving as the core driver of price movements. At the beginning of the week, the most-traded SHFE nickel contract opened low near 140,010 yuan/mt. Mid-week, news that Indonesia's Weda Bay planned to halt production in May, combined with cost-side factors such as the implementation of Indonesia's new HPM tax policy and surging sulfur prices, pushed nickel prices higher for three consecutive days. On Friday, prices briefly broke through 146,000 yuan/mt, with a weekly gain of 0.99%. LME nickel strengthened in tandem, reaching a high of $18,850/mt, with a weekly gain of 4.11%. Spot market, the weekly average price of SMM #1 refined nickel was 142,770 yuan/mt, up 2,000 yuan/mt WoW. Jinchuan nickel premium declined to 1,900 yuan/mt, and mainstream domestic electrodeposited nickel remained at a discount. Rising futures prices this week suppressed downstream pricing willingness, and overall trading was mediocre. Macro and market news, SHFE added two Indonesian refined nickel delivery brands "Yongheng" and "Dingxing" this week, further expanding the channel for low-cost Indonesian electrodeposited nickel to register for delivery in the Chinese market, which will exert sustained restocking pressure on SHFE warrants and domestic refined nickel social inventory. Starting from the evening of April 21, overseas investors were officially permitted to participate in SHFE nickel futures and options trading, further enhancing the openness of the nickel product. On the macro front, Trump extended the US-Iran ceasefire deadline last week, but substantial progress in US-Iran negotiations was severely lacking this week. Iran stated it had "no plan to engage in negotiations in the near term," and both sides continued to blockade the Strait of Hormuz as a bargaining chip, with tensions re-escalating. Fed Chairman nominee Kevin Warsh explicitly refused to commit to interest rate cuts at a confirmation hearing held by the Senate Banking Committee this week, stating he would focus on "underlying inflation." Inventory, Shanghai Bonded Zone inventory was approximately 1,700 mt this week, flat WoW. Domestic social inventory was approximately 97,000 mt, an inventory buildup of about 3,300 mt WoW. Looking ahead, Indonesia's quota tightening policy continued to strengthen, the sulfur supply crisis intensified, MHP production was hampered, and sulfur prices continued to rise amid tight supply, providing strong cost support. Combined with recent news of production halts and cuts at Indonesian smelters, nickel prices are expected to hold up well. The most-traded SHFE nickel contract is expected to trade in the range of 140,000-150,000 yuan/mt next week.

[SMM Aluminum Alloy Daily Review] The ADC12 aluminum alloy market was in the doldrums overall today. As aluminum prices weakened, cost support loosened somewhat. Meanwhile, downstream demand remained sluggish, pre-holiday stockpiling fell short of expectations, and trading was sluggish, further suppressing upward momentum. Combined with an increase in low-priced supplies in the market and intensified competition among enterprises, the price center shifted slightly downward. In the short term, under the dual impact of weakening cost support and insufficient demand, ADC12 prices are expected to continue a fluctuating trend in the doldrums.

SMM Nickel News, April 24: Macro and market news: (1) Indonesia's Weda Bay Nickel mine will suspend operations for maintenance starting May, while NPI production remains normal. Although external ore sales reached 8.3 million wmt in Q1 (up 54% YoY), PT WBN announced it would shift its mine operations to "care and maintenance" status in May 2026, as its 2026 RKAB quota was slashed by 70% (the initial batch was only 12 million wmt, far below the 42 million wmt in 2025). (2) The Ministry of Commerce held a regular press conference on the afternoon of April 23. In response to the US Customs and Border Protection initiating related tariff refund procedures on the 20th, the Ministry stated that China has consistently opposed any form of unilateral tariff hike measures. The US unilateral measures, including reciprocal tariffs and fentanyl tariffs, violate international trade rules and US domestic law, undermine the global trade order, and serve no party's interests. Spot market: On April 24, SMM #1 refined nickel prices rose 3,550 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,850 yuan/mt, down 100 yuan/mt from the previous trading day; domestic mainstream brand electrodeposited nickel ranged from -600 to 600 yuan/mt. Futures market: The most-traded SHFE nickel 2606 contract rose sharply in the morning session, breaking through 146,000 yuan/mt, and closed at 145,900 yuan/mt at the end of the morning session, up 2.63%. Indonesia's tightening quota policy continued to intensify, the sulfur supply crisis deepened, MHP production was hampered, and sulfur prices continued to rise amid tight supply, providing strong cost support. Combined with the recent fermentation of news about production suspensions and cuts at Indonesian smelters, nickel prices held up well. The most-traded SHFE nickel contract is expected to trade in the range of 140,000-150,000 yuan/mt.

[Limited Fundamental Support for Prices, GO Silicon Steel Prices May Be in the Doldrums Next Week] In terms of supply, China's steel mills maintained a steady production pace. Regular GO silicon steel resources remained in ample supply, while high-grade Hi-B resources saw no supply expansion due to technical barriers and production schedule constraints. The overall market continued to exhibit a divergent pattern of "low-end surplus and relatively balanced high-end." On the demand side, downstream transformer enterprises continued to see weak orders, with end-user operating rates remaining moderate. Procurement was primarily need-based restocking, and pre-Labour Day holiday restocking demand release fell short of expectations. End-user enterprises generally adopted a wait-and-see stance, concerned about a post-holiday price pullback, maintaining a cautious procurement pace.

[SMM Silicone Weekly Review: Silicone DMC Prices Continued to Rise, Market Trading Pace Driven by Rigid Demand] Spot silicone DMC in China was mainly traded at 14,700-14,800 yuan/mt this week, with the weekly average transaction price up 100 yuan/mt WoW. The sustained price increase in this round was driven not only by earlier raw material cost rises but also by tightening industry supply, which further constrained spot cargo circulation in the market and pushed prices higher.