[SMM Titanium Spot Brief: Titanium Dioxide Prices Rose, Titanium Slag Prices Fell, Titanium Ore Prices Held Steady] On April 10, acid-soluble titanium slag prices fell, while reduced titanium and high-titanium slag prices held steady. Titanium tetrachloride prices rose, and titanium ore prices remained largely stable overall. Titanium dioxide prices saw a broad rise this week, with anatase and rutile grades posting notable gains, while chloride-process titanium dioxide edged up. High-titanium slag prices are expected to hold steady, and titanium concentrate prices are likely to see limited fluctuations.

[SMM Titanium Weekly Review: Cost-Driven Titanium Dioxide Price Hikes Took Effect, Market Adjustments Released Upward Signals] This week, the titanium industry chain showed a divergent trend. The titanium concentrate market remained in the doldrums, with imported ore prices falling लगातार under pressure from downstream efforts to push for lower prices and accumulating port inventory. Titanium dioxide, meanwhile, saw the second round of collective price adjustments in mid-month under persistently high sulphuric acid costs. Mainstream enterprises in China raised domestic prices by 500 yuan/mt and export prices by $100/mt, pushing the quoted center up to 14,000-14,500 yuan/mt, though follow-up from domestic demand remained mediocre and foreign trade orders showed clear divergence. The titanium slag market stayed in the doldrums, with prices under pressure amid weak costs and demand. In the titanium sponge market, leading enterprises took the lead in raising prices, with domestic prices up 2,000 yuan/mt and international prices up $300/mt. Supported by restocking demand for titanium materials and low inventory, the market showed a strong willingness to hold prices firm, but downstream processing segments still maintained a wait-and-see stance, and titanium ingot and titanium plate/strip prices only edged up slightly. Overall, cost support and structural demand divergence coexisted, and future price trends still depended on substantive improvement on the supply and demand side.

How the mighty have fallen. Silver was the talk of the town as it surged by roughly 60% in January trading, hitting highs of just above $120. That is a far cry from where we are trading now, with the precious metal suffering another 5% drop today and poised for six straight daily losses in nine.

[SMM Titanium Weekly Review: Titanium Dioxide Showed Signs of Recovery; Diverging Strength Across the Titanium Industry Chain Market This Week] This week, the titanium industry chain in China showed pronounced structural divergence, with the tug-of-war between sellers and buyers across upstream and downstream segments intensifying and cost pass-through facing obstacles. Overall, the sector was characterized by a combination of weak recovery and localized strong support. Trading in upstream titanium ore and titanium slag was sluggish. Downstream processing enterprises tightly controlled costs, with procurement consistently maintained at a pace driven by rigid demand. Coupled with inventory at high levels across the industry, the raw material end remained under pressure, enterprises’ willingness to operate stayed weak, capacity release was constrained, and the supply-demand imbalance continued to stand out. In the midstream titanium dioxide segment, pressure from elevated costs of raw materials and energy sharply increased production-side strain. Enterprises held prices firm and showed a strong willingness to sell, and while domestic trade demand did not see a noticeable increase in volume—relying only on rigid-demand support—overseas markets still demonstrated a certain degree of resilience, leaving the overall market running relatively strong. The downstream sponge titanium and titanium products segments performed impressively: sponge titanium inventories remained low, and, together with robust downstream restocking demand, top-tier enterprises proactively adjusted prices, with enterprises showing strong confidence in holding prices firm. The titanium products market saw stable supply and demand: the supply-side operating rate was steady, while demand-side differentiation was evident. Civilian applications were mainly driven by rigid-demand restocking, while orders in high-end fields such as aerospace and military industries were steady. The market recovered steadily, and differences in the pace across segments of the industry chain also set the tone for subsequent market dynamics.

[SMM Titanium Weekly Review: Titanium Market Diverged Post-Holiday, Titanium Dioxide Led Gains While Titanium Products Steadily Recovered] This week, the titanium industry chain showed divergent performance. Titanium concentrate operated steadily, with mines awaiting new March orders. Sentiment for titanium dioxide price hikes remained strong, led by the chloride process; high sulphuric acid costs supported expectations for price increases, though actual implementation still depends on demand follow-through. Titanium slag was in the doldrums, under cost pressure, with prices consolidating at the bottom. Sponge titanium saw weak supply and demand, prices held steady, and future performance relies on downstream restocking to boost recovery. The titanium products market recovered steadily, mainly driven by rigid demand restocking, and is expected to stabilize next week.

[SMM Commentary on Tin Futures: Supply Faces Off Against Off-Season Demand, SHFE and LME Tin Prices Under Narrow Pressure] Today, the most-traded SHFE tin contract continued its pattern of being in the doldrums, opening at 264,400 yuan/mt, hitting a high of 265,560 yuan/mt, touching a low of 263,020 yuan/mt, and finally closing at 263,730 yuan/mt, down 0.3% from the previous trading day, with a turnover of 17.375 billion yuan. Market trading activity declined slightly, with the price fluctuation range narrowing to 263,000-265,000 yuan/mt, and the tug-of-war between longs and shorts intensified.

Trend Chart of Panzhihua 20# Titanium Ore Prices from 2021 to May 2025 Note: Prices are ex-factory prices excluding tax Trend Chart of Domestic Titanium Slag Prices from 2021 to May 2025 Trend Chart of Domestic Sponge Titanium/Titanium Plate Prices from 2021 to May 2025 Data Source: China Nonferrous Metals Industry Association, Titanium Zirconium Hafnium Vanadium Branch Review of Domestic Price Trends In May, the domestic titanium ore market showed a trend of first suppression and then recovery, with overall stable but weak performance. This was particularly evident in the Panxi region. In early May, due to the continuous decline in downstream titanium dioxide prices and a drop in operating rates, market demand weakened, leading to a panic-induced price drop. Among them, medium and small miners lowered their quotations by about 100 yuan/mt, while the price of medium-grade ore fell by around 130 yuan/mt, and large mines also reduced their prices by 100 yuan~150 yuan/mt. In late May, as some downstream enterprises resumed production, the demand for titanium ore rebounded slightly, and market confidence gradually recovered, with some medium and small miners in the Panxi region raising their quotations slightly. In May, some imported titanium ore prices were also relatively weak. Affected by the decline in some domestic titanium ore and downstream product prices, there was significant pressure on the sales of imported titanium ore, with some transactions stalling, and imported ore prices saw slight adjustments. At month-end, Mozambique titanium ore prices stood at $370/mt, while Nigerian titanium ore ex-factory prices including tax ranged from 2,050 yuan~2,150 yuan/mt. The market was in a stalemate, with downstream buyers generally adopting a wait-and-see attitude. In May, the titanium slag market exhibited a pattern of "weak and depressed acid slag, high titanium slag under pressure but relatively stable." Downstream enterprises did not conduct centralized tender purchases in May, and high titanium slag prices continued to follow the April market transaction prices. Although raw material costs pulled back slightly recently, high titanium slag producers still operated at a loss, showing low enthusiasm for production, with most enterprises cutting or halting production. The acid slag market had low production activity, with relatively small output, and some enterprises experienced inventory accumulation. Acid slag plants in Yunnan were basically shut down, while those in Panzhihua only maintained production for their own downstream factories. A few acid slag plants in north China maintained minimal production, resulting in a significant reduction in overall supply. In May, domestic sponge titanium prices stabilized at a relatively high level. At the beginning of May, grade one sponge titanium prices stabilized at 50,000 yuan/mt with bulk transactions. Some producers attempted to raise their quotations, and others increased the prices of aerospace-grade sponge titanium products. Due to the relatively stable supply of aerospace-grade sponge titanium and favorable downstream demand, its prices rose smoothly. The main users of grade one sponge titanium were in the industrial sector, with limited capacity to absorb higher prices. After the price reached 50,000 yuan/mt, downstream enterprises were unwilling to accept any further increases. In May, the titanium dioxide (TiO₂) market continued its downward price trend, with declines ranging from 300 yuan/mt to 500 yuan/mt, and market quotes were relatively chaotic. At the beginning of May, under the dual pressures of weak end-use demand and high inventory levels, enterprises successively lowered their new order quotes. The listing prices of leading enterprises were reduced by 500 yuan/mt, triggering a chain reaction of price reductions in the market. Enterprises were constrained by both the market downturn and cost pressures, resulting in high inventory levels. To alleviate inventory pressure, nearly half of the enterprises chose to halt or cut production, leading to a significant decline in the market's operating rate. However, the contraction rate of the supply side significantly lagged behind the decline in demand, and the market's oversupply contradiction was not effectively alleviated. Outlook In June, the titanium ore market will continue to face a severe situation. As the market enters the traditional off-season, there is little prospect of significant improvement in demand for downstream products in the short term, and titanium ore prices for small and medium-sized miners will continue to be under pressure. In terms of imported titanium ore, due to significant shipping pressure, it is expected that some domestic miners will have room to lower their imported ore prices. In June, the titanium slag market will remain challenging. Although the high-titanium slag market has some cost support, if there is no significant improvement in demand, prices will continue to be under pressure. In June, the tender prices of large northern plants fell by 300 yuan/mt, leading to widespread losses and production halts among titanium slag plants, further suppressing their willingness to resume production, and the operating rate will remain low. Given the lack of improvement in downstream demand, the acid slag market is expected to continue in a weak and sluggish state, with prices potentially declining further. It is expected that in the short term, the price of titanium sponge will continue to maintain a phased high level. Currently, titanium sponge enterprises are cautious about increasing production, and the overall market supply and demand situation is relatively stable. Since March, titanium sponge prices have gradually increased, and the pressure for further price increases in the future will also intensify, with relatively limited upside room. In the second half of the year, if some new capacities are put into production, titanium sponge prices may once again face challenges. In the future, the titanium dioxide market may continue to operate in a weak state. On the demand side, it is difficult to achieve significant improvement due to the impact of the traditional off-season and blocked foreign trade. On the supply side, despite the decline in enterprises' operating rates, the oversupply situation is difficult to reverse in the short term. Supported by high costs, the downward room for titanium dioxide prices is limited. It is expected that in June, the market will continue to adopt a transaction mode of one order, one negotiation. Import Data Statistics In April, China's imports of titanium ore concentrates and middling ores were 419,000 mt, up 27.55% YoY and down 12.39% MoM. From January to April, China's imports of titanium ore were 1.776 million mt, up 18.13% YoY. In April, China's imports of titanium plates, sheets, and strips with a thickness of ≤0.8 mm were 221.5 mt, up 27.97% YoY and 42.74% MoM. From January to April, China's imports of titanium plates, sheets, and strips with a thickness ≤0.8mm reached 480.6 mt, up 26.65% YoY. In April, China's imports of titanium plates, sheets, and strips with a thickness >0.8mm were 84.3 mt, down 38.08% YoY and 45.45% MoM. From January to April, China's imports of titanium plates, sheets, and strips with a thickness >0.8mm were 380.2 mt, down 21% YoY. In April, China's imports of titanium pipes were 29.3 mt, down 43.84% YoY and 13.3% MoM. From January to April, China's imports of titanium pipes were 72.1 mt, down 58.28% YoY. In April, China's imports of other unwrought titanium were 21.3 mt, up 58.04% YoY and 25.39% MoM. From January to April, China's imports of other unwrought titanium were 91.8 mt, up 166.97% YoY. In April, China's imports of titanium bars, rods, sections, and profiles were 1,868.9 mt, up 1,698.03% YoY and 206.81% MoM. From January to April, China's imports of titanium bars, rods, sections, and profiles were 3,505.7 mt, up 347.89% YoY. In April, China's imports of titanium wires were 13.8 mt, down 63.35% YoY and 56.6% MoM. From January to April, China's imports of titanium wires were 75.6 mt, down 16.51% YoY. In April, China's imports of other wrought titanium and titanium products were 51.2 mt, down 38.67% YoY and up 4.68% MoM. From January to April, China's imports of other wrought titanium and titanium products were 174.7 mt, down 27.99% YoY. In April, China's imports of titanium dioxide were 6,600 mt, down 2.71% YoY and 20.44% MoM. From January to April, China's imports of titanium dioxide were 27,400 mt, down 11.87% YoY. Export Data Statistics In April, China's exports of titanium sponge were 979.1 mt, up 436.47% YoY and 134.67% MoM. From January to April, China's exports of titanium sponge were 2,474.5 mt, up 90.05% YoY. In April, China's exports of titanium plates, sheets, and strips with a thickness ≤0.8mm were 163.4 mt, up 105.6% YoY and 16.67% MoM. From January to April, China's exports of titanium plates, sheets, and strips with a thickness ≤0.8mm were 450.7 mt, up 4.75% YoY. In April, China's exports of titanium plates, sheets, and strips with a thickness >0.8mm were 496 mt, down 61.32% YoY and 24.8% MoM. From January to April, China's exports of titanium plates, sheets, and strips with a thickness >0.8mm reached 2,273.3 mt, down 40.36% YoY. In April, China's exports of titanium pipes amounted to 276 mt, up 11.69% YoY and 27.38% MoM. From January to April, China's exports of titanium pipes totaled 973.5 mt, down 1.39% YoY. In April, China's exports of other unwrought titanium amounted to 49.3 mt, down 77.34% YoY and up 20.38% MoM. From January to April, China's exports of other unwrought titanium totaled 262 mt, down 56.8% YoY. In April, China's exports of titanium bars, rods, profiles, and special shapes amounted to 529 mt, down 38.5% YoY and 52.73% MoM. From January to April, China's exports of titanium bars, rods, profiles, and special shapes totaled 3,111 mt, up 4.43% YoY. In April, China's exports of titanium wire amounted to 239.6 mt, up 79.94% YoY and 131.38% MoM. From January to April, China's exports of titanium wire totaled 545.4 mt, up 1.38% YoY. In April, China's exports of other wrought titanium and titanium products amounted to 482.9 mt, up 42.01% YoY and 5.03% MoM. From January to April, China's exports of other wrought titanium and titanium products totaled 1,736.4 mt, up 22.09% YoY. In April, China's exports of titanium dioxide amounted to 148,000 mt, down 5.96% YoY and 20% MoM. From January to April, China's exports of titanium dioxide totaled 649,000 mt, up 0.32% YoY. Zirconium Market Analysis In April, China's imports of zircon sand amounted to 21.78 mt, up 25.71% YoY and 7.72% MoM. From January to April, China's imports of zircon sand totaled 845,000 mt, up 31.39% YoY. In April, China's exports of zirconium oxychloride amounted to 5,883 mt, down 0.52% YoY and up 73.35% MoM. From January to April, China's exports of zirconium oxychloride totaled 15,497.3 mt, down 6.08% YoY. In April, China's exports of zirconium carbonate amounted to 1,333.8 mt, down 38.05% YoY and 27.67% MoM. From January to April, China's exports of zirconium carbonate totaled 5,833.9 mt, down 17.59% YoY. In May, the supply of zircon sand continued to increase, while end-use consumption showed no improvement, leading to a continued decline in domestic zircon sand prices. At the end of May, the price of imported 66% high-grade sand was approximately $1,850/mt, and the price of domestic 65% zircon sand was approximately 12,300 yuan/mt. In May, the real estate market remained sluggish, zircon sand prices continued to fall, enterprises faced significant inventory pressure, and the price of zirconium silicate continued to decline. At the month-end of May, the price of ordinary zirconium silicate was approximately 12,300 yuan/mt. In May, the mainstream quotations for zirconium oxychloride from leading enterprises ranged from 14,000 yuan/mt to 14,500 yuan/mt, with mainstream quotations around 14,000 yuan/mt. Some enterprises, eager to sell their products, offered prices lower than the mainstream prices.

[Dazhong Mining: Geological Environment Protection and Land Reclamation Plan for the Tongtianmiao Ore Block in the Jijiaoshan Mining Area of the Lithium Mine Passes Expert Review] Dazhong Mining announced that the "Geological Environment Protection and Land Reclamation Plan for the Tongtianmiao Ore Block in the Jijiaoshan Mining Area, Linwu County, Hunan Province," compiled by its wholly-owned grand subsidiary Chenzhou Chengtai, recently passed the expert review by the Ministry of Natural Resources. (Cailian Press) [Mexico's Auto Parts Industry: US Tariffs Threaten the Operation of North America's Automotive Industry Chain] The Mexican National Auto Parts Industry Association (INA) issued a statement on June 6 local time, stating that the US decision to raise import tariffs on steel and aluminum to 50% may jeopardize the continuous operation of North America's automotive industry chain. The association expressed concern in the statement about the US government's decision to increase import tariffs on steel and aluminum derivatives produced in Mexico from 25% to 50%. According to the association's assessment, this move will affect the competitiveness of Mexico's auto parts industry, disrupt the stability of North America's highly integrated supply chain, and impact automotive production across the region. (Cailian Press) [Ministry of Commerce: Currently, Price Commitment Consultations Between China and the EU on the EV Case Have Entered the Final Stage, but Both Sides Still Need to Make Efforts] A spokesperson for the Ministry of Commerce answered questions from reporters regarding Minister Wang Wentao's talks with Valdis Dombrovskis, the European Commissioner for Trade and Economic Security, during his visit to France. Question: Are there any new developments in the price commitment consultations on the anti-subsidy case for electric vehicles (EVs)? Can you provide the latest information? Answer: Minister Wang Wentao and Commissioner Dombrovskis held professional and in-depth discussions on the EV case, pushing it a significant step forward towards a proper resolution. Currently, price commitment consultations between China and the EU on the EV case have entered the final stage, but both sides still need to make efforts. The EU proposed exploring new technical paths simultaneously, and China will assess the feasibility of the EU's proposal from legal and technical perspectives. Both sides instructed their working teams to intensify efforts to find a mutually acceptable solution that complies with their respective legal provisions and WTO rules, and properly resolve trade disputes. [CAAM: Export Value of Auto Parts Products Reached $8.02 Billion in April, Up 6.3% YoY] According to data compiled by the China Association of Automobile Manufacturers (CAAM) from the General Administration of Customs, in April 2025, the export value of auto parts products reached $8.02 billion, down 3.7% MoM but up 6.3% YoY. From January to April 2025, the cumulative export value of auto parts products reached $31 billion, up 4.8% YoY. (Cailian Press) [China Automobile Dealers Association: New Car Price Wars Continue, Price Reductions May Suppress the Activity of the Used Car Market] The China Automobile Dealers Association and Jingzhengu jointly released the "Research Report on China's Auto Retention Rate for May 2025."The report points out that the supply of used cars has shown signs of weakness, prompting the industry to readjust its growth expectations. The duration of the used car market rally, stimulated by trade-in subsidies, is difficult to predict. When considering prices, the price war for new cars in May and June continues, and price reductions may dampen the activity in the used car market. From a product perspective, after a batch of new car models are launched, older models do not quickly flood the used car market. Instead, the actual used car transactions involve more older vehicles. (Cailian Press) [Changan Auto's Zhu Huarong: Firmly Opposes Vicious Competition Without Moral or Legal Boundaries] Zhu Huarong, Chairman of Changan Auto, stated that the company firmly opposes vicious competition without moral or legal boundaries. Changan Auto promises that, no matter how fierce the competition is, all its brands will adhere to the company's bottom lines and principles, which means unwaveringly ensuring the safety, quality, and long-term sustainable service of its products. The company will never participate in competition by harming the interests of users. Instead, it will adhere to legal compliance in global market competition and persist in enhancing efficiency through measures such as group-wide operations, cost reduction through scale, and the development of common platforms. (Cailian Press) Related Reading: Quotes for cobalt-related products continue to fall, with Co3O4 prices dropping by 7,650 yuan in a single week. Will the decline stop next week? [Weekly Observation] [SMM Analysis] Rio Tinto and Codelco Join Forces to Enter the Lithium Triangle, Investing $900 Million to Develop a World-Class Salt Lake Project [SMM Analysis] Separator Prices Remain Stable [SMM Analysis] Raw Material Costs Drag Prices Down, with Potential for a Rebound During the Policy Window Period The battery and solid-state battery sectors strengthen again, with multiple automakers announcing the latest progress. Lopal shares hit the daily limit for nearly six consecutive trading days. [Hot Stock] [SMM Analysis] Cathode Material Production in May Increased MoM, While Downstream End-Use Demand Growth Remained Sluggish [SMM Analysis] Anode Material Production in May Increased Due to Rising Demand [SMM Analysis] Co3O4 Production in May Increased MoM, with Most Industry Players Adopting a Cautious Wait-and-See Attitude Quotes for cobalt-related products collectively "fall," while cobalt chloride smelters maintain firm quotes. Will prices remain high and volatile in the future? [Weekly Observation] [SMM Analysis] The Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - An Exploration of Three Methods: "Direct Export from China, Re-export via Malaysia, and US Domestic Production" (Part I) [SMM Analysis] The Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - An Exploration of Three Methods: "Direct Export from China, Re-export via Malaysia, and US Domestic Production" (Part II) [SMM Analysis] The Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - An Exploration of Three Methods: "Direct Export from China, Re-export via Malaysia, and US Domestic Production" (Part III) [SMM Analysis] New Breakthrough in Lithium Battery Technology: Can a Single Injection Extend Battery Life? [SMM Analysis] Lithium battery recycling procurement continued to decline in May, potentially becoming the sluggiest of the year [SMM Analysis] In May, the production of ternary cathode material increased by 3.52% MoM [SMM Analysis] In May, the production of ternary cathode precursor decreased by 3.99% MoM Summary of China's LFP Market in May and Outlook for June [SMM Lithium Battery Market Analysis] [SMM Analysis] In May 2025, the total domestic lithium carbonate production of SMM decreased by 2% MoM and increased by 15% YoY [SMM Analysis] In May, the production of lithium hydroxide remained stable and slightly strong on a MoM basis, with the expected flat trend unchanged in June [SMM Analysis] In May, the production of ternary cathode precursor decreased by 3.99% MoM [SMM Analysis] In May, the supply and demand of iron phosphate remained stable, with potential price adjustments in June amid efforts to boost sales volume

Copper Morning Brief: The uncertainty of US tariff policies has led to a cautious sentiment in the market, with concerns that US tariffs may harm the global situation. Meanwhile, no further production cut plans were announced at the CSPT meeting, causing copper prices to fluctuate downward. Domestically, the manufacturing PMI continued to rise, remaining in the expansion territory for two consecutive months, providing bottom support for copper prices.

In March 2025, SMM's total lithium carbonate production hit a new high, up 23% MoM and 85% YoY. The main reasons were the resumption of normal production after maintenance at upstream lithium chemical plants and the continuous ramp-up of some production lines, which significantly boosted domestic lithium carbonate output. By raw material type, the total production of lithium carbonate derived from spodumene increased by 24% MoM. Most lithium chemical plants resumed normal production in March after the Chinese New Year maintenance, and the continuous ramp-up of some lower-cost production lines significantly boosted the output of lithium carbonate derived from spodumene. Although some small and medium-sized lithium chemical plants using lepidolite had reduced production due to the continuous decline in lithium carbonate prices, the strong supplementation from leading lithium chemical plants still led to a significant increase in the production of lithium carbonate derived from lepidolite, up 26% MoM. Although the temperature in salt lake regions remained relatively low, production had increased from the previous low levels, with an overall increase of 13% MoM. Lithium chemical recycling plants generally resumed production in March, but due to the low base, the MoM increase was significant, at around 31%. Although the persistent surplus of lithium carbonate continued to drag prices down, the current production structure is still dominated by integrated enterprises, with higher and more stable operating rates. Additionally, the continuous ramp-up of some relatively lower-cost production lines could supplement the high marginal cost production cuts. Overall, domestic lithium carbonate production in April is expected to remain stable at high levels, with fluctuations within 1%-2%.