[SMM: Rare Earth Prices May Fluctuate Upward Overall in 2025, with Pr-Nd Oxide Supply Expected to Remain Tight] Yang Jiawen, an analyst from the SMM Rare Earth Division, shared insights on the theme of "Interpretation and Outlook of China's Rare Earth Industry Data for 2024-2025". Taking the above factors into account, 2025, as the final year of the "14th Five-Year Plan", is expected to witness more rapid development in various downstream sectors of rare earths. Humanoid robots and aircraft are anticipated to become new growth points for downstream demand in rare earths. Rare earth mining quotas are also expected to continue increasing slightly to meet the growing downstream demand for rare earths. Guided by national policies, the domestic supply of rare earth raw materials will become more standardized and stable, and the supply-demand pattern of the entire rare earth industry will be more balanced. It is expected that rare earth prices will generally hold up well with a fluctuating upward trend in 2025.

[SMM Weekly Review of Cobalt Chloride Market: This week, cobalt chloride prices declined] This week, cobalt chloride prices declined. Supply side, quotes from major smelters remained firm, indicating a certain level of reluctance to sell. However, some smelters showed a stronger willingness to sell, leading to a small number of low-priced transactions in the market, which in turn pulled down the overall spot price...

[End-user Production Not Optimistic, Non-oriented Silicon Steel Prices to Remain in the Doldrums Next Week] This week, the ferrous metals series futures market was in the doldrums, with HRC spot prices falling and cost support weakening, which had a certain negative impact on the non-oriented silicon steel market. On the fundamental side, the overall supply of non-oriented silicon steel resources was loose, with insufficient spot liquidity for some grades. The impact of the off-season gradually emerged, with downstream end-user motor users showing average willingness to purchase. To facilitate smooth shipments, traders slightly lowered prices, leaving some room for profit concessions. However, there was also a structural shortage in the market, with prices for these resources remaining firm. Looking ahead, the degree of loose supply of non-oriented silicon steel may further expand, highlighting the supply-demand imbalance in the market. Insufficient demand release means that downstream end-users will continue to purchase as needed. Moreover, the production situation of downstream end-users is also not optimistic, with market sentiment generally cautious and on the sidelines. It is expected that Shanghai non-oriented silicon steel prices will remain in the doldrums next week, with some room for further price reductions.

[SMM Social Inventory of Lead Ingots: Downstream Procurement Sentiment Sluggish Before Holiday, Social Inventory of Lead Ingots Turns Increasing] This week coincides with month-end and the approach of the traditional Dragon Boat Festival holiday. Suppliers are generally eager to sell off their cargoes. During this period, spot discounts widened again. Quotations for cargoes self-picked up from primary lead smelters in Henan and Hunan provinces were offered at discounts of 60-20 yuan/mt against the SMM 1# lead average price ex-factory, with the spread between futures and spot prices widening to 200 yuan/mt...

As of May 29, the total rebar inventory for the week was 5.4782 million mt, a decrease of 208,300 mt WoW, down 3.66% WoW, and down 24.25% YoY on the lunar calendar. The total wire rod inventory for the week was 1.1222 million mt, a decrease of 6,300 mt WoW, down 0.56% WoW, and down 34.92% YoY on the lunar calendar.