Today, iron ore fluctuated upward and plunged at the close. The most-traded contract I2501 finally settled at 675 yuan/mt, dropping 0.07% throughout the day.

[SMM Data: LiPF6 Operating Rate in August] In August 2024, the operating rate of LiPF6 was approximately 59.1%. The operating rate is expected to continue to rise in September.

Today, iron ore futures fluctuated upward, with the most-traded contract 2501 closing at 685 yuan, up 0.44% throughout the day.

During the past week, the average price of SMM 8-12% high-nickel pig iron fell to RMB 999.9 per nickel point, a decrease of RMB 1.8. Similarly, the Indonesian NPI FOB index decreased by $0.6 per nickel point. The overall trend shows weakening prices for nickel pig iron. Domestically, high nickel ore prices and anticipated weaker nickel pig iron prices are reducing smelter profits, limiting significant supply increases. In Indonesia, early commissioning of new production lines has been offset by low raw material inventories, also constraining supply growth. On the demand side, despite a poor start to the peak season for stainless steel, demand for nickel pig iron is supported by restocking for National Day holidays and increased production in the latter half of the year. The market faces pressure from significant price drops in stainless steel and nickel. The high-nickel pig iron discount compared to electrolytic nickel decreased, reflecting intensified market panic due to declining stainless steel prices and macroeconomic pessimism. Pure nickel prices also dropped, influenced by weaker-than-expected economic data. In the short term, while cost factors may offer some support to high-nickel pig iron prices, they remain susceptible to further declines driven by broader economic factors. The price differential between nickel pig iron and electrolytic nickel is expected to narrow further next week

Recently, Bolivia selected four companies, including CBC and Protecno, to develop lithium pilot plants.

【SMM Analysis】Recently, Sungrow signed a significant supply agreement with two major UK developers. According to the agreement, Sungrow will provide 280 PowerTitan 2.0 liquid-cooled energy storage systems for the Hams Hall energy storage project located in North Warwickshire, England.