In August 2025, China's total SiMn alloy production showed a notable increase, rising both YoY and MoM. Regionally, the growth primarily came from south China, with Yunnan recording the highest production increase, while Guangxi and Guizhou also saw slight MoM growth. Northern regions also reported varying degrees of production increase. Looking ahead to September 2025, SiMn alloy production is expected to maintain its upward trend.

[SMM Analysis] From August 22 to 26, 2025, the U.S. Internal Revenue Service (IRS) issued clarifications via NPR, CNBC and other outlets announcing new adjustments to the soon-expiring electric-vehicle (EV) tax credit—worth up to $7,500. Consumers who enter into a legally binding purchase contract with a dealer and make any form of down payment or trade-in by September 30, 2025 (inclusive) will lock in the federal EV tax credit; the actual delivery date after that will no longer affect eligibility.

[SMM Analysis] From August 22 to 26, 2025, the US Internal Revenue Service (IRS) issued clarification notices through platforms such as NPR and CNBC, announcing new adjustments to the soon-to-expire EV tax credit policy (up to $7,500). As long as consumers sign a legally binding car purchase contract with a dealer and make any form of down payment or trade-in by September 30, 2025 (inclusive), they can lock in the federal EV tax credit. The vehicle delivery date thereafter will no longer affect tax credit eligibility.

In August 2025, China's ternary cathode material production increased 6.99% MoM but declined 5.07% YoY.

According to SMM data, nickel sulphate production in August 2025 is estimated to reach approximately 30,400 mt in metal content, corresponding to about 138,500 mt in physical content, up 4.80% MoM but down 4.19% YoY.

[SMM Titanium Weekly Review: Divergent Price Trends Across Titanium Industry Chain This Week, Titanium Dioxide Prices Rise With Inventory Relief, Multiple Sectors Expected to Gradually Recover in September] This week witnessed divergent price movements across the titanium industry chain, characterized by "partial stabilization with selective follow-up increases." Domestic mainstream titanium concentrate quotations remained unchanged from the previous week, reflecting strong market resistance to further declines. Titanium dioxide prices increased by 200 yuan/mt for anatase grade and 250 yuan/mt for rutile grade, while chloride-process prices held steady, with enterprise inventories alleviated by prior production cuts. Titanium slag prices were flat, though northern high-titanium slag tender prices dropped 450 yuan/mt earlier, leaving most manufacturers in wait-and-see mode. Sponge titanium stabilized after minor earlier reductions, with some producers initiating output cuts. Titanium material prices stayed unchanged, with spot transactions sluggish and procurement primarily driven by rigid demand.

In August 2025, SMM cobalt sulphate production decreased 1.56% MoM but rose 6.26% YoY.

This week, the ferrous metals series exhibited a "V"-shaped trend. On Monday, futures continued to consolidate at high levels amid rumors of a coal mine accident from the previous Friday and Shanghai's property market easing policies. However, some mine-related rumors were debunked, with limited impact on actual production, while the fundamentals of finished steel remained weak, leading to a mid-week pullback in futures from elevated levels. Approaching the weekend, market rumors suggested China would push for steel production cuts in 2025 and 2026, prompting bears to temporarily retreat, though upward pressure on the ferrous complex remained evident. On the spot market, during the transition between peak and off-seasons, end-use demand appeared yet to materialize......

[Domestic Iron Ore Brief: Iron Ore Concentrates Prices in East Liaoning May Fluctuate at Highs] Today, the domestic ore market in East Liaoning remained mostly stable, with slight price increases in some areas. Local mine operations continued at low levels, compounded by consecutive rainy days over the past two days, further tightening ore supply. Consequently, beneficiation plants strengthened their high-price stance. With low inventory and high purchase costs, traders temporarily refrained from offering quantities.