In late January 2026, China’s domestic manganese sulfate market has presented a three-pronged pattern of soaring costs, tight supply and strong demand. Coupled with the concentrated restocking demand from downstream industries ahead of the Spring Festival, spot resources remain in acute shortage and order schedules are tight. The industry widely expects a new round of sharp price hikes in the near future.

[SMM Steel Morning Meeting Summary] Yesterday, rebar futures fluctuated rangebound, closing at 2,981, up 0.17% from the previous trading day. In terms of spot prices, spot prices in most regions remained stable, while prices in a few regions fell by 10 yuan/mt. The market sentiment was one of wait-and-see, with trading performance throughout the day falling short of the previous day. On the fundamental side, EAF steel mills, facing intensified profit losses, saw some mills reducing operating hours or halting production. Blast furnace steel mill profits remained considerable. According to the SMM survey, the impact from maintenance on building materials this week was 1.262 million mt, down 57,000 mt WoW, with supply increasing slightly...

【Latest Recycling Policy Announced】The National Development and Reform Commission held a special press conference on the 23rd to introduce the overall progress and achievements of the "Two New" policies, among which was the proposal to strengthen environmental supervision and law enforcement, resolutely crack down on environmental violations such as "workshop-style recycling and dismantling." Follow-up measures will continuously improve the recycling network for waste materials, enhance the circular utilization mechanism, and strengthen the processing and utilization of renewable resources.

SMM Cobalt Lithium Morning Meeting Summary: This week, the price of lithium mica is mainly stable. From the supply side, some miners are still maintaining stable production. From the demand side, at present, some lithium salt plants in Jiangxi still have a low operating rate due to environmental supervision factors. Some lithium salt plants have a downward expectation for the subsequent lithium carbonate price, so their purchases of lithium mica are mainly based on rigid demand, with little excessive stockpiling...

[SMM Cobalt and Lithium Morning Meeting Summary: This week, the price of lithium mica remains stable. In terms of supply, some miners still maintain stable production. On the demand side, at present, the production of some lithium salt factories in Jiangxi is still relatively low due to environmental supervision factors. Some lithium salt companies have expected price cuts for subsequent lithium carbonate prices, so as to avoid the defense line of inventory impairment...]

Tungsten, known for its robust properties, is a versatile metal extensively utilized across various industries. From tungsten carbide in wear-resistant materials to its application in electronics, lighting, and aerospace, tungsten plays a pivotal role. Understanding the fluctuations in tungsten prices is crucial for businesses and consumers alike to make informed decisions.

The PMI of steel downstream sectors in May 2024 was 50.09, down 0.08 points MoM and flat YoY. The seasonally-adjusted composite index came in at 48.7, up 0.35 points MoM and 0.23 points YoY.