Since March, the domestic tungsten market has trended higher and then pulled back. Driven by rigid supply and macro sentiment at the beginning of March, prices rose rapidly, with 65% wolframite concentrate hitting a record high of 105,000 yuan per standard ton. Starting from mid-March, profit-taking by investors, downstream resistance to high prices, and a general correction in commodity markets led to a gradual price pullback, pushing the entire market into a phase of supply-demand game.

Today, spot #1 copper cathode in North China was quoted at discounts of 120–60 yuan/mt against the front-month contract, with the average price down 20 yuan/mt from the previous trading day, and the average transaction price up 385 yuan/mt from the previous trading day to 95,565 yuan/mt.

Refined Cobalt: This week, spot refined cobalt fluctuated rangebound around 430,000 yuan/mt. On the supply side, mainstream smelters slightly lowered ex-factory prices, while traders' spot-futures price spread remained stable: regular brands were at discounts of 2,000 yuan/mt to parity, and high-end brands at premiums of 5,000–8,000 yuan/mt. On the demand side, cost pass-through downstream remained sluggish, with market participants mainly staying on the sidelines. Only sporadic rigid-demand restocking emerged, and transactions had yet to gain volume. Fundamentally, the arrival period for cobalt intermediate products remained unclear, and the structural tightness in raw materials was unchanged, leaving support at the bottom still in place. Looking ahead, as restocking demand is gradually released, refined cobalt prices are still expected to have upside room. Cobalt Intermediate Products: This week, cobalt intermediate product prices continued to hold steady. On the supply side, miners' export progress was slow, holders temporarily held back offers, and spot cargo available for circulation was scarce. On the demand side, raw material shortages at smelters worsened. Although purchase willingness remained, both buyers and sellers stayed cautious due to unstable supply and unclear downstream orders, and the market continued to see "offers but no trades." Overall, export delays cast doubt on the timing of bulk arrivals, and the structural tightness in raw materials in China may worsen further; once downstream orders are finalized and procurement restarts, intermediate product prices are still expected to have upward momentum. Going forward, attention should be paid to export progress in the DRC and the pace of demand recovery. Cobalt Sulphate: This week, spot cobalt sulphate prices held steady. On the supply side, supported by tight raw materials, most smelters kept offers firm in the 95,000–98,000 yuan/mt range; small smelters and traders under capital pressure had already completed cashing out from last week to early this week, and low-price offers in the market narrowed. On the demand side, uncertainty over downstream orders persisted, with most enterprises remaining on the sidelines. Post-holiday stockpiling willingness had yet to start, with only sporadic rigid-demand restocking and priority given to lower-priced cargoes. In the short term, the market remained in a period of social inventory digestion, with rangebound adjustments dominating; however, the raw material supply bottleneck in the DRC remained unresolved, domestic supply tightened periodically, and cost support still existed. After low-priced inventory is depleted, prices are expected to resume their rise.

Recent Middle East conflicts have disrupted the region's booming energy storage market, a major destination for Chinese exports. To assess the real impact on Chinese supply chains and project deliveries, we must analyze baseline demand amidst these geopolitical uncertainties.

Driven by tight spot raw material supply, a sharp hike in corporate long-term contract prices and festive effects, the tungsten market saw price rises on shrinking volumes this week with domestic and overseas markets moving up in tandem; the strong short-term trend is set to continue, and attention should be paid to the resumption of cemented carbide production, scrap tungsten supply and downstream demand release after the Spring Festival.

The National Development and Reform Commission (NDRC) held a press conference at 10 a.m. today to discuss developments in May. NDRC: Most policies to stabilize employment and the economy will be implemented by the end of June At the conference, Li Chao, spokesperson for the NDRC, stated that on the basis of accelerating the implementation of existing policies, the NDRC, in collaboration with relevant departments, has expedited the introduction of a series of measures to stabilize employment, stabilize the economy, and promote high-quality development. Relevant departments are currently working diligently to implement these measures, with most policy initiatives scheduled to be in place by the end of June. Meanwhile, the NDRC will continue to strengthen policy pre-research and reserves on a regular and open-ended basis, continuously improving the policy toolkit for stabilizing employment and the economy to ensure timely implementation when needed. Systematic planning of 53 supporting measures across 7 areas to facilitate the effective implementation of the Private Economy Promotion Law Li Chao stated that the Private Economy Promotion Law officially came into effect today, marking a significant milestone in the construction of the socialist market economy and a landmark event in the development history of China's private economy. The NDRC will promote the implementation of the law in three aspects: first, comprehensively carrying out legal publicity activities; second, accelerating the effective implementation of supporting policies and measures; and third, collaborating with relevant departments and localities to effectively address the concerns and issues of private enterprises. In terms of formulating supporting policies, the NDRC, in collaboration with relevant departments, has systematically planned 53 policy initiatives across 7 areas. Relevant policy initiatives have been gradually introduced and implemented. For example, opinions on improving the social credit system, actions to clean up and rectify market access barriers, etc. Subsequently, the NDRC will also establish detailed ledgers to promote the introduction and implementation of relevant policy initiatives one by one. In addressing the concerns of private enterprises, it is necessary to make good use of relevant policies such as new local government special bonds, strengthen punishment for dishonesty, and accelerate the progress of clearing overdue payments to private enterprises. Strive to issue the complete list of "two major" construction projects for this year by the end of June Li Chao stated that the NDRC aims to issue the complete list of "two major" construction projects for this year by the end of June, ensuring high standards in organization and implementation. High-end manufacturing, digital economy, etc., will be fully reflected in the new edition of the Catalogue of Industries Encouraged for Foreign Investment Li Chao stated that the work of revising and expanding the Catalogue of Industries Encouraged for Foreign Investment has completed the public consultation phase and is currently being revised and improved based on feedback from all sectors of society. Areas of concern such as high-end manufacturing, the digital economy, etc., will be fully reflected in the new edition of the Catalogue of Industries Encouraged for Foreign Investment. Cut-throat competition distorts market mechanisms and disrupts fair competition order, necessitating rectification Li Chao stated that rectifying cut-throat competition is a matter of great concern to all. Currently, China's economy is in a period of replacing old growth drivers with new ones, with new industries, new business forms, and new models continuously emerging. Currently, traditional industries are accelerating their transformation and upgrading. During this process, some industries have encountered structural issues, breaching the boundaries and bottom lines of market competition, distorting market mechanisms, and disrupting the order of fair competition, which must be addressed. China will always welcome and remain a fertile ground for foreign-funded enterprises to invest and operate. We call on relevant countries to return to the right path of multilateralism and free trade as soon as possible. Li Chao stated that, influenced by measures such as the US's indiscriminate imposition of tariffs, the uncertainty of global cross-border investment has risen significantly, affecting the investment decisions of many multinational enterprises. I would like to emphasize that a stable, transparent, and predictable macro policy environment is an important prerequisite for enterprises to enhance their investment and operational efficiency. Over the past 40 years, China has unwaveringly advanced reform and opening up, remaining an ideal, safe, and promising investment destination for foreign-funded enterprises. Currently, some countries are pursuing unilateralist and protectionist measures, forcing enterprises to choose sides and make choices that are inconsistent with economic laws, causing great disruptions to the normal operations of multinational enterprises. China will always welcome and remain a fertile ground for foreign-funded enterprises to invest and operate. We also call on relevant countries to return to the right path of multilateralism and free trade as soon as possible, jointly injecting certainty into the development of the global economy. We will crack down hard on "black flight" activities, such as pilots flying without licenses, low-altitude aircraft not obtaining airworthiness certificates, and flight activities not being approved. Li Chao stated that the potential risks and hazards of low-altitude flights cannot be overlooked, and safety is the primary prerequisite for the development of the low-altitude economy. The National Development and Reform Commission (NDRC) will work with relevant departments to expand the application scenarios of the low-altitude economy in an orderly and classified manner, following the principles of "cargo first, then passengers; isolation first, then integration; suburbs first, then urban areas," while strictly controlling risks and ensuring safety. We will steadily promote the development of low-altitude consumption, such as low-altitude tourism, aviation sports, and consumer drones. We will crack down hard on "black flight" activities, such as pilots flying without licenses, low-altitude aircraft not obtaining airworthiness certificates, and flight activities not being approved, guiding and promoting the rational layout and orderly expansion of the low-altitude industry. We will expedite the introduction of policies to strengthen the implementation of loan interest subsidies for equipment renewal. Li Chao stated that the NDRC will work with the Ministry of Finance to accelerate the allocation of funds for the trade-in of consumer goods, promptly complete the settlement of funds for the trade-in of consumer goods in 2024, and allocate subsequent funding quotas. At the same time, we will improve the efficiency of fund utilization, establish a mechanism for the direct and rapid allocation of ultra-long-term special treasury bond funds, expedite the introduction of policies to strengthen the implementation of loan interest subsidies for equipment renewal, and reduce the financing costs for various business entities to update their equipment. We will also urge relevant departments to further simplify the application process for subsidies, clarify the time limits for review and disbursement, implement the fund operation system, enhance the consumer experience, and alleviate the capital pressure on business entities. Conduct in-depth research on incremental and reserve policies in the "two new" areas, and launch them after timely approval in accordance with procedures. Li Chao stated that the National Development and Reform Commission (NDRC) will strengthen policy reserves for the "two new" initiatives (trade-in of consumer goods and large-scale equipment upgrades), promptly track and evaluate the progress of various tasks, conduct in-depth research on incremental and reserve policies in the "two new" areas, and launch them after timely approval in accordance with procedures. The scale of the AI terminal industry is expected to experience a "wave-like" growth. At a press conference, Li Chao said that in recent years, the NDRC, in collaboration with relevant departments, has jointly promoted the "AI+" initiative, continuously improving the policy system, increasing support, and fully advancing the empowerment of various industries through AI. A favorable atmosphere for jointly promoting "AI+" has initially taken shape across society. Firstly, the process of large-scale application in key industries has significantly accelerated. Secondly, the cost-reducing and efficiency-enhancing effects of "AI+" are gradually becoming apparent. Thirdly, characteristic demonstration applications are being explored in line with local conditions. We collaborate with industry departments to provide classified and industry-specific guidance, identifying the driving forces of "AI+" in line with local conditions. Fourthly, new AI terminal products and scenarios are emerging in competition. Lightweight deployment of domestic large models on smartphones has expanded their functions, and intelligent wearable products such as AI glasses continue to emerge. The scale of the AI terminal industry is expected to experience a "wave-like" growth.

Aluminum prices remained above 20,000 yuan/mt. Downstream buyers presented little buying interest.

SMM's review lists 2023's top 10 LFP industry trends, covering investment, pricing, market trends, and trade. Iron phosphate and LFP saw excess capacity and price drops, contrasting with the prior year.

Recently, many regions, including Nanjing, Jiangsu and Jiaxing, Zhejiang, introduced a series of optimization policies for the land market to speed up the development and listing cycle of real estate projects and ease the development capital pressure of real estate companies.

Iron ore prices in Shandong shot up by 90 yuan/mt.