[Supply-demand imbalance coupled with cost disturbances led to a decline in ADC12 prices in Q2 [SMM Analysis]]

[SMM Analysis] According to SMM, the operating rate of copper foil enterprises in April 2025 was 71.51%, up 0.31 percentage points MoM and 0.60 percentage points YoY...

This key European lithium resource project is expected to commence production in 2026, with an annual output of 15,000 metric tons of battery-grade lithium products and a minimum operational lifespan of 16 years. In August last year, Sibanye secured €500 million in debt financing, partially backed by the European Investment Bank, to support the project.

Today, the DCE Iron Ore futures fluctuated rangebound during the day, with the most-traded contract I2509 closing at 696, down 0.57% for the day. Some merchants showed moderate enthusiasm for shipping goods. As the weekend approached, the purchase willingness of steel mills weakened somewhat, with some steel mills conducting tenders based on demand.

According to SMM, the composite operating rate of the enamelled wire industry was 76.79% in April, up 2.42 percentage points MoM and up 6.51 percentage points YoY. Among them, the operating rate of large enterprises was 80.37%, that of medium-sized enterprises was 70.14%, and that of small enterprises was 74.29%.

[SMM Analysis:The production output of the top 15 mining enterprises in Q1 has been released, and the supply of copper concentrate is not optimistic ] The copper production of the top 15 mining enterprises in the first quarter of 2025 has been released. According to SMM statistics, the copper production of the top 15 mining enterprises in the first quarter was 2,967 kt, a year-on-year decrease of 0.8% and a month-on-month decrease of 12.8%. However, judging from the production data in the first quarter, the raw material supply this year seems not optimistic.

[Weekly Review of Secondary Aluminum Market]The aluminum scrap market showed a divergent adjustment trend after the Labour Day holiday. As of May 8, SMM A00 primary aluminum spot closed at 19,620 yuan/mt, down a cumulative 440 yuan/mt from the level before the holiday (April 30). Aluminum scrap prices generally followed the downward trend of primary aluminum, but significant differences were observed across product types and regions.