According to China Customs data, China imported 2.7616 million tonnes (gross weight) of zinc concentrate during January–June 2026, up 8.98% year on year, with overall imports posting modest growth compared with the same period last year.

[Import Growth Masks Supply-Demand Tightening – Review and Outlook of China's Imported Zinc Concentrates Market in H1 2026]: According to customs data, China's zinc concentrates imports from January to June 2026 totaled 2.7616 million mt, up 8.98% YoY, with overall imports edging up YoY......

Pr-Nd alloy prices fell 0.8% WoW to 917,500 yuan/mt as weaker raw material prices and sluggish downstream demand weighed on the market. Despite a late-week rebound in raw materials, buying interest remained weak. Producers posted their first loss of the year, with margins falling to -1,076 yuan/mt due to tight Pr-Nd oxide supply and oversupplied alloy. Near-term prices are expected to remain rangebound amid firm costs but weak demand and cautious restocking.

[SMM PGM Express] African Rainbow Minerals (ARM) has approved nearly USD 1 billion in investment to redevelop South Africa’s Bokoni platinum mine, signalling renewed confidence in the long-term outlook for platinum amid improving prices and tightening supply conditions. The company plans to invest approximately USD 927 million in a phased redevelopment of Bokoni, which is expected to become a significant source of platinum group metals (PGMs). Once fully operational, the mine is projected to produce around 350,000–400,000 ounces of six-element PGMs annually, strengthening South Africa’s platinum supply base. The investment comes as the global platinum market continues to face supply challenges. South Africa remains the dominant producer of platinum, but rising operating costs, power constraints and previous periods of weak prices have led to mine closures, production cuts and delayed projects. Recent improvements in platinum prices have encouraged producers to reconsider previously deferred investments.

SMM July 24 News: Prices of cobalt industry chain products remained generally in the doldrums this week. With the release of import and export data, spot refined cobalt prices fell by 22,500 yuan/mt for the week due to import data exceeding expectations, the demand off-season, and downstream summer breaks. Meanwhile, the cobalt salt market saw sluggish inquiries and transactions, with the market still awaiting the realization of downstream concentrated restocking demand.... SMM has compiled the price changes for cobalt products this week, as follows: : According to SMM spot price data, spot refined cobalt prices drifted lower this week. As of July 24, spot refined cobalt prices fell to 340,000–360,000 yuan/mt, averaging 350,000 yuan/mt, compared to 372,500 yuan/mt on July 17, a drop of 22,500 yuan/mt or 6.04%. According to SMM, at the beginning of the week, impacted by cobalt intermediate product and refined cobalt import data slightly exceeding expectations, futures prices for refined cobalt pulled back sharply, triggering concentrated position reductions by bulls and further accelerating the decline. Mid-week, prices stabilized briefly but lacked momentum for a rebound under the constraint of weak demand, consolidating at lows overall. Supply side, mainstream smelters lowered their ex-factory prices to 365,000 yuan/mt. After the rapid price decline, traders' spot-futures price spread was raised to a premium range of 1,000–10,000 yuan/mt. Demand side, downstream enterprises are in the summer break cycle, with purchase willingness at a low ebb, only maintaining small-scale restocking for rigid demand. Overall, July and August are the traditional consumption off-season for refined cobalt, with limited demand support, and short-term prices may remain in the doldrums. Raw Material—Cobalt Intermediate Products: According to SMM spot price data, spot cobalt intermediate product prices remained stable this week. As of July 24, spot cobalt intermediate product (CIF China) prices were at $23–24/lb, averaging $23.5/lb. Spot market side, the market tug-of-war remained intense in the spot cobalt intermediate product market. Supply side, some Chinese miners continued to quote based on the low-end European standard refined cobalt price multiplied by the cobalt hydroxide coefficient, but actual transactions were difficult to close due to significant differences in psychological price levels for the premium coefficient between upstream and downstream. Demand side, affected by the weakening prices of cobalt salt and refined cobalt, downstream smelter psychological price levels for raw materials have further pulled back to around $21–22/lb. Additionally, the China cobalt intermediate product import data for June released early in the week was higher than market expectations, alleviating concerns about future raw material shortages to some extent and further weakening purchase willingness. In the short term, miners held firm intentions to hold prices, but downstream demand support remained insufficient, with ongoing tug-of-war between both sides. Intermediate product prices were expected to remain stable. Cobalt salts ( and ): : According to SMM spot quotes, cobalt sulphate spot quotes began a continuous decline within the week. As of 24 July, cobalt sulphate spot quotes dropped to 82,000-84,000 yuan/mt, with an average of 83,000 yuan/mt, down by 2,000 yuan/mt from 85,000 yuan/mt on 17 July, a decline of 2.35%. According to SMM, trading sentiment for cobalt sulphate remained sluggish this week. On the supply side, primary smelters maintained high offers, with mainstream enterprises holding firm at 80,000-85,000 yuan/mt. Recycled-material smelters showed relatively stronger willingness to sell, with some enterprises lowering quotes below 78,000 yuan/mt. No significant improvement was observed on the demand side. Top-tier players still held sufficient raw material inventories and had yet to release new procurement demand. Some small and medium-sized enterprises had rigid restocking needs, but influenced by the sharp decline in refined cobalt prices, purchasing sentiment leaned cautious, with intended prices anchored near the 73,000-74,000 yuan/mt cost level for refined cobalt reverse dissolution. A substantial gap with seller offers remained, leading to relatively limited actual transactions. In the short term, cobalt sulphate prices were expected to maintain a consolidating on a subdued note pattern, with a sustained recovery awaiting the realization of concentrated downstream restocking demand. : According to SMM spot quotes, cobalt chloride spot quotes also drifted lower this week. As of 24 July, cobalt chloride spot quotes dropped to 99,000-100,000 yuan/mt, with an average of 99,500 yuan/mt, down by 1,500 yuan/mt from 101,000 yuan/mt on 17 July, a decline of 1.49%. According to SMM, the cobalt chloride market remained sluggish this week, with no significant increase in inquiry activity and order signing still limited. On the supply side, smelters mostly kept their offers stable, though current offers largely reflected the upstream intent to hold prices firm, making transactions at quoted prices very difficult. On the demand side, the "rush to buy amid continuous price rise and hold back amid price downturn" logic continued to dominate, with cautious entry decisions and a strong wait-and-see sentiment. Moreover, downstream inventories were relatively sufficient, resulting in low urgency to purchase. In the short term, prices were expected to maintain a sideways movement. : According to SMM spot quotes, Co3O4 spot quotes remained stable this week. As of 24 July, Co3O4 spot quotes temporarily held steady at 310,000-330,000 yuan/mt, with an average of 320,000 yuan/mt, unchanged from 17 July. According to SMM, in the spot market, the Co3O4 market remained sluggish this week, with actual transactions still very limited. Supply side, entering Q3, shipment pressure on enterprises was generally light, concentrated selling pressure eased, and offers stabilized. Demand side, cathode material plants mainly pushed for lower prices in inquiries and made small purchases based on demand, lacking the motivation to actively restock. The sluggish market continued to constrain upstream shipment pace. In the short term, Co3O4 movements remain highly correlated with cobalt salt prices, and it will likely move sideways alongside cobalt chloride. On the news front, this week, the General Administration of Customs released cobalt product import and export data for June. According to customs data, China's unwrought cobalt imports in June 2026 were about 1,120 mt, up 66% MoM and up 105% YoY. By source, the top three for refined cobalt imports were Indonesia, Russia, and Madagascar, with imports of 476 mt, 293 mt, and 148 mt, respectively. Although China's refined cobalt prices pulled back significantly in June, the export and import window remained completely closed. However, due to weak overseas demand for refined cobalt, some overseas traders still chose to ship refined cobalt to China, leading to a substantial increase in China's imports. The import average price of unwrought cobalt in June 2026 was $52,228/mt, down 4.27% MoM. Cumulative imports in January-June were 7,709 mt, up 118% YoY. On the exports side, China's unwrought cobalt exports in June 2026 were about 503 mt, up 36% MoM and down 46% YoY. By destination, the top three were the US, Taiwan, China, and the Netherlands, with exports of 132 mt, 125 mt, and 66 mt, respectively. The export average price was $59,579/mt, up 11.56% MoM. Cumulative exports in January-June were 2,664 mt, down 76% YoY. China's imports of cobalt hydrometallurgy intermediate products in June 2026 were about 10,961 mt in physical content, up 324% MoM and down 42% YoY. Imports from the DRC were about 10,815 mt in physical content, up 423% MoM and down 43% YoY. The import average price of cobalt hydrometallurgy intermediate products in June 2026 was $16,352/mt in physical content, down 1.54% MoM. Of this month's intermediate product imports, about 7,561 mt in physical content entered Zhejiang and Guangdong via Entrepot Trade by Customs Special Control Area, accounting for 69% of total imports; Ordinary Trade was about 2,849 mt in physical content, accounting for 26%; and processing trade with imported materials was about 550 mt in physical content, accounting for 5%.

Around July 20, 2026, import and export data for cobalt and lithium battery industry chain products in June were released in a concentrated manner. The data showed that China’s spodumene imports reached 768,000 mt in physical content, up 13% MoM and surging 33% YoY, equivalent to about 72,000 mt of LCE; for lithium carbonate, China imported 25,861 mt in June, down 31% MoM and up 46% YoY. From January to June, China’s cumulative lithium carbonate imports totaled 179,000 mt, up 52% YoY on a cumulative basis...... SMM compiled the import and export situation of battery materials in H1, as follows: Upstream Lithium Concentrates In June 2026, China’s spodumene imports reached 768,000 mt in physical content, up 13% MoM and surging 33% YoY, equivalent to about 72,000 mt of LCE. By source country: the effect of concentrated shipments at Australia’s fiscal year-end became evident, with June port arrivals exceeding 370,000 mt, up 12% MoM. Mali: port arrivals rose significantly MoM to 60,000 mt. South Africa and Nigeria maintained stable shipments, with port arrivals both staying above 110,000 mt. Among them, Nigeria saw an increase in the share of high-grade ore, with concentrates accounting for more than 65%. Zimbabwe was previously affected by transportation efficiency; June port arrivals were 42,000 mt, showing a MoM pullback. Based on SMM data screening, the overall LCE equivalent of ore arrivals in June was 72,000 mt. Notably, the share of lithium concentrates in total ore arrivals fell to 72% in the month, down MoM, mainly because most of the 65,000 mt of arrivals from Brazil were lithium raw ore fines from earlier deals, dragging down the overall share of concentrates. In June 2026, China’s total imports of lithium raw materials (spodumene + lithium sulfate), converted to LCE, approached 80,000 mt and stayed high, providing a solid raw material base for the continued climb in China’s lithium chemicals production. Spodumene: Import volumes continued to rise, with a notable contribution from the push for annual target at Australia’s fiscal year-end In June, China’s spodumene imports reached 768,000 mt in physical content, up 13% MoM and up 33% YoY, equivalent to about 72,000 mt of LCE. The import scale remained on a high and rising trend for several consecutive months, reflecting that rigid demand from domestic lithium chemical plants for upstream ore remained strong. Source: China Customs, compiled by SMM From the grade structure perspective, based on SMM data screening, the share of lithium concentrates in total ore arrivals in June fell to 72%, showing a MoM decline. The main drag came from Brazil—June port arrivals from Brazil were 65,000 mt, most of which were lithium raw ore fines from earlier deals; the concentrated arrivals of such low-grade minerals directly pulled down the overall share of concentrates. Beyond spodumene, the import performance of another lithium raw material—lithium sulfate—also warrants attention. In June, China’s lithium sulfate imports reached 13,500 mt, up 12% MoM, equivalent to over 7,700 mt of LCE. By source, Chile continued to dominate the supply landscape with 13,400 mt, while imports from Zimbabwe quietly rose to the hundred-mt level. Although the absolute volume remains small for now, this marks the country’s first bulk shipment of lithium sulfate to China, signaling an early indicator of a potential normalization and ramp-up in its future supply. Summary: Raw material support was firm in June, but expectations of tighter available supply are rising for July. In aggregate terms, combined imports of spodumene and lithium sulfate in June approached 80,000 mt of LCE equivalent, supplemented by roughly over 30,000 mt of domestically produced lithium concentrates, bringing total domestic lithium raw material supply to over 110,000 mt of LCE. This provided ample and relatively stable raw material support for the high-level production of lithium chemicals in June. Beneath the relatively optimistic headline figures, however, a key variable stands out: most of the cargo arriving in June had its destination locked in through orders placed weeks or even months earlier, leaving only a low proportion of material entering traders’ freely available inventory. The persistence of this pre-locked structure means that as we move into July, the amount of available spot lithium ore on the market will remain tight. If the downstream pace of just-in-time procurement holds steady, the tightening of available supply will constrain lithium chemical plants’ flexibility in securing feedstocks to some extent, thus limiting the room for further production increases in July—an effect already visible in recent SMM weekly lithium carbonate production data. In terms of spot prices for spodumene concentrates (CIF China), SMM data showed they trended downward overall in June. As of June 30, the average spot price for spodumene concentrates (CIF China) was $2,260/mt, a drop of $328/mt from $2,588/mt at the start of the month, a decline of 12.67%. According to SMM, enterprises that externally purchase spodumene to produce lithium suffered deep spot profit losses in June, with losses widening over the month. The core reason was that while spodumene concentrate prices followed the pullback in lithium carbonate, the extent of the correction was limited. In June, the decline in spodumene concentrate prices lagged that of lithium chemicals, deepening losses in the processing segment. Regarding externally purchased lepidolite, in June, the spot profit margins of enterprises extracting lithium from externally purchased lepidolite narrowed somewhat compared to May, but remained positive for the whole month. The resumption of production at a leading mine in Jiangxi reinforced market expectations of future supply release, and lithium carbonate futures plunged 6.58% that day. Furthermore, in the fourth week of June, the lithium carbonate market experienced an extreme pattern of 'sharp decline – weak rebound – renewed bottom testing,' further squeezing the profit margins of enterprises using externally purchased ore. Lithium Carbonate According to customs data, in June China imported 25,861 mt of lithium carbonate, down 31% MoM and up 46% YoY. Of this, imports from Chile were 16,037 mt, accounting for 62% of total imports; imports from Argentina were 8,403 mt, accounting for 32%; and imports from Indonesia were 500 mt, accounting for 2%. From January to June, China's cumulative imports of lithium carbonate reached 179,000 mt, a cumulative increase of 52% YoY. In May, China exported 261 mt of lithium carbonate, up 30% MoM and down 39% YoY. From January to June, cumulative exports were 2,348 mt, a cumulative decrease of 5.6% YoY. According to SMM spot price quotations, lithium carbonate spot prices also showed an overall downward trend in June. As of June 30, the spot price of battery-grade lithium carbonate fell to 156,500 yuan/mt, down 22,500 yuan/mt from 179,000 yuan/mt at the beginning of June, a decline of 12.57%. According to SMM, in June, China's spot lithium carbonate price center drifted lower. Fundamentally, on the supply side, news of a Jiangxi mine’s license renewal continued to disturb the market, coupled with China's May lithium carbonate imports reaching a historical high and GFEX warrants remaining at a high level of around 50,000 mt. Meanwhile, demand growth expectations were within market expectations, leading to price consolidation. Upstream lithium chemical plants showed weak willingness to sell spot orders, holding prices firm and holding back from selling; downstream material plants and battery cell manufacturers adopted a dip-buying strategy, purchasing in large quantities to stockpile when prices fell below 160,000 yuan/mt. As of July 23, the spot price of battery-grade lithium carbonate rose 3,500 yuan/mt from the previous trading day to 142,000–151,000 yuan/mt, with an average price of 146,500 yuan/mt. Lithium Hydroxide According to customs data, in June 2026, China's imports of lithium hydroxide amounted to 4,400 mt, up 12% MoM and nearly tripling YoY. By source country, imports from South Korea were 1,159 mt, accounting for 26% of total imports; imports from Chile were 993 mt, ranking second. Notably, imports from Indonesia remained persistently low, at only 774 mt in June. On the export side, China's lithium hydroxide exports in June reached 6,018 mt, up 70% MoM, mainly driven by concentrated end-of-quarter shipments and a mild recovery in overseas demand. Of this, exports to South Korea stood at 5,032 mt and to Japan at 679 mt. Overall, exports significantly exceeded imports during the month, and China's lithium hydroxide trade temporarily returned to a net export position after a gap of several months. Battery Materials LiPF6 According to China Customs data, in June 2026, China's cumulative LiPF6 exports totaled approximately 1,104.4 mt, down about 26.4% MoM, while cumulative imports amounted to about 24.4 mt. On the export side, China's LiPF6 exports in June 2026 were roughly 1,104.4 mt, down about 26.4% MoM from May and down about 21.4% YoY. In detail, the main export destinations in June were South Korea, Poland, Malaysia, Japan, and others, with exports to Poland at 336.8 mt (down about 25.47% MoM), South Korea at 319.738 mt (down about 45.9% MoM), Malaysia at 113.211 mt (down about 28.03% MoM), the US at 157.601 mt (up about 103.62% MoM), and Japan at 115.56 mt (up about 5.2% MoM). Overall, overseas procurement volume for LiPF6 edged down slightly in June. Artificial Graphite In June 2026, China's artificial graphite imports stood at 1,002 mt, up 2.3% MoM and up 3.3% YoY. In terms of average import price, China's artificial graphite import price averaged 59,596 yuan/mt in June 2026, down 0.9% MoM and up 16.6% YoY. Data source: China Customs, SMM In June 2026, China's artificial graphite exports were 41,601 mt, down 16.9% MoM and down 18.7% YoY. As for average export price, China's artificial graphite export price averaged 9,080 yuan/mt in June 2026, up 17.5% MoM and up 13.9% YoY. Import volumes and prices fluctuated relatively mildly, with overall steady performance. Exports, however, showed a diverging pattern of "lower volumes, higher prices": the decline in export volumes was likely linked to a high base in May and adjustments in overseas phased procurement pace, while the rise in export prices was mainly driven by persistently high domestic costs. Notably, despite the drop in overall export volumes, shipments from the major export provinces for lithium battery-grade artificial graphite showed a recovery trend—one province saw its export volume surge by roughly 50% MoM, while another recorded a gain approaching 25% MoM. Flake Graphite In June 2026, China’s flake graphite imports were 4,147 mt, down 30% MoM and down 12% YoY. Source: China Customs, SMM In June 2026, China’s flake graphite exports were 5,089 mt, down 33% MoM and down 5% YoY. Both flake graphite imports and exports fell significantly MoM in June, mainly due to a high base effect from May and seasonal demand adjustments in and outside China, while the YoY declines remained mild. Phosphoric Acid According to China Customs data, China’s phosphoric acid exports showed a clear retreat after a rapid rise in Q2 2026. Exports surged to 40,200 mt in May before pulling back to 29,500 mt in June, down 26.5% MoM. However, they still posted positive YoY growth compared to June last year (up 3,500 mt), as sustained rigid demand from new energy sectors outside China offset the short-term pace-driven pullback. Shaped by full-year policy cycles and industry fundamentals, China’s phosphoric acid trade is now characterized by zero imports, pure exports, policy-induced volatility, and ongoing structural upgrades . Annual exports are influenced by both the agricultural input supply guarantee policy and the off-season and peak-season cycles in and outside China, resulting in a pattern of regular consolidation. ....... Based on the H1 pace and considering the current policy cycle, overseas demand rhythm, and domestic spot fundamentals, the phosphoric acid industry will remain within the window of phosphate fertiliser export controls in July–August H2 2026. Foreign sales of agricultural-grade crude phosphoric acid will be restricted, capping overall export volumes at a natural ceiling. Supported by off-season restocking demand from overseas food and energy storage enterprises, phosphoric acid exports are expected to modestly recover from the June low, moving back above the central level of 30,000 mt per month. This will partly cushion the pressure from domestic agricultural off-season inventory buildup and strengthen the market floor with external demand resilience. On the spot side, domestic agricultural off-season demand will be weak, but with raw material costs of sulfur and phosphate ore remaining high, small and medium-sized wet-process phosphoric acid plants will continue to suffer losses and run at low utilisation rates. Enterprises will generally control production to support prices, leaving the wet-process phosphoric acid market in a stagnant consolidation pattern—soft but with no room for a deep trend decline. From September to December, the industry’s fundamentals and foreign trade landscape will improve notably. The phosphate fertiliser export control policy officially expires on August 31. Together with concentrated Q4 restocking for overseas agricultural inputs, year-end capacity ramp-ups by domestic LFP enterprises, and staggered delivery of overseas lithium battery long-term contracts, phosphoric acid exports will enter the peak season of the year. Monthly export volumes are expected to exceed 40,000 mt and hit a new annual high, while the industry’s overall export volume and trade surplus will rise in tandem. Soaring demand from both domestic and international markets is expected to drive the industry towards an inflection point and an upward trend. Not only is demand for wet process phosphoric acid continuing to recover, but thermal process phosphoric acid will also benefit from concentrated stockpiling in the food and electronic fine chemical sectors, strengthening in tandem and ushering in a peak season where both wet and thermal processes boom. [SMM Analysis] In-Depth Review of Annual Phosphate Imports and Exports: Policy and Cyclical Drivers Reshaping Trade Structure and the Industry's New Landscape Phosphate Ore In H1 2026 (January-June), China's phosphate ore imports reached 998,200 mt, a YoY increase of 29.66%; exports were 133,900 mt, a YoY increase of 225.91%; net imports stood at 864,300 mt. Four Major Core Changes 1. Imports rebounded to high levels last seen in 2024 . H1 2026 imports of 998,200 mt grew 29.66% from 769,800 mt in H1 2025, recovering to the 986,600 mt level recorded in H1 2024. The monthly peak for the first half was 243,900 mt in January 2026, with secondary highs of 206,600 mt in April and 182,100 mt in March. The import side has significantly rebounded from the trough of H1 2025 (769,800 mt), confirming that a high-import norm has been established since 2024. 2. Exports tripled, hitting a near four-year high . H1 2026 exports of 133,900 mt surged 225.91% from 41,100 mt in H1 2025, marking the highest level since H1 2023 (191,300 mt). A Q2 volume surge structure formed with 50,900 mt in June, 32,200 mt in May, and 11,100 mt in April, which highly coincides with the event window of Egypt announcing a halt to signing new phosphate ore export contracts on May 13 (pivoting towards exports of higher value-added phosphate fertiliser). 3. Net imports remain high but narrowed . H1 2026 net imports of 864,300 mt were notably higher than both the 942,800 mt in H1 2024 (historical peak) and 728,700 mt in H1 2025, reflecting a persistent supply gap for domestic phosphate ore and a continued high level of import dependency. 4. The traditional H1 and H2 seasonal pattern has been broken. In previous years, H1 imports were typically lower than H2 imports (cumulative H2 imports from 2020 to 2025 totalled 2.7531 million mt, significantly higher than the cumulative H1 total). However, H1 2026 imports of 998,200 mt are already approaching the 949,900 mt of H2 2025 — the traditional pattern, where the peak season for winter stockpiling was deferred to Q3-Q4, has been broken, with the import pace becoming more year-round. ......... H2 Outlook: Imports: H1 imports have already reached 998,200 mt . In H2, driven by winter stockpiling procurement and LFP cathode material stockpiling (in preparation for the Q3-Q4 NEV peak season), H2 2026 imports are expected to be 1.1-1.3 million mt, bringing full-year imports to 2.1-2.3 million mt, a YoY increase of 15%-25%. This would set a new record high since 2023. Exports : June alone saw an acceleration to 50,900 mt, and exports are expected to reach 100,000-200,000 mt in July-September. With Q4 driven by overseas demand (India, Southeast Asia, Brazil) and a reshuffling of export competition among Egypt, Jordan, and Morocco, full-year exports are estimated at 200,000-300,000 mt, up 200%-300% YoY. Net Imports: Net imports in 2026 are forecast at 1.7-2 million mt, still at historically high levels, reflecting that the undersupply of domestic phosphate ore cannot be fundamentally resolved in the medium term, with dependency on overseas sources (Egypt, Jordan, Morocco, Kazakhstan, Peru, Algeria) continuing to rise. Sulphur & Sulphuric Acid China's Monthly Sulphur Imports Change (2025 H1 vs. 2026 H1) China's sulphur imports in H1 2026 exhibited a trend of "accelerating monthly contraction." Cumulative imports from January to June were approximately 2.26 million mt , down sharply by 57.7% from the 5.34 million mt in the same period of 2025, with average monthly imports plunging from around 800,000 mt in 2025 to roughly 380,000 mt. On a monthly trend, imports were sustained around 500,000 mt per month in Q1 (496,000/538,000/516,000 mt); beginning in April, a precipitous drop occurred, with April falling to 296,000 mt and May to 268,000 mt, while June touched 147,000 mt (down 85.1% YoY) —meaning June imports alone shrank to less than one-fifth of the 988,000 mt recorded in the same month of 2025. Historically, full-year 2025 imports totaled around 9.61 million mt , averaging about 800,000 mt per month and remaining stable, whereas the 147,000 mt in June 2026 marks a rare low in recent years. If geopolitical conflicts and Kazakhstan's export ban persist, H2 imports could face further pressure, with the full-year total expected to be only about 40% of 2025's volume. ....... Sulphur Imports: Volume Plunge and Source Realignment —H1 2026 imports were about 2.26 million mt, down 57.7% YoY (June down 85% YoY); the share accounted for by the four Middle Eastern countries was halved (from ~35% to ~20%), while South Korea, Oman, and Canada filled the gap (combined ~58%). Sulphuric Acid Exports: Ban-Induced Clearance —H1 2026 exports were around 780,000 mt, down 64% YoY; June exports were only about 980 mt, down 99.7% YoY , marking a precipitous exit from the global market; Indonesia became the top destination. Common logic: the dual effect of geopolitical conflicts & export controls , China is shifting from a global sulfur hub to self-preserving contraction. Cobalt Side Cobalt Hydrometallurgy Intermediate Products In June 2026, China's imports of cobalt hydrometallurgy intermediate products were approximately 10,961 mt in physical content, up 324% MoM and down 42% YoY, of which imports from DRC were approximately 10,815 mt in physical content, up 423% MoM and down 43% YoY. The average import price of cobalt hydrometallurgy intermediate products in June 2026 was $16,352/mt in physical content, down 1.54% MoM. Of this month's intermediate product imports, approximately 7,561 mt in physical content entered Zhejiang and Guangdong provinces via Entrepot Trade by Customs Special Control Area, accounting for 69% of total imports; Ordinary Trade accounted for about 2,849 mt in physical content, or 26%; Processing Trade with Imported Materials accounted for about 550 mt in physical content, or 5%. Unwrought Cobalt In June 2026, China's imports of unwrought cobalt stood at about 1,120 mt, up 66% MoM and up 105% YoY. By country, the top three sources of refined cobalt imports were Indonesia, Russia, and Madagascar, with imports of 476 mt, 293 mt, and 148 mt, respectively. In June, although China's refined cobalt price pulled back significantly and the import-export window remained completely closed, overseas traders still opted to ship refined cobalt to China due to weak overseas demand for refined cobalt, leading to a substantial increase in China's imports. The average import price of unwrought cobalt in June 2026 was $52,228/mt, down 4.27% MoM. In January-June 2026, cumulative imports reached 7,709 mt, up 118% YoY. Exports side, in June 2026, China's exports of unwrought cobalt were about 503 mt, up 36% MoM but down 46% YoY. By country, the top three export destinations were the US, Taiwan, China, and the Netherlands, with exports of 132 mt, 125 mt, and 66 mt, respectively. The average export price of unwrought cobalt in June 2026 was $59,579/mt, up 11.56% MoM. In January-June 2026, cumulative exports totaled 2,664 mt, down 76% YoY.

[SMM Express] Chinese titanium suppliers are expanding their focus towards international aerospace markets as global demand for the critical metal remains supported by aircraft manufacturing growth and supply chain constraints. Several Chinese companies showcased titanium sponge, ingots and other advanced materials at the Farnborough International Airshow in July 2026, seeking to strengthen relationships with overseas aerospace customers. Titanium is widely used in aerospace applications due to its high strength-to-weight ratio, corrosion resistance and ability to withstand extreme conditions. The metal is essential for aircraft components including airframes, landing gear and jet engine parts. The global titanium supply chain has faced disruptions in recent years, including the impact of the COVID-19 pandemic, sanctions affecting Russian supply and trade restrictions on Chinese materials. These factors have increased interest in alternative suppliers as aerospace manufacturers seek greater supply chain resilience. China remains one of the world’s leading titanium producers, with a growing domestic aerospace sector supported by companies such as COMAC. However, intense competition within the domestic market is encouraging Chinese suppliers to pursue export opportunities, particularly in Europe and other regions where aerospace-grade titanium supply remains constrained.

Sprott Asset Management’s research suggests that Western countries are investing billions of dollars to restructure supply chains to meet rare earth demand from national defense and clean energy, but artificial intelligence (AI) is unexpectedly becoming a new driver of rare earth demand growth. The Toronto-based investment management firm said AI has now joined national defense and electrification as the third driver of rare earth demand growth, with the world’s top five hyperscale data center operators alone having pledged to invest $400 billion in 2025.

Ferrous metals showed slight divergence this week, with coking coal outperforming while iron ore, coke, and coil and rebar were generally weaker, and iron ore led the decline. During the week, news of the U.S.-Iran conflict fluctuated, but the market...

This week, the rare earth oxide market was under pressure and in the doldrums overall, with the price centers of Pr-Nd, dysprosium, and terbium moving lower to varying degrees, though a notable divergence signal emerged toward the weekend. Pr-Nd oxide declined steadily from early in the week through Thursday, falling from about 763,000-766,000 yuan/mt to 752,000-755,000 yuan/mt, a cumulative drop of around 11,000 yuan/mt during the week. On Friday, boosted by higher futures prices and positive news, spot suppliers' willingness to sell at low prices decreased, and offers rebounded slightly, but actual transactions followed up limitedly, while downstream magnetic material enterprises' inquiries remained sluggish. Dysprosium oxide showed a sustained grind lower this week. Prices held steady at the start of the week, but against a backdrop of persistently sluggish inquiries and stagnant trading, the price center gradually moved down, and as of today, dysprosium oxide pulled back to the 1.4-1.42 million yuan/mt range. Terbium oxide saw the widest fluctuations this week, falling steadily over the first four days, with offers pulling back to the 6.7-6.8 million yuan/mt range by Thursday. On Friday, as a top-tier player entered the market to purchase, low-priced cargo quickly dried up, suppliers raised offers accordingly, and prices rebounded slightly. Overall, the main drag on the rare earth market this week was weak downstream demand. Entering the off-season in July, magnetic material enterprises saw insufficient new orders, adopted extremely cautious procurement strategies, and only maintained essential restocking, with inquiries and transactions staying sluggish. Meanwhile, the spot Pr-Nd oxide market was weighed down by heavy wait-and-see sentiment, with an intense tug-of-war between upstream and downstream. Some traders cut prices slightly to sell, but plants, supported by costs, were more willing to hold prices firm, making low-priced cargo consistently hard to find, which led to a stalemate in actual transactions. Currently, overall trading activity in the rare earth oxide market remains low, and the sustainability of Friday's price rebound is yet to be seen. Looking ahead to the near term, with the stalemate between upstream and downstream, Pr-Nd product prices are expected to move sideways in a narrow range, with limited room for either a sharp rise or fall. Supporting factors lie on the supply side—recently, some raw ore separation enterprises have suspended operations, and scrap recycling enterprises' production has stayed persistently low, keeping overall oxide supply relatively tight and providing a bottom to prices. Conversely, drags come from the demand side: in the short term, new orders for magnetic material enterprises are unlikely to recover quickly, buyers show low acceptance of high prices, and the market lacks momentum for sustained upward movement. For heavy rare earths, dysprosium and terbium are expected to gradually stabilize after this week's correction as major players step in to purchase. In the medium term, most industry participants hold expectations of demand recovery in the traditional peak season at the end of Q3, and coupled with potentially improving new export orders, the rare earth price center still has potential to trend steadily higher after a period of consolidation. However, in the short term, close attention must be paid to downstream restocking pace and the procurement moves of top-tier players.