여러 요인이 복합적으로 작용하여 텔루륨 가격을 점진적 상승세로 이끌다 [SMM 텔루륨 보고서]

[SMM Analysis] SS Decline and Weak Off-Season Trading Keep Stainless Steel Inventory Basically Stable with Slight Buildup SMM, June 25: This week, stainless steel social inventory ended its previous destocking trend, and under off-season conditions, overall inventory stabilized and edged up slightly. Total inventory in the two core markets of Wuxi and Foshan rose slightly, from 932,000 mt on June 18, 2026, to 932,800 mt on June 25, up 0.06% WoW. The inventory shifted from continuous destocking to slight buildup, with off-season inventory pressure becoming marginally apparent. This week, the stainless steel market was fully in the traditional consumption off-season, with end-user rigid demand support continuing to weaken. During the week, metals futures weakened across the board, coupled with news-related disturbances from Indonesia. SS futures drifted lower, bearish sentiment in the market intensified, downstream end-users became more wait-and-see, overall purchasing willingness was insufficient, and spot market trading remained weak. This week, news of maintenance and production cuts at steel mills continued to simmer, with some mills reducing shipments, leading to a marginal decline in market supply. Meanwhile, traders, amid pessimistic expectations, showed low willingness to actively purchase, and generally adopted strategies of selling at lower margins and reducing inventory to accelerate the turnover of goods on hand. This largely offset the inventory buildup pressure from weak off-season demand, keeping overall social inventory basically stable with only a slight increase. Overall, the core factors behind the shift from destocking to slight inventory buildup this week were weak end-user rigid demand during the off-season and weakening futures dampening market sentiment. Meanwhile, supply contraction from steel mill maintenance and traders' proactive destocking provided critical support to prevent a pronounced inventory buildup. At this stage, the market's off-season characteristics are increasingly evident...

[울프람 스냅샷] SMM, 6월 25일: 광둥 소재 텅스텐 업체가 6월 하반기 장기 계약 구매 호가를 다음과 같이 발표했다. 철망간중석 정광(55% 품위)은 51만 8,000위안/표준톤(WO3 65% 기준), 회중석 정광(55% 품위)은 51만 7,000위안/표준톤(WO3 65% 기준)이다. 광석 장기 계약 가격은 6월 상반기 대비 보합을 기록했다. APT(국가 표준, 0등급)는 78만 위안/톤에 거래되었으며, 이는 6월 상반기 장기 계약가 대비 변동이 없었다.

[텅스텐 익스프레스] SMM 6월 24일: 오늘 텅스텐 정광 시장은 거래가 드물었습니다. 하류 제련업체들은 주로 필요에 따라 구매했으며, 광산은 출하에 어려움을 겪었습니다. 일부 현물 거래는 온라인 호가 및 장기 계약 가격보다 낮은 수준의 협상 가격으로 체결되었고, 단기적으로 시장은 침체 분위기가 우세했습니다. 이번 주에는 윈난, 산시, 후난 지역 광산의 중저품위 텅스텐 정광 입찰 결과와 광둥 소재 기업의 장기 계약 가격에 관심이 집중될 것입니다.