After a strong start, the price of gold slipped twice to around $5,060 during this trading week. Now, it appears that gold prices might manage to stay just above $5,100 heading into the weekend, continuing the persistent sideways movement of the past five weeks.

As of now, the FOB price of Indonesian MHP nickel is $15,549/mt Ni, and the FOB price of Indonesian MHP cobalt is $49,571/mt Co. The MHP payables against the SMM battery-grade nickel sulphate index were 88-89, and the payable indicator for the MHP cobalt element against SMM refined cobalt (Rotterdam warehouse) was 91. The FOB price of Indonesian high-grade nickel matte was $15,910/mt Ni.

This week, considering the overall market situation, second-life application B-grade prices remained generally stable without wild swings. Cost side, lithium carbonate prices showed a clear downward trend, nickel sulphate prices edged down slightly, while cobalt sulphate prices remained steady. Supply side, as the Chinese New Year holiday approached, many enterprises entered the year-end wrap-up phase, resulting in an overall weak willingness to sell. Demand side, year-end stockpiling by downstream enterprises was largely completed, leading to low overall purchasing enthusiasm and a significant slowdown in the restocking pace. Among these, the small power sector experienced a noticeable contraction in demand due to relevant policy adjustments, while the energy storage sector maintained relatively stable demand, becoming the main support on the demand side. Considering multiple factors—such as diverging trends in cost-side products, cautious shipments by supply-side enterprises, and structural adjustments on the demand side—although overall market trading activity remained subdued and there was a certain time lag in the transmission of raw material prices to end-users, second-life application B-grade prices continued to exhibit a relatively stable pattern this week.

As of now, the FOB price of Indonesian MHP nickel is $16,104 per mt Ni, and the FOB price of Indonesian MHP cobalt is $48,994 per mt Co. The MHP payable indicator (against the SMM battery-grade nickel sulphate index) is 86.5-87, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 90. The FOB price of Indonesian high-grade nickel matte is $16,632 per mt Ni.

Although the China-U.S. dialogue in London sent a signal of easing tensions in rare earth magnetic material trade, the current situation in the industry is still marked by a contraction in short-term orders and a strong wait-and-see sentiment in the market. In the long run, Chinese magnetic material enterprises are leveraging this momentum to accelerate their transformation towards high-end and green development, with technological breakthroughs and supply chain restructuring becoming key bargaining chips for restarting cooperation in the future.

According to the website of the State Administration of Foreign Exchange (SAFE), the SAFE recently released data on bank settlement and sales of foreign exchange, as well as bank-mediated cross-border receipts and payments for May 2025. Li Bin, Deputy Director of the SAFE and spokesperson, answered questions from reporters regarding the foreign exchange market situation in May 2025. Q: How was the foreign exchange market situation in China in May 2025? A: In May, the overall supply and demand of foreign exchange at home and abroad were balanced, and the foreign exchange market operated smoothly. Firstly, cross-border capital flows continued to show a net inflow. In May, non-bank sectors, including enterprises and individuals, recorded a net inflow of $33 billion in cross-border capital. Among this, the net inflow of funds from trade in goods remained at a relatively high level, and foreign investors' holdings of domestic stocks increased further compared to the previous month. Net outflows of funds from services trade, dividend distributions by foreign-invested enterprises, and outward direct investment remained generally stable. Secondly, market expectations were stable. In May, bank settlement and sales of foreign exchange turned to a surplus. Enterprises and individuals maintained a stable willingness to settle foreign exchange, while the demand for purchasing foreign exchange pulled back, with market transactions remaining rational and orderly. Currently, China's economy is maintaining an overall stable development trend with steady progress, which will continue to provide strong support for the steady operation of the foreign exchange market.

To boost market vitality, Guangzhou has taken a crucial step in optimizing its real estate policies. On June 13, Guangzhou released the "Implementation Plan for Special Actions to Boost Consumption (Draft for Public Comment)", seeking public feedback. The plan explicitly proposes to "systematically reduce consumption restrictions, optimize real estate policies, comprehensively lift purchase restrictions, sales restrictions, and price caps, and lower down payment ratios and interest rates for loans." This draft for public comment views real estate consumption as a "key link" in boosting the overall vitality of the consumer market. Industry analysts generally believe that the implementation of this series of policies will effectively stimulate Guangzhou's property market and accelerate the process of stabilizing housing prices. More critically, Zhang Bo, President of the 58 Anjuke Research Institute, stated that Guangzhou, as a first-tier city, sending a comprehensive and clear signal of policy easing, indicates an increased likelihood of further policy relaxation in first-tier cities. Clear Signal of Comprehensive Easing "This move marks Guangzhou as potentially the first first-tier city in the country to comprehensively lift the 'four restrictions'—purchase restrictions, sales restrictions, price caps, and loan restrictions," Zhang Bo told reporters. In fact, Guangzhou had already laid the groundwork for easing real estate policies. Chen Xueqiang, Research Director of the South China Branch of the China Index Academy, said in an interview with reporters that the comprehensive lifting of sales and purchase restrictions mentioned in this "Draft for Public Comment" had already been fully implemented in Guangzhou in May and September 2024, respectively. Although no official document had been previously issued regarding the lifting of price caps, the policy had already been in practice, meaning developers still needed to register prices, but the government no longer provided guidance prices. Regarding credit policies, Chen Xueqiang added that the current down payment ratios for first-time and second-time commercial loans in Guangzhou are both 15%, with the first-time commercial loan interest rate at 3% and the housing provident fund interest rate at 2.6%, which are already at relatively low levels. There is room for further reductions in the down payment ratios for housing provident fund loans in the future. From the perspective of Guangzhou's own real estate market situation, policy adjustments are also very necessary. According to Zhang Bo, based on housing price data released by the National Bureau of Statistics, Guangzhou is a first-tier city facing relatively significant downward pressure on housing prices, with both the new and second-hand housing markets remaining in a downward trend this year. Although Anjuke's online data shows that the overall second-hand listing prices stabilized in June, price declines were more pronounced in peripheral areas such as Baiyun, Panyu, Nansha, and Zengcheng. "Therefore, by comprehensively lifting purchase restrictions, sales restrictions, and price caps, and lowering down payment ratios and interest rates for loans, the aim is to eliminate administrative intervention, allow the market to return to supply and demand-driven dynamics, boost property transactions, and accelerate the stabilization of housing prices."Zhang Bo said. Chen Xueqiang also believes that the draft for public comments explicitly expands the scope of cancellation to include restrictions on resale and price caps, and emphasizes reducing down payment ratios and interest rates. This is a comprehensive confirmation of the policies already implemented, sending a strong signal of easing to the market. Several analysts have pointed out that among first-tier cities, Guangzhou has frequently taken the lead in introducing easing measures in the past, and the new policies in Guangzhou this time may continue to trigger a chain reaction, with other first-tier cities potentially following suit in relaxing their policy restrictions. Multi-dimensional Efforts to Activate Demand In addition to easing core restrictive measures, Guangzhou's current plan also deploys measures from multiple angles, aiming to activate latent demand and comprehensively meet housing consumption needs. The plan explicitly proposes to steadily advance the renovation of urban villages and old residential communities, with plans to initiate renovation of over 150 old residential communities and upgrade over 9,000 old residential elevators by 2025, achieving fixed asset investment of 100 billion yuan in urban village renovation. "Such quantitative targets demonstrate Guangzhou's emphasis on urban renewal and its determination for sustained investment," Zhang Bo analyzed. As a core supporting measure for optimizing Guangzhou's real estate policies, the renovation of old residential communities has been deeply advanced in recent years, leading the nation. Through institutional innovation, diverse participation, and precise implementation, it has achieved a positive interaction between improving people's livelihoods and urban development. Meanwhile, Yan Yuejin emphasized that urban village renovation will effectively promote the release of latent home-buying or housing demand. The plan also proposes to "advance the use of special loans to purchase existing commercial housing as resettlement housing." In fact, Guangzhou has been at the forefront nationwide in terms of special bond acquisitions and storage. Yan Yuejin believes that the mention of this in the current plan indicates that special loans will continue to play a significant role in the subsequent acquisition of existing commercial housing for resettlement purposes. Furthermore, the plan requires the continuous optimization of housing provident fund usage policies, supporting depositors in applying for individual housing loans from the housing provident fund while withdrawing funds from it to pay for home down payments, and further optimizing policy measures for rent extraction. Industry insiders believe that through the comprehensive withdrawal of restrictive policies, the continuous optimization of credit policies, as well as a stimulus policy package of supporting measures including urban village renovation, utilization of existing housing, and housing provident fund support, Guangzhou is striving to unblock the housing consumption chain and inject confidence into the market. If the policies are smoothly implemented, Guangzhou will not only become the first first-tier city to bid farewell to the era of "four restrictions" (restrictions on purchases, sales, prices, and loans), but it will also provide a reference sample for other major cities.

On June 13, at the 2025 SMM (13th) Minor Metal Industry Conference - Antimony Forum, hosted by Shandong Humon Smelting Co., Ltd. and SMM Information & Technology Co., Ltd., Yi Xiaobo, Senior Advisor/Senior Engineer at the National Power and ESS Battery Product Quality Supervision and Inspection Center, shared insights on "The Fundamentals of Supply and Demand in the Battery Market and the Application and Development of Antimony Metal in Lead-Antimony Alloy Plates for Batteries.

On June 13, at the 2025 SMM (13th) Minor Metal Industry Conference - Antimony Forum hosted by Shandong Humon Smelting Co., Ltd. and SMM Information & Technology Co., Ltd. (SMM) , Yi Xiaobo, Senior Advisor/Senior Engineer at the National Quality Supervision and Inspection Center for Power and Energy Storage Battery Products, shared insights on "The Fundamentals of Supply and Demand in the Battery Market and the Application and Development of Antimony Metal in Lead-Antimony Alloy Plates for Batteries." I. Analysis of the Lead-Acid Battery Application Market 1. Total Production 2. Proportion of Main Products ►Power Type: Electric two-wheelers, electric three-wheelers, electric four-wheelers; Top-tier enterprises: Tianneng, Chilwee, Xupai, Jingjiu, Suzhong, Huoju. ►Starting Type: Cars, agricultural vehicles, motorcycles, ships, diesel locomotives; Top-tier enterprises: Camel, Fengfan, Leoch, Jujiang, GS Yuasa. ►Standby Power Type: Electric power, telecommunications, UPS, data centers; Top-tier enterprises: Narada, Leoch, Shuangdeng, Sacred Sun, Ruida, Vision. ►Energy Storage Type: ESS power stations, industrial and commercial ESS, household ESS; Top-tier enterprises: Narada, Leoch, Shuangdeng, Sacred Sun, Huafu. 3. Market Situation In recent years, with the continuous emergence and application of various new-type batteries, the traditional lead-acid battery market has faced severe challenges. Overall Situation: Lithium batteries have rapidly occupied the high ground; sodium-ion batteries are poised for takeoff; other new-type power supplies are eagerly awaiting their turn. Automotive Market As of 2024, the domestic automobile ownership stood at approximately 353 million units, with NEVs accounting for 8.9%; globally, automobile ownership reached 1.6 billion units, with NEVs accounting for 3%. ►Market Analysis Ø The market demand growth rate for internal combustion engine vehicles will decline over the next three years. Ø Extended-range and plug-in electric vehicles have become the mainstream in NEV development. Ø Currently, 98% of internal combustion engine vehicles, except for parked heavy trucks, use lead batteries. Ø Lithium batteries dominate in NEVs, with lead batteries serving as a supplement. Ø The development of vehicle electrification and intelligent driving over the next three to five years will have a significant impact on the traditional lead-acid battery market. Ø Demand characteristics: Safety, starting capability, charging acceptance, vibration resistance, low-temperature resistance, high-temperature resistance, lifespan, and price. Ø Sodium-ion batteries are beginning to penetrate the market. Electric Two-Wheelers In 2024, the total domestic sales of electric two-wheelers reached approximately 49.5 million units, representing an 11.6% YoY decline compared to the previous year, while overseas sales totaled around 18.77 million units, showing a 24.8% YoY increase. By the end of December 2024, the ownership of electric two-wheelers in the Chinese market was approximately 400 million units. ►Market Analysis Ø Currently, lead-acid batteries hold a market share exceeding 87%, lithium batteries account for around 11%, and sodium-ion batteries make up less than 2%. Ø The trend still favors lead-acid batteries, as there is a demand for batteries with higher safety than lithium batteries, and sodium-ion batteries are emerging as a strong contender. Electric Three-Wheelers and Low-Speed Electric Four-Wheelers By the end of 2024, the market ownership of electric three-wheelers nationwide was approximately 70 million units. In 2024, the sales of low-speed electric four-wheelers in China were about 302,000 units, representing an 8.5% YoY decline. The market is expected to continue declining in 2025, with future development depending on policies and relevant standards. ►Market Analysis Ø Lead-acid batteries account for approximately 60% of the market for electric three-wheelers and low-speed electric four-wheelers, with lithium batteries gradually increasing their share to 40%, and sodium-ion batteries accounting for 0.5%. Ø For other electric vehicles, including electric forklifts, electric logistics vehicles, electric flatbed trucks, and tourist sightseeing vehicles, lithium batteries account for about 80% of the market, lead-acid batteries for about 20%, and sodium-ion batteries for 0.3%. II. Application of Antimony Metal in Lead-Acid Batteries 1. The Importance of Antimony Metal Rare Metal: Antimony has an extremely low abundance in the Earth's crust, at only two parts per ten million. It is primarily found in the sulphide mineral stibnite (Sb2S3). As of 2024, global antimony reserves reached 2.255 million mt, with China holding 670,000 mt, accounting for 29.7% and ranking first in the world. Strategic Metal: Known as the "vitamin" of industry, antimony plays an indispensable role in new energy and military industries. 2. Main Uses of Antimony Metal ►Flame Retardants: Antimony trioxide, when combined with halogenated flame retardants, becomes an irreplaceable flame-retardant material widely used in industries such as plastics, rubber, textiles, and chemical fibers. ►PV Power Generation: PV Glass: Antimony compounds and sodium pyroantimonate are used as glass refining agents to improve transparency. Monocrystalline Silicon Panels: Doping with antimony increases oxygen precipitation rates, improves crystal quality, and enhances photoelectric conversion efficiency. ►Lead-Acid Batteries: Grid alloys, parts, and additives (antimony trioxide). ►Semiconductor Materials: High-purity antimony and its compounds are used as dopants in n-type silicon wafers with ultra-high conductivity (for diodes, infrared detectors, Hall elements, etc.). ►Glass Ceramics: Porcelain: As a hardness and wear-resistance agent for glazes. Glass: As a coloring agent, strength enhancer, and heat-resistant agent. ►Strategic Military Applications: Nuclear weapons, rockets, missile shells, bullets, flares, gun barrels, night vision goggles, infrared sensors, precision optics, laser sights, etc. ► Alloy materials: Enhancers and corrosion inhibitors for bearings, gears, chemical pipelines, cable sheathing, etc. ► Chemical materials: Stabilizers and catalysts for polyester compounds and polyethylene terephthalate. 3. Production and price of antimony metal ► Limited production: In 2024, China's antimony metal production was 72,000 mt, a 10.3% YoY decrease, with a capacity utilisation rate of 33%, constrained by insufficient raw material supply. The demand in 2024 was 97,100 mt, mainly driven by the expansion of PV systems and flame-retardant materials, which increased the demand for antimony metal. ► Significant increase in antimony imports: According to customs statistics, China's imports of antimony ore and concentrate were 51,080.2 mt in 2024, a 46.0% YoY increase. ► Price increase: The intensified supply-demand imbalance drove up prices. ► Development trends: A. The state intensifies industry regulation and export controls; B. The supply of antimony resources may continue to tighten; C. The demand for downstream applications is increasingly robust; D. Technology reshapes the value chain, with application scenarios shifting towards high-end (PV, military, battery); E. The supply-demand gap for antimony will widen in 2025; F. Prices may continue to rise; G. Antimony recycling technology improves, with an increase in recycling rates. 4. Application of antimony metal in lead-acid batteries ► Application history a. In 1859, Frenchman Gaston Plante invented the lead-acid battery (two lead plates immersed in dilute sulphuric acid could generate an electric current). b. In 1881, Frenchman Camille Faure invented the pasted plate (a rechargeable lead-acid battery with lead oxide coated on the lead plates). c. In 1882, Englishman Sellon invented the lead-antimony alloy grid (with 5%-7% antimony content, enhancing plate strength, conductivity, and lifespan). d. 1950s-1970s: Lead-antimony-arsenic alloy (with 3%-5% antimony content, addressing water loss and self-discharge issues). e. 1980s-1990s: Lead-antimony-arsenic-tin alloy (with 1.5%-2% antimony content, addressing water loss, internal resistance, and self-discharge issues). f. 1990s onwards: Application of valve-regulated batteries (gradually replacing lead-antimony alloy grids); lead-antimony-arsenic-tin-copper-selenium(sulphur) alloy (with 0.5%-1% antimony content, addressing water loss, self-discharge, and corrosion issues). ► Current application status a. Lead-antimony grids: Flooded battery grids (for automotive, agricultural vehicle starting batteries, forklift traction batteries, electric three-wheeler power batteries, and motorcycle starting batteries). b. Applications of lead parts: terminal posts, terminals, busbars, and connecting strips. c. Lead-calcium grid plate: Antimony trioxide (an additive for positive active material, addressing the passivation issue of deep-cycle plates, i.e., solving the "antimony-free effect" of plates). ‌‌►Usage volume a. Antimony ingot: Approximately 10,000 mt per year; b. Antimony trioxide: Approximately 2,000 mt per year. ‌‌►Future usage trends a. The usage of antimony ingot will gradually decrease (forklift batteries and electric three-wheeler batteries are gradually being replaced by lithium-ion batteries and sodium-ion batteries). b. The usage of antimony trioxide will remain basically unchanged. 》Click to view the special report on the 2025 SMM (13th) Minor Metals Industry Conference

Institution: Global smartphone production is expected to decline by 1% in 2025 According to the latest report from Counterpoint Research, impacted by tariffs and the slowdown in the overall development of the industry, global smartphone manufacturing production is expected to decline by 1% YoY in 2025. Compared to the 4% YoY growth in production in 2024, it is evident that the market situation is not optimistic. In 2024, China, India, and Vietnam collectively accounted for over 90% of the global smartphone production, with India experiencing the fastest growth rate.