[SMM Titanium Spot Cargo Update: Titanium Dioxide Prices Continue to Decline, While Sponge Titanium Prices Remain High] On July 2, the titanium product market continued its divergent trend: titanium dioxide prices continued to decline, with rutile titanium dioxide priced at 13,250 yuan/mt and actual transactions reaching as low as 13,000 yuan/mt. Weak domestic demand, coupled with the European summer break, has put pressure on exports. Sponge titanium prices, on the other hand, rose against the trend to 53,500 yuan/mt, but high inventory levels and the launch of new capacity may constrain further price increases. It is expected that titanium dioxide prices will continue to decline in the short term, while sponge titanium prices, after remaining high, may face downward pressure.

At the beginning of June, driven by policy-related news, upstream suppliers significantly raised their quotes for Pr-Nd products. However, downstream demand failed to keep pace, and due to reluctance to accept high prices, Pr-Nd prices began to correct in mid-June. Nevertheless, in late June, influenced by factors such as long-term agreement deliveries at month-end, frequent tenders by major magnetic material manufacturers, and procurement by leading northern manufacturers, upstream suppliers' confidence strengthened, quotes became firmer, and Pr-Nd prices stabilized accordingly. During the same period, dysprosium and terbium prices generally remained in the doldrums. Overall, rare earth market prices in June mostly fluctuated rangebound, with production volumes increasing MoM: Pr-Nd oxide rose by 1.48%, dysprosium oxide fell by 0.31%, and terbium oxide declined by 1.6%. Production volumes of both light rare earth and medium-heavy rare earth increased MoM. Entering July, the rare earth market has remained stable overall.

On July 1, Hangzhou New Energy Investment and Development Co., Ltd. announced the shortlisted candidates for the centralised procurement of PV modules for 2025. The project was divided into two sections. The shortlisted candidate for Section 1 was Chint New Energy Technology Co., Ltd., with a bid price of 92,996,640 yuan and a unit price of 0.70452 yuan/W. The shortlisted candidate for Section 2 was GCL SI Technology Co., Ltd., with a bid price of 62,568,000 yuan and a unit price of 0.711 yuan/W.

Today, DCE iron ore futures weakened in the morning but surged significantly in the afternoon. The most-traded contract I2509 closed at 722.5, up 1.69% for the day. Traders were actively selling their goods. Steel mills' wait-and-see sentiment intensified, with inquiry volumes decreasing compared to yesterday.