This week, prices in the second-life battery market were generally stable, while the market's structural divergence remained evident. Cost side, trends in various raw materials diverged, with overall costs rising slightly. Lithium carbonate prices increased, pushing up battery cell recycling and processing costs; nickel sulphate and cobalt sulphate prices remained stable, easing one-sided cost pressure, and costs edged up mildly over the week. Supply side, supply of popular energy storage battery cell models was tight, with limited spot availability; conventional models were sufficiently available, and no broad-based shortage emerged in the market. Demand side, the gap between energy storage and the EV market remained wide. Demand in the EV sector stayed sluggish, with low purchasing enthusiasm and insufficient support for prices; energy storage demand remained the mainstay of the market, with stable rigid demand. However, prices were currently at high levels, downstream purchasing became more rational, willingness to purchase at high prices declined, and further price increases were currently facing resistance.

This week, the Co3O4 market maintained a stable trend, with overall activity still relatively weak. Quotations from top-tier enterprises remained at a high level of around 370,000 yuan/mt, while the tight inventory of cobalt intermediate products continued to provide cost support for prices. However, downstream LCO material plants did not accelerate their procurement pace, mostly conducting small-scale restocking based on orders on hand, and market inquiry sentiment improved slightly WoW. Going forward, the pace of end-use demand will become the key variable determining the procurement intensity of cathode materials. In the short term, the Co3O4 market will still mainly remain stable, awaiting further clarity on the demand side.

This week, the cobalt chloride market atmosphere saw no significant improvement, and the stalemate continued. Top-tier enterprises remained firm in their willingness to hold prices firm, with mainstream quotations continuing to stay above 116,000 yuan/mt and the highest quotations still at 120,000 yuan/mt. However, downstream procurement sentiment remained cautious, and market inquiries showed no recovery. Overall downstream demand was relatively pessimistic, leading Co3O4 enterprises to become more cautious in raw material procurement. Actual transactions were still mainly sporadic restocking, with the transaction center stable at around 115,000 yuan/mt. Overall, the market still lacked a direct driver to break the deadlock in the short term, and prices were expected to remain stable. SMM New Energy Research Team Wang Cong 021-51,666,838 Ma Rui 021-51,595,780 Feng Disheng 021-51,666,714 Lv Yanlin 021-20,707,875 Zhou Zhicheng 021-51,666,711

[SMM Daily Brief Review of Coking Coal and Coke] Supply side, costs increased further, losses at most coke producers widened, and willingness to push for a coke price hike strengthened, but a coke price hike is expected to be implemented, while coke production remained stable. Demand side, finished steel shipments improved somewhat, steel inventories began to decline, steel mills became more willing to produce, and daily average hot metal production continued to increase, raising acceptance of higher coke prices. In summary, coke fundamentals have turned tighter, and the coke market may remain generally stable with slight rise in the short term, with a coke price hike expected to be implemented.

[SMM Magnesium Weekly Review: Magnesium Market Held Up Well, With Cost Support and a Tug-of-War Between Sellers and Buyers Continuing] This week, the overall magnesium industry chain held up well, with prices of all products generally raised. The raw material dolomite market remained stable, with ample supply and steady demand. Magnesium ingot prices consolidated at highs. At the beginning of the week, supported by rising energy costs such as ferrosilicon and coke and tight spot availability, prices jumped by 300 yuan/mt. Subsequently, downstream fear of high prices emerged, transactions failed to keep pace, and prices consolidated at highs. In foreign trade, the center of magnesium ingot FOB quotes moved up to $2,440-2,470/mt. Wait-and-see sentiment outside China remained strong, but influenced by bullish expectations in China, forward orders were gradually locked in. Magnesium powder prices remained firm, with strong cost support. Export data increased YoY, while domestic trade was mainly driven by just-in-time procurement. The benchmark price of magnesium alloy held up well, but the release of new capacity led to increased supply, processing fees stayed in the doldrums, and the market showed a pattern of strong supply and weak demand. Overall, cost support remained the core driver behind magnesium prices fluctuating at highs, while downstream acceptance of high prices was limited, and the market may continue this tug-of-war in the short term.

Silver has seen one of the sharpest pullbacks in recent years within just a few weeks. From the high of US$97.30 on March 2, the price fell to US$61.21 by March 23, losing around 37%. For the market, this was an abrupt break from the previous momentum.

[SMM Tin Midday Commentary: As Expectations for a Temporary Easing of the Macro Situation Fade, SHFE Tin Contracts Come Under Pressure Again]

[SMM Daily Review: Macro Policies Drove a Rebound in Futures, with High-Grade NPI Quotes Edging Up] March 26 News: SMM's upstream sentiment factor for high-grade NPI was 2.86, up 0.03 MoM, while the downstream sentiment factor for high-grade NPI was 1.56, flat MoM.

Precious metals staged their first coordinated rally in nearly two weeks on Tuesday as the prospect of a diplomatic resolution to the U.S.-Iran conflict continued to lift market sentiment and weaken the dollar.

Platinum prices fluctuated downward today, with the most-traded platinum contract PT2606 on the Guangzhou Futures Exchange closing the morning session at 495.45 yuan/g, down 3.20%. In the spot market, spot platinum was quoted at a discount of 6-8 yuan/g against PT2606, or at a discount of 3-5 yuan/g against the SGE spot selling price 1. Spot discounts were basically flat from the previous trading day. As for spot transactions, SMM learned that suppliers reported weaker market consumption and limited transactions, while the price spread between intended prices and quoted prices remained relatively wide. Quotes at discounts of around 6 yuan/g on the Guangzhou Futures Exchange saw basically no transactions, and some traders purchased small volumes while seeking spot-futures price spread opportunities. Meanwhile, downstream enterprises reported fewer orders and limited purchases, with an overall wait-and-see stance prevailing. Overall transactions in the spot market were relatively subdued.