SMM, June 12: This week, prices across the cobalt products complex continued their downward trend. Refined cobalt fell by 16,500 yuan/mt in a single week, while in the cobalt salt segment, spot quotes declined to varying degrees across the board except for cobalt sulphate, which held stable temporarily. Weak downstream demand was a key factor behind the relentless slide in prices for products along the cobalt industry chain... SMM has compiled this week's price changes for cobalt products as follows: : SMM spot price data showed that refined cobalt spot quotes moved lower this week. As of June 12, spot refined cobalt was quoted at 385,000-412,000 yuan/mt, with an average of 398,500 yuan/mt, down 16,500 yuan/mt from 415,000 yuan/mt on June 5, a decline of 3.98%. According to SMM, the price decline this week was driven by two main factors: first, during mid-week, ex-China price reporting platforms slashed the low-end price for cobalt intermediate products, weakening market sentiment and dragging down refined cobalt prices; second, this triggered forced stop-loss liquidation by some funds, further accelerating the magnitude of the pullback. From a supply-demand perspective, on the supply side, EXW prices from mainstream smelters held at 422,000 yuan/mt. After the rapid drop in refined cobalt prices, most traders suspended quoting, with only a small number of hedging traders selling limited cargoes at a slight premium to futures. On the demand side, the persistent downtrend suppressed downstream purchase willingness, with alloy and magnetic material enterprises mostly choosing to hold off on purchases and stay on the sidelines, in a "rush to buy amid continuous price rise and hold back amid price downturn" mentality. In the short term, the market is likely to remain in a volatile state under pressure; a stabilization in refined cobalt prices still depends on a return to stability in other cobalt products, particularly cobalt salts. For the raw material cobalt intermediate product, SMM spot price data showed that spot quotes for cobalt intermediate products edged down $0.1/lb this week to $24.9-25.5/lb, with an average of $25.2/lb, down 0.4% from June 5. On the supply side, quotes from mainstream miners and traders remained in the $25.5-26/lb range. Small volumes of lower-quality material changed hands at sub-$25/lb levels during the week, but the impact on mainstream prices was relatively limited given the significant quality discount and limited trading volume. In terms of shipments, the approval of Q1 2026 quotas continued to progress slowly due to complicated procedures. Coupled with tight local logistics in the DRC and the lower priority assigned to cobalt raw material shipments, the arrival of bulk cargoes at ports was further delayed, with current estimates pointing to a mass port arrival around August . In the short term, demand-side support remained weak, and prices may mainly move sideways. For the market to stabilize and strengthen going forward, it still depends on downstream demand recovery and the restoration of cobalt salt prices. Cobalt salt market ( and ): : According to SMM spot quotes, cobalt sulphate spot prices remained stable this week. As of June 12, cobalt sulphate spot quotes held steady at 88,000-92,000 yuan/mt, with an average of 90,000 yuan/mt, unchanged from June 5. In the spot market, according to SMM, the cobalt sulphate market atmosphere was sluggish this week, with the tug-of-war between upstream and downstream continuing and prices staying generally stable. On the supply side, mainstream smelters continued to hold prices firm, with the quotation range maintained at 88,000-92,000 yuan/mt. Some recycling smelters and traders, affected by cash flow pressures, lowered offers on small volumes of low-priced cargoes to 84,000-85,000 yuan/mt. On the demand side, the continued gradual price decline suppressed downstream purchase willingness, with some enterprises' target prices at only 81,000-82,000 yuan/mt, a large gap from sellers' offers that made actual transactions difficult. In the short term, cobalt sulphate prices are likely to remain in the doldrums, with market stabilization and recovery still awaiting the substantial release of concentrated downstream restocking demand. market: According to SMM spot quotes, cobalt chloride spot prices stabilized this week after falling 100 yuan/mt on June 11. As of June 12, cobalt chloride spot quotes ranged from 110,000 to 115,000 yuan/mt, with an average of 112,500 yuan/mt, a decline of 0.09% from June 5. In the spot market, according to SMM, the cobalt chloride market was overall sluggish this week. On the supply side, as the mid-year period approached, some enterprises continued to offer discounts to sell in response to performance and cash flow pressures, but downstream purchasing capacity was limited, and price cuts did not result in substantial volume increases. The market remained trapped in a passive volume discount situation. Top-tier players maintained their stance of holding prices firm, unwilling to sell at low prices, which provided bottom support for prices. On the demand side, end-user orders were weak, overall downstream stockpiling motivation was insufficient, and purchases remained wait-and-see. Overall, June cobalt chloride prices continued on a gradual weakening trend, with further downside in the short term. market: According to SMM spot quotes, the Co3O4 spot price fell by 1,500 yuan/mt on the last trading day of this week, to a range of 341,000-350,000 yuan/mt, with an average of 345,500 yuan/mt, a decline of 0.43% from 347,000 yuan/mt on June 5. Meanwhile, the Co3O4 spot market remained sluggish. From the supply-demand perspective, on the supply side, enterprises generally struggled to hold their offers, continuously selling at lower prices. However, driven by a mentality of “rush to buy amid continuous price rise and hold back amid price downturn,” successive price cuts intensified downstream wait-and-see sentiment, further suppressing purchase willingness. On the demand side, LCO producers still focused on customer-supplied materials and long-term contract deliveries, while spot demand continued to shrink, and the weak end-user market had begun to slow cargo pick-up under long-term contracts. In the short term, a market turnaround is unlikely, and against the backdrop of loosening cost support and inelastic demand, SMM expects the Co3O4 price center to continue shifting downward. In news, on corporate developments, according to Webstock Inc., on Thursday, June 11, Madagascar’s Ambatovy Mining announced that it had restarted production following a cyclone disaster in February and plans to produce 2,500 mt of nickel in June. Ambatovy added that cobalt production this month is expected to be around 250 mt. It is reported that the Ambatovy mine produces nickel briquettes and cobalt briquettes. In 2025, the mine’s nickel production was approximately 29,000 mt, and cobalt production about 2,700 mt. Tengyuan Cobalt, when responding to investor inquiries in early June, mentioned that as of the end of Q1 2026, the company already had 60,000 mt of copper product capacity and 31,500 mt in metal content of cobalt product capacity. GEM, during an investor survey on June 10, was asked “whether there is any quality difference between critical metals such as nickel, cobalt, and lithium extracted through the recycling system and those from virgin ore.” In response, GEM stated that after deep purification, the purity and performance indicators of critical metals such as nickel, cobalt, and lithium are fully consistent with the requirements of battery material production, and there is no quality difference. At the same time, the metal enrichment degree (grade) in “urban mines” such as power batteries is usually higher than that in natural mines, offering significant advantages in resource value and utilization efficiency. It is worth noting that at the , SMM Vice President Wang Cong mentioned when discussing cobalt resources that for the past several years, the DRC had always been the core supplier of global cobalt resources, but since last year's policy adjustments, Indonesia's share of cobalt production has increased significantly. Looking ahead over the next decade, the market share of cobalt contained in Indonesian MHP is expected to continue expanding, and the global cobalt supply landscape is evolving from a single-center structure centered on the DRC to a dual-center structure with both the DRC and Indonesia.

June 12: Northern ports: South African high-iron ore: 31.4-32.1 yuan/mtu, down from last Friday; South African semi-carbonate ore: 37.8-38.3 yuan/mtu, flat from last Friday; Gabonese ore: 41-41.6 yuan/mtu, down from last Friday; 46% Australian lumps: 43.5-44 yuan/mtu, flat from last Friday; South African medium-iron ore: 37.5-38 yuan/mtu, down from last Friday. Southern ports: South African high-iron ore: 34.1-34.6 yuan/mtu, down from last Friday; South African semi-carbonate ore: 36.5-37 yuan/mtu, flat from last Friday; Gabonese ore: 41.5-42 yuan/mtu, down from last Friday; 46% Australian lumps: 43.5-44 yuan/mtu, flat from last Friday; South African medium-iron ore: 37-37.5 yuan/mtu, down from last Friday. The manganese ore market is steady but stagnant, end-use demand is sluggish, and a wait-and-see sentiment prevails.

SMM June 12 news: [SMM] On June 12, SMM A00 aluminum (Foshan) was reported at 24,140 yuan/mt, up 150 yuan/mt, with a premium of 20 yuan/mt over the current-month contract and a discount of 85 yuan/mt against the next-month contract (unit: yuan/mt). Today, futures continued to rise sharply, and pressure on spot aluminum in South China intensified. Inventory destocking remained strong, which would have been a support, but absolute prices and the spot-futures price spread had both cumulatively risen to relatively high levels. As the weekend approached, the urge to sell and cash in intensified again. In the morning, the stance of holding prices firm gradually loosened, with discounts widening. Mainstream quotations returned to a small discount of -10 to 0 yuan/mt, with circulating cargoes mainly at discounts. Demand side, downstream fear of high prices began to emerge, and the momentum of rushing to buy amid continuous price rises weakened, but it had not completely exited, still providing bottom support. Traders, meanwhile, sold more than they bought, only purchasing as needed, with limited replenishment. Overall trading was moderate. Spot aluminum transaction prices were concentrated at premiums of 0 to 40 yuan/mt against the SHFE aluminum 2606 contract.

SMM, June 12 – This week, SHFE lead fluctuated downward, and secondary refined lead premiums and discounts continuously changed with futures. At the start of the week, lead prices declined, with quotations ranging from a discount of 25 yuan/mt to a premium of 25 yuan/mt, and trading was sluggish. Mid-week, the market was under pressure, smelters held prices firm, and quotations rose to parity to a premium of 50 yuan/mt, forming an inversion with primary lead, with only sporadic just-in-time procurement. In the latter half of the week, futures slightly recovered, and quotations pulled back to parity to a premium of 25 yuan/mt. Downstream maintained just-in-time procurement as the primary approach throughout, and overall trading was weak. This week, the SMM #1 lead ingot spot price continued to decline, while scrap battery raw material prices remained firm, further intensifying smelters' loss pressure. As of June 12, large smelters incurred a loss of 510 yuan/mt, and small and medium-sized smelters incurred a loss of 710 yuan/mt. Affected by price cuts at the recycling end, stores notably held back from selling, scrap battery circulating supplies tightened, and smelters' raw material inventory stayed low. Scrap battery purchase prices are expected to remain strong next week, smelting enterprises' profits will continue to be under pressure, and the loss trend is unlikely to reverse. Meanwhile, next week, smelters will see both production resumptions and production cuts/suspensions, resulting in a mix of bullish and bearish factors on the secondary refined lead supply side, and spot premiums are expected to stay at current levels.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, next Monday marks the last trading day for the SHFE copper 2606 contract. According to SMM's #1 copper cathode price assessment methodology, SMM always quotes against the front-month contract. During the day, the center of copper prices moved up, and downstream procurement sentiment pulled back slightly, indicating that high prices somewhat curbed demand. Approaching delivery, suppliers showed a relatively strong willingness to deliver their open interest, keeping available cargo tight. In addition, spot inventory in the Guangdong region remained at a low level, with offers at a premium of around 200 yuan/mt, which may lend some support to premiums in the Shanghai region. Overall, premiums for Shanghai spot copper against the SHFE 2606 copper contract next Monday are expected to remain at a premium level.

This week, macro sentiment was shaped by two key narratives: accelerating US-Iran peace talks and higher-than-expected inflation. Peace talks notably heated up—Trump said a peace deal could be signed in Europe as soon as this weekend, and Iran allowed 10 tankers through the Strait of Hormuz as a goodwill gesture. Brent crude fell to a near two-month low of around $89/bbl as geopolitical risk premiums quickly faded. Mid-week, however, May CPI rose to 4.2% YoY, the first breach above 4% in three years (driven by energy, with core at 2.9%). The market’s expectation for the US Fed shifted from rate cuts to a possible hike within the year, and tightening fears weighed on industrial metals demand; copper prices briefly hit a three-week low. By the week’s end, optimism around US-Iran relations eased growth concerns, and copper prices rebounded, with COMEX recovering to around $6.35/lb. Overall, easing geopolitical tensions and sticky inflation offset each other. Ahead of the June 17 FOMC meeting (the first chaired by new Chair Warsh, who is expected to hold rates steady), the market leans toward a wait-and-see stance. Copper prices pulled back from highs on macro headwinds, with increased volatility. Fundamentals side, China’s spot market notably strengthened. On inventory, SMM social inventory fell to recent lows, and suppliers showed a strong willingness to hold prices firm. Spot premiums quickly flipped from discounts; South China premiums surged around 230 yuan/mt in total this week, with the approaching delivery-related backwardation structure supporting SHFE copper premiums. Demand side, dip-buying activity picked up when copper prices fell and trading recovered, but as prices rebounded, downstream buying interest was suppressed and the market cooled—overall, demand remained need-based. The SHFE/LME price ratio recovered slightly, with buyers showing greater purchase willingness. The overall picture is one of low-inventory support, strengthening spot premiums, and a demand pattern that switches with price moves, lending support to copper’s downside. Looking ahead to next week, macro focus will center on the June 17 FOMC meeting (attention on Warsh’s comments on the inflation overshoot and the dot plot), whether the US-Iran deal materializes and progress on Strait of Hormuz navigation resumption, while the June 30 US copper cathode tariff ruling adds further uncertainty. If peace talks deliver and geopolitical risk continues to recede, risk appetite could recover but crude oil and inflation expectations would likely pull back in tandem; if sticky inflation pushes the Fed hawkish, risk assets would face pressure. As for fundamentals, low inventories and strengthening spot premiums offer downside support, while high copper prices deter chasing. LME copper is expected to trade at $13,300–$13,800/mt, and SHFE copper is expected to trade at 102,800-105,500, moving sideways in a high range with a slightly softer center. Spot premiums are expected to persist; attention will focus on the sustainability of suppliers holding prices firm post-delivery and downstream restocking intensity.

[Shanghai zinc ingot inventory slightly destocked, spot zinc discounts narrowed]: This week, spot discounts in Shanghai narrowed, with the weekly average price up 20 yuan/mt WoW. As of Friday this week, ordinary domestic brands were quoted at discounts of 10-0 yuan/mt against the 2607 contract, while the high-priced brand Shuangyan was quoted at a premium of 60 yuan/mt against the 2607 contract.

[SMM Chrome Daily: Prices Move Sideways, Transactions Remain Sluggish] June 12, 2026 – The ferrochrome and chrome ore markets fluctuate slightly...

[Transactions Improved Within the Week, Premiums Rose]: Spot premiums in Tianjin rose this week, up 20 yuan/mt WoW. As of this Friday, mainstream domestic brands were quoted at discounts of 30-80 yuan/mt against the 2607 contract, higher-priced brands at discounts of 20-30 yuan/mt against the same contract, and Tianjin market at a discount of about 50 yuan/mt against Shanghai.

[SMM Stainless Steel Daily Review] Stainless Steel Futures Stabilize, Spot Trades Pick Up SMM reported on June 12 that SS futures stopped falling and stabilized. News of easing US-Iran conflict emerged again, nonferrous metal futures generally staged a recovery, and SS strengthened in tandem. As of midday close, the most-traded SS contract was quoted at 14,715 yuan/mt. In the spot market, driven by the strengthening of SS futures, market activity improved. In the morning session, both inquiries and transactions recovered, and traders raised their offers. The most-traded SS futures contract pulled back. At 10:15 a.m., SS2607 was reported at 14,705 yuan/mt, up 300 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged from 365-915 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi remained flat; for cold-rolled 304/2B trimmed edge coil, the average price in Wuxi rose 50 yuan/mt, and in Foshan rose 50 yuan/mt; cold-rolled 316L/2B coil in Wuxi fell 200 yuan/mt; hot-rolled 316L/NO.1 coil in Wuxi was flat; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. This week, stainless steel futures and spot prices both declined under pressure, as macro headwinds outside China dominated the market and off-season pessimism spread quickly. The industry’s outlook expectations weakened, end-users remained on the sidelines, and rigid demand stayed sluggish. Traders concentrated on selling to destock and offered discounts. On the futures front, overseas macro developments were the core driver this week. The US non-farm payrolls data significantly exceeded expectations, the unemployment rate stayed low, and the market delayed or even canceled expectations for a US Fed interest rate cut within the year…