[SMM Daily Review: US Fed Ceasefire Expectations Rise, Gold and Silver Surge Awaiting US Fed Decision] SMM, July 27: Trump suspended airstrikes on Iran, briefly cooling geopolitical tensions, leading to a sharp drop in oil prices. Eased inflation and rate hike expectations spurred a rebound in precious metals. The spot market maintained parity transactions, with a supply-demand weakness pattern persisting.

July 23, 2026 Gold reached its highest level in two weeks on Wednesday at roughly $4,130 an ounce , lifted by a fresh round of escalation between the United States and Iran. By Thursday morning, however, much of that gain was already unwinding. The reason is a mechanism many investors are currently underestimating: this war affects gold not only through fear, but above all through oil. Two steps forward, one step back After weeks of grinding sideways action around the $4,000 mark, the gold market finally saw some movement on Wednesday. Bargain hunters stepped in at depressed levels while the widening Middle East crisis lifted risk aversion. The result was the highest print in two weeks, with quotes between roughly $4,130 and $4,137. This is not euphoria, though. On Thursday morning the most actively traded gold future (August) gave back around $24 to trade near $4,127, surrendering part of the previous session's advance. For context: gold remains roughly 25 percent below its January 2026 all-time high of $5,598. The year so far has been a story in two acts for gold investors — a spectacular opening and a drawn-out correction. The trigger: Hormuz and the Red Sea The geopolitical picture has deteriorated markedly since the start of July. Overnight into Thursday, the US military flew a multi-hour wave of strikes against targets inside Iran, according to regional command Centcom. In parallel, Iran-backed Houthi forces said they had attacked two Saudi Arabian tankers in the Red Sea. That puts two of the world's most important energy transit routes in play simultaneously: the Strait of Hormuz, which in normal times carries around one-fifth of globally traded oil, and the Red Sea passage. Three tankers carrying Saudi crude bound for Asia had already changed course on Tuesday. When shipowners avoid routes, voyages lengthen and insurance premiums climb — and the risk premium embedded in the oil price rises with them. That is precisely what has happened. Brent for September delivery pushed above $96 a barrel on Thursday for the first time since early June, last trading near $95.78 — up almost two percent on the day. The pace is what stands out: in early July, Brent was still around $70. The April high of roughly $126 remains some distance away, but the direction of travel is unambiguous. The oil paradox: why war is no free ride for gold This is the crux of the current setup, and it runs against many investors' instincts. The intuitive equation is: war equals uncertainty equals higher gold. That holds — but only for the first step. An oil price that gains around 35 percent in three weeks is inflationary. US inflation already hit 4.2 percent in June, the highest reading in three years. Rising inflation shifts expectations for the Federal Reserve, and it shifts them in the direction that hurts gold. Instead of debating rate cuts, the market is now debating hikes. In a Reuters poll, a majority expects the Fed to hold rates steady through year-end, yet the same respondents described the probability of a hike this year as high. For a non-yielding asset like gold, that is bad news. Higher real rates raise the opportunity cost of holding bullion. The geopolitical tailwind and the monetary headwind therefore spring from the same source — the war in the Gulf. Anyone reading gold purely as a crisis barometer right now will struggle to make sense of the price action. Next week the Fed decides The coming days bring the test. US purchasing managers' indices are due Friday, followed by the Federal Reserve meeting next week. The tone accompanying the decision matters more than the decision itself: if the Fed signals willingness to treat the oil effect as transitory, gold has room to run. If it emphasises its resolve on inflation, pressure on the metal is likely to build. Technically, the support zone between roughly $3,900 and $4,100 remains the decisive area. As long as it holds, the current pullback can be read as a consolidation within an intact longer-term uptrend. A sustained break below would materially darken the picture. On the upside, the $4,300 to $4,400 region is the first meaningful hurdle. What it means for mining and exploration equities For the resource sector, the oil shock carries a second dimension that is easy to overlook: diesel is one of the largest single cost items in open-pit mining. Haul fleets, explosives manufacturing, ore processing and — in many jurisdictions — on-site power generation are all directly exposed to the oil price. A Brent move from $70 to above $95 therefore feeds through to producers' all-in sustaining costs with a lag, compressing margins whenever the gold price fails to keep pace. The implication for investors: cost lines deserve particular scrutiny in the current reporting season. Producers with access to cheap grid power or their own generation capacity are structurally better positioned in this environment than those dependent on diesel gensets. Exploration companies without production are less exposed to this effect — their cost base is driven primarily by drilling rates and rig availability. For them, the decisive variable remains the market's appetite to fund, and that continues to hinge above all on the gold price itself and on general risk appetite. Conclusion The two-week high shows that safe-haven demand for gold is very much alive. But the Iran war simultaneously supplies the metal with its own adversary, by way of oil prices, inflation and rate expectations. The resolution of that tension is more likely to come out of Washington than Tehran — at next week's Fed meeting. Source: https://goldinvest.de/en/gold-hits-two-week-high-why-the-iran-war-is-holding-bullion-back-rather-than-driving-it

[SMM Analysis: Jiuwu Hi-Tech's LATP Solid-State Electrolyte Passes 4.62V Extreme Overcharge Test, Ceramic Membrane Giant's Dual-Track Solid-State Battery Layout] Jiuwu Hi-Tech's LATP solid-state electrolyte was applied in NCM811 pouch batteries and passed the extreme overcharge (4.62V) and over-discharge (0V) tests according to GB38031-2020, with no smoke, fire, or explosion throughout the process, a temperature rise of ≤5°C, and a significantly improved safety margin. The company has adopted a dual-track layout of oxides (LLZO/LATP) and sulphides, achieved mt-level mass production and supplied leading battery cell enterprises, while advancing a hundred-mt-level pilot scale-up. Leveraging nearly 30 years of ceramic membrane technology expertise, it is positioning itself in the key materials segment for solid-state batteries.

Looking back at China’s magnesium market in the first half of 2026, the supply-over-demand dynamic shifted subtly amid earlier concentrated production shutdowns by magnesium smelters. Tight spot supply and low inventory levels created sound fundamental conditions for a periodic rally in magnesium ingot prices. Coupled with market sentiment stirred by news of surging magnesium alloy demand, speculative demand surged and purchasing sentiment across the market strengthened notably.

This week, the MHP market supply-demand pattern remained loose, and nickel and cobalt payables stayed weak. On the supply side, after the strait was reopened, some producers' MHP output recovered, while some traders also released inventories to a certain extent recently, boosting market availability. On the demand side, downstream nickel salt and cobalt salt prices remained sluggish, cobalt sulphate production faced heavy losses, and salt plants were relatively reluctant to accept high-priced MHP, putting pressure on MHP payables. Given the pattern of rising supply and weak demand, MHP payables may pull back in the short term. The high-grade nickel matte market was similarly in a pattern of both weak supply and demand. Currently, high-grade nickel matte held a clear economic advantage over MHP, but on the supply side, mainstream suppliers had completed long-term order signings, leaving limited available spot cargo; on the demand side, consumption was constrained by downstream production line compatibility, resulting in insufficient actual absorption capacity. Overall, purchase sentiment was weak, trading activity was low, and payables remained stable. The international sulphur market saw its geopolitical risk premium swing back and forth. In mid-June, the US-Iran truce briefly restored navigation, but on July 7 the ceasefire broke down, the Strait of Hormuz was blocked again, and Middle Eastern supplies continued to tighten. Compounding this, Kazakhstan’s indefinite ban on exports to countries other than Russia, Russia’s ban extended to the end of 2026, and Turkey’s ban lasting until the end of Q3 intensified short-term supply disruptions again, keeping sulphur prices swinging wildly at highs. In terms of nickel prices, nickel extended a technical rebound this week, but due to lower MHP payables, MHP nickel prices pulled back somewhat, while high-grade nickel matte prices improved slightly alongside the nickel rebound amid stable payables. Moreover, MHP cobalt prices also pulled back on the decline in cobalt payables. Overall, the intermediate product market will remain under pressure in the near term.

SMM, July 24: This week, secondary refined lead EXW transaction prices were at discounts of 100~50 yuan/mt against the SMM #1 lead average price, and deliveries at parity within industrial parks were transacted. Some suppliers held prices firm and held back from selling, with quotations at premiums of 75~125 yuan/mt against the SMM #1 lead average price, or even halted shipments. Raw material prices declined in tandem, but smelters remained deep in losses. As of July 24, 2026, the theoretical comprehensive profit/loss value stood at -498 yuan/mt for large-scale secondary lead enterprises and -679 yuan/mt for small and medium-sized ones. Looking ahead to next week, expectations for secondary lead production cuts persist, with most cargo owners continuing to hold back from selling and waiting on the sidelines. The remaining supplies are expected to transact at discounts of 50 yuan/mt to parity. Lead price rebound space is limited, and the loss situation for smelters will be hard to reverse in the short term.

Despite overcapacity, China’s large-scale exports of non-oriented electrical steel are underpinned by its complete industrial chain of the iron and steel sector. China has witnessed continuous capacity expansion of non-oriented electrical steel in recent years, leading to prominent overcapacity of mid-to-low grade conventional products. Coupled with limited incremental domestic demand from traditional home appliances and industrial motors, newly added output cannot be fully absorbed merely driven by high-grade variants for new energy vehicles. As a result, the overall domestic market remains in loose supply with mounting supply-demand pressure. Benefiting from China’s full-fledged integrated steel industrial chain, consistent product quality and economies of scale in cost control, domestically made non-oriented electrical steel has gained steadily improved cost-performance competitiveness globally. Meanwhile, rigid incremental demand has emerged from manufacturing relocation in Southeast Asia, Latin America, South Asia and other regions, as well as the popularization of high-efficiency motors overseas. Against this backdrop, the industry has continued to divert excess domestic capacity via exports, maintaining steady regular overseas shipments year-round. Imports of Non-Oriented Electrical Steel: Concentrated Sources from Japan and Chinese Taiwan, Mainly for Supplementary High-Grade Products 1. Total import volume Monthly imports of non-oriented electrical steel in the first half of 2026 posted a fluctuating trend of surging first then falling back, with May hitting the highest monthly import volume of the year. In terms of import source structure for January-June, import origins are highly concentrated. Japan ranks as the dominant top source with a far-leading import volume, followed by Chinese Taiwan as the second core supplier. South Korea takes the third place with marginal import volumes, while Germany, Sweden, France, Russia, India, Vietnam and other economies record negligible import quantities. This fully demonstrates that China only imports high-grade non-oriented electrical steel from Japanese manufacturers and Chinese Taiwan, with self-sufficiency achieved for all mid and low grades. Data Source: General Administration of Customs of the People's Republic of China 2. Breakdown by Product Specifications Imports of the two major specifications of non-oriented electrical steel from January to June 2026 were characterized by highly concentrated supply sources and obvious tiered pricing. Wide-width products (HS Code 72251900, width ≥ 600 mm) Core supplies came from Japan and Chinese Taiwan, with half-year import volumes reaching 11,719.4 tons and 10,318.8 tons respectively. Their month-on-month increments in June stood at 948.9 tons and 2,378.7 tons, serving as the primary drivers of import growth in that month. In terms of prices, the average unit price for Japanese material was RMB 9,220 per ton, and that for material from Chinese Taiwan was RMB 8,090 per ton, showing a stable price gap. Small batches of high-grade material imported from France and Sweden carried substantially higher unit prices, while low-priced marginal supplies from Russia, Vietnam, India and other economies were negligible in volume. Narrow-width products (HS Code 72261900, width ＜ 600 mm) The overall import volume was far lower than that of wide-width products, and imports were still dominated by Japan and Chinese Taiwan, with half-year imports of 453.7 tons and 202.4 tons correspondingly. Shipments picked up moderately in June, whereas import volumes from the second-tier suppliers including Germany, South Korea and Sweden remained basically flat. Price divergence was far more drastic for narrow-width grades: average prices from Japan and Chinese Taiwan hit RMB 18,660/ton and RMB 11,870/ton respectively. Average prices of high-end European and American materials approached RMB 20,000 per ton, and the unit price of goods declared for domestic circulation and customs clearance exceeded RMB 31,000 per ton. Only sporadic imports were recorded from other countries. Overall Summary In the first half of the year, non-oriented electrical steel imports were heavily reliant on mid-range conventional products sourced from Japan and Chinese Taiwan. The volume growth in June was entirely contributed by increased wide-width shipments imported from these two regions. A massive price gap existed between domestic and overseas high-grade narrow-width materials. Small volumes of high-priced special grades were imported sporadically from Europe, while low-cost marginal supplies from minor origins exerted minimal impact on the market. The market demonstrated striking features of highly concentrated supply and obvious stratified pricing. Data Source: General Administration of Customs of the People's Republic of China Exports of Non-Oriented Electrical Steel: Extensive Overseas Demand Coverage with Notable Diversified Regional Distribution 1. Total Export Volume Monthly exports of non-oriented electrical steel fluctuated throughout the first half of 2026. The aggregate monthly shipment volume from January to June was generally lower than the same period in 2025. Exports surged year-on-year in February to hit the highest point in the first six months, followed by volatile performance from April to June. In terms of cumulative export destinations for January–June 2026, overseas demand covered a wide range of markets featuring remarkable regional diversification. Vietnam ranked as China’s top export destination for non-oriented electrical steel with the largest purchasing volume in the first half of the year. Italy, Belgium, Mexico and Brazil formed the second major tier, with minimal gaps and comparable demand volumes among the four countries. South Korea, Serbia and Thailand fell into the third tier, while purchasing volumes from Pakistan and India were relatively low. The export markets spanned Southeast Asia, Western Europe, Latin America, South Asia and other regions. Decentralized procurement by overseas industrial chains for home appliances and motor manufacturing provided steady underlying support for China’s exports of non-oriented electrical steel. Data Source: General Administration of Customs of the People's Republic of China 2. Breakdown by Product Specifications Exports of the two major specifications of China’s non-oriented electrical steel in January–June 2026 were marked by clear volume tiers, as well as prominent divergence in regional flow and transaction prices. Wide-width non-oriented electrical steel (HS Code 72251900, width ≥ 600 mm) This specification constituted the absolute mainstream export product with robust growth in overseas demand. In the first half of the year, exports to Italy reached 36,428.2 tons, ranking firmly first, followed by Mexico at 33,499.6 tons and Brazil at 33,097.3 tons. Belgium, South Korea and Thailand formed the second-tier destinations, while Vietnam, Pakistan, India and Malaysia served as supplementary markets. Export destinations covered Europe, Latin America, Southeast Asia, South Asia and other regions, with Mexico recording the most remarkable volume increase in June. Prices for this wide-width grade showed narrow gaps and generally stable performance. Pakistan had the lowest average price at RMB 3,920 per ton, while Belgium and South Korea saw the highest price of RMB 5,230 per ton. Transaction prices for other countries mostly fell within the range of RMB 4,100–4,800 per ton. Narrow-width non-oriented electrical steel (HS Code 72261900, width ＜ 600 mm) Its total export volume was far lower than that of wide-width products, with highly concentrated export destinations. Vietnam (24,797.1 tons) and Serbia (21,808.7 tons) were the core absorbing markets, and the volume growth in June was mainly driven by these two markets. Pricing presented huge tiered gaps: the average export price to Japan stood at RMB 13,480 per ton, and RMB 11,680 per ton to Serbia, reflecting substantial premium for high-grade products. Mid-range materials shipped to Belgium and Slovenia were priced at RMB 8,000–9,000 per ton, whereas low-end conventional grades exported to Iran, Bangladesh and other countries were only around RMB 4,000 per ton. Overall Conclusion Wide-width products achieved volume expansion via diversified exports across multiple regions with relatively unified quotations. Narrow-width products relied heavily on two core markets, Vietnam and Serbia, and high-end exported grades enjoyed strong premium capability. Distinct structural differentiation was observed across the two specifications in terms of export volume, target markets and transaction prices. Data Source: General Administration of Customs of the People's Republic of China Conclusion On the import side, imports of wide and narrow width non-oriented electrical steel are predominantly sourced from Japanese manufacturers and Chinese Taiwan, which together account for the overwhelming majority of total import volume. The import volume growth in June was mainly driven by increased arrivals of wide-width products from Japan and Chinese Taiwan, resulting in an extremely high concentration of import supply sources. On the export side, wide-width non-oriented electrical steel serves as the absolute backbone of overseas shipments, with exports dispersed to multiple countries across Europe, Latin America and Southeast Asia. Italy, Mexico and Brazil are the core purchasing markets, and Mexico, South Korea and other destinations posted notable export volume increments in June, accompanied by relatively stable average transaction prices. By contrast, narrow-width non-oriented electrical steel registers a much smaller export volume, whose excess capacity is largely absorbed by Vietnam and Serbia. Significant price premiums are obtained from high-end overseas orders, and there is a clear divergence in purchasing volumes and transaction prices among different destination countries. In summary, China’s non-oriented electrical steel industry is basically export-oriented, with only a small volume of high-grade products imported from Japan and Chinese Taiwan as supplementary supplies.

Solid‑State Battery Weekly Review Hybrid Solid‑Liquid Mass Production Set, All‑Solid‑State R&D Continues

Analysis of China's Platinum and Palladium Import Market in H1 2026 In H1 2026, China's imports of platinum and palladium showed divergent trends. Imports of unwrought platinum and platinum powder continued steady growth, up about 17.8% YoY cumulatively in H1, while imports of unwrought palladium and palladium powder surged, up 116% YoY cumulatively in H1. Overall, imports of platinum group metals maintained resilience, driven by industrial demand from glass fiber and hydrogen energy, while the surge in palladium imports was closely tied to factors including a low base, arbitrage on the price spread between Chinese and overseas markets, and a policy window for Russian palladium trade. H2 trends will depend on global mine supply, changes in automotive and new energy demand, the ongoing impact of international geopolitics on Russian palladium trade, and arbitrage opportunities between Chinese and overseas markets. June Imports of Unwrought Platinum and Platinum Powder Up 2.5% MoM H1 Cumulative Imports Up 17.8% YoY In June 2026, China's imports of unwrought platinum and platinum powder were 10.67 mt, up 2.5% MoM and up 27.9% YoY; H1 cumulative imports were 48.18 mt, up 17.8% YoY. In terms of trade mode, imports of unwrought platinum were mainly via Ordinary Trade, accounting for over 90%. By source, South Africa remained the top supplier, followed by Russia, Zimbabwe, etc. As the world's largest platinum producer, South Africa's mine supply situation significantly impacts China's imports. Since 2026, power shortages in South Africa have eased somewhat and mine expansions have advanced, but aging mines and insufficient capital expenditure still constrain supply elasticity, keeping overall supply rigid. On the demand side, the main reasons supporting the growth in platinum imports were strong demand from the glass and glass fiber industry, where platinum demand surged 83% YoY to 12 mt, driving overall industrial demand up 9% YoY; and the continued expansion of platinum demand from the hydrogen energy and fuel cell industry, with PEM electrolyzers, fuel cell vehicles, etc. becoming core growth drivers. In H1 2026, platinum prices were under pressure and consolidating overall. Affected by the US Fed's hawkish stance, a stronger US dollar index, and concerns over global economic growth, the most-traded NYMEX platinum futures contract fluctuated in the $1,930–2,070/oz range in late May, while the most-traded GFEX platinum futures contract consolidated around 485 yuan/g. High and volatile prices led to strong wait-and-see sentiment among downstream consumers, sluggish spot trading, and a phased slowdown in the pace of imports. H2, as global platinum inventories continue to destock and electronics & hydrogen energy projects accelerate, China's platinum imports are expected to maintain mild growth, though caution is needed regarding the suppression of industrial demand by a macroeconomic downturn. June Imports of Unwrought Palladium and Palladium Powder Up 17.6% MoM H1 Cumulative Imports Double YoY In June 2026, China's imports of unwrought palladium and palladium powder were 4.75 mt, up 17.6% MoM and up 114% YoY; H1 cumulative imports were 26.97 mt, up 116% YoY. By trade mode, unwrought palladium imports were also dominated by Ordinary Trade. By import source, Russia and South Africa were the main suppliers. According to China Customs sub-item data for May 2026, China imported 1.93 mt of palladium from Russia and 1.89 mt from South Africa that month, with the two countries together accounting for over 85%. The sharp surge in palladium imports was mainly driven by: first, a low base in the year-ago period – monthly palladium imports in H1 2025 mostly ranged between 1 and 3 mt, creating a significant low base effect; second, in March–April 2026, with the US Commerce Department’s final anti-dumping determination on Russian unwrought palladium approaching, some traders rushed to import Russian palladium ahead of the final USITC ruling and tariff implementation, and China’s palladium imports in April hit a multi-year monthly record; third, substantial import arbitrage opportunities emerged in Q1, and arbitrage players locked in overseas supplies through import channels and sold on the futures market, leading to heavy warrant generation and boosting domestic spot palladium supply. Yet the palladium market is still under fundamental pressure. Globally, automotive catalysts account for as much as 83% of palladium consumption, while vehicle electrification continues to exert long-term pressure on gasoline-vehicle catalyst demand. Palladium’s core demand faces structural contraction risks, and mounting global growth concerns may push palladium into a structural surplus cycle. On the supply side in May 2026, Nornickel’s platinum and palladium production fell sharply in Q1 due to western sanctions, which provided some support to palladium’s price floor but was insufficient to reverse the weak demand landscape. Looking to H2, as the impact of the USITC final ruling is gradually digested and earlier concentrated cargo arrivals are absorbed by the market, palladium imports are expected to pull back from the high levels seen in Q2. For the full year, palladium imports will still maintain relatively high YoY growth, but are likely to pull back MoM in H2. H2 Outlook Overall, China’s platinum and palladium imports in H1 2026 showed a pattern of “stable platinum, strong palladium.” Platinum imports stayed resilient, supported by demand from glass fiber and hydrogen energy, and are expected to maintain mild growth in H2; palladium imports surged sharply on the back of the trade policy window and price spreads between Chinese and overseas markets, but growth is likely to slow marginally in H2 as the policy impact fades and structural demand-side pressures emerge. The following factors warrant close attention in H2: 1. Mine supply: the impact of South Africa’s electricity situation and mine capital expenditure on platinum supply, and the effect of changes in Nornickel’s output on palladium supply; 2. Trade policy: the impact of the anti-dumping case and sanctions on Russian palladium on the pace of China’s palladium imports; 3. End-use demand: the boost to real platinum and palladium demand from domestic vehicle production and sales, the implementation of hydrogen energy projects, and technology roadmap shifts in the glass and glass fiber industries; 4. Price spreads and the futures market: the influence of price spreads between Chinese and overseas markets and GFEX platinum and palladium futures delivery conditions on the import window.

Over the past three weeks, the domestic spot market for platinum group metal (PGM) compounds has exhibited the following pattern: raw materials fluctuate sharply in tandem with macro sentiment, compound quotations passively rise and fall accordingly, while trading volume remains sluggish and dominated by rigid demand. Platinum and palladium raw materials have been pulled back and forth by Federal Reserve interest rate expectations and geopolitical conflicts in the Middle East, triggering wide swings on the Guangzhou Futures Exchange platinum and palladium futures market. Mainstream compounds including chloroplatinic acid, chloropalladic acid and rhodium nitrate adjust in line with primary metal feedstocks. However, processing margins for compounds remain thin, resulting in weaker price volatility compared with primary platinum and palladium ingots. The market features low inventory levels, slow shipments and batch-based purchasing. Midstream manufacturers avoid exposure risks to raw material prices, while downstream end-users adopt production-based procurement strategies. The signing of long-term contracts slows down, spot bulk orders account for a higher share, and widespread market caution prevails. Divergence across PGM compound varieties persists: platinum-based compounds receive incremental demand support from hydrogen energy and semiconductor sectors; palladium-based compounds remain under pressure; minor varieties including rhodium, ruthenium and iridium show greater independent price swings subject to fluctuations in segmented orders. Platinum-based Compounds Stable rigid demand stems from capacity expansion of electronic glass fibre fabrics, catalytic precursors for hydrogen fuel cells, and catalysts for nitric acid chemical production. Demand for diesel vehicle exhaust aftertreatment stays steady. Diversified demand offsets headwinds from the automotive catalyst segment. Palladium-based Compounds Output of internal combustion engine vehicles faces downward pressure, while July and August mark the seasonal low for automobile manufacturing. Several automakers conventionally arrange high-temperature production shutdowns and maintenance from late July to August, dragging down shipment momentum. Rhodium-based Compounds Rhodium raw material prices have trended higher over the past month amid divergent market expectations between buyers and sellers. Downstream clients prioritise inventory drawdown and procure only as needed. Holders are reluctant to cut prices substantially to offload stocks, extending negotiation cycles for spot orders and leading to generally slow shipment speeds. Ruthenium & Iridium-based Compounds Ruthenium raw material prices have surged significantly and traded at elevated levels in mid-to-late July. Trading merchants and smelters hold back supply out of reluctance to sell. They prioritise fulfilling existing long-term contracts and delay releasing spot supplies. The spot market sees quoted prices paired with limited available material, with abundant enquiries but limited concluded trades.