Weak downstream demand leads to decline in nickel salt prices

[SMM EMM Daily Review: Steel Tender Boosts Spot Prices to Rise Slightly] The average spot price of EMM in major producing areas was 13,400-13,550 yuan/mt, up 50 yuan/mt MoM; the average FOB price was $1,880-1,910/mt, up $10/mt MoM. Supply side, EMM holders had strong sentiment to stand firm on quotes, with weak willingness to sell at low prices. Demand side, the pricing of downstream steel tenders rose MoM, driving the spot price of EMM to rise slightly. Attention should still be paid to the release of downstream demand for EMM in the future market.

[SMM Manganese-Silicon Futures Review: Futures Market Continues to Hold Up Well, Spot Prices Remain Stable] The SM2509 contract opened at 5,858 yuan/mt. After the morning session, it fluctuated rangebound and eventually closed at 5,876 yuan/mt, up 0.17%. The daily high was 5,900 yuan/mt, and the low was 5,826 yuan/mt. Trading volume was 191,490 lots, and open interest was 380,749. Influenced by favourable macro front policies, the SiMn futures market continues to hold up well, driving strong sentiment to stand firm on quotes in the raw material ore sector and among SiMn producers. Currently, the market is mostly in a wait-and-see sentiment, with spot prices remaining stable.

[Fierce market competition may lead to a slight decline in the price of grain-oriented silicon steel next week] Looking ahead, the pressure on the supply side will continue to emerge. With the production release of enterprises such as Baowu Group and Shougang Group, there will be significant inventory pressure. Although there is policy support on the demand side, the actual conversion of orders takes time, making it difficult to reverse the off-season pattern in the short term. Overall, it is expected that the price of grain-oriented silicon steel will be in the doldrums next week.

[SMM Lithium Battery Anode Market Weekly Review: Prices of Some Artificial Graphite Fell This Week] SMM reported on May 15: This week, prices of some artificial graphite fell slightly. Cost side, the price of graphitisation tolling services remained relatively stable amid the tug-of-war between supply and demand and costs······

[Imbalance Eased After Price Reduction; Non-Oriented Silicon Steel Expected to Operate in the Doldrums Next Week] This week, the outcome of the Sino-US tariff negotiations exceeded market expectations, with the ferrous metals series futures market strengthening. However, it showed a trend of pulling back towards the end of the week, providing limited positive impact on the market. In terms of fundamental conditions, Baowu announced its tender price, which remained flat. However, both state-owned and private producers have production lines entering the commissioning phase, potentially leading to a further increase in the supply of non-oriented silicon steel resources. The spot liquidity of some grades is insufficient. To facilitate smooth shipments, traders slightly reduced prices. As the market has entered the off-season, downstream end-user motor users are cautious, with a strong wait-and-see sentiment and low willingness to replenish high inventory levels, primarily purchasing on demand. Looking ahead, the supply of non-oriented silicon steel is expected to remain relatively loose, suppressing market confidence.