China's market for new-energy vehicles extends growth in Apr

[SMM Tungsten Analysis: Sharp Price Drop Amid Bearish Factors, Awaiting Destocking & Demand Recovery] SMM, October 15: Since July, China's tungsten market has consolidated in a narrow range, with shrinking trading volumes and downstream demand in the off-season. Market transactions have been largely guided by long-term contracts. Entering September, the market expected downstream demand in sectors such as cemented carbide to improve.

【SMM Weekly Magnesium Inventory Express】This week, the national inventory of primary magnesium smelting enterprises decreased by 3.52% month-on-month. Primary magnesium smelting enterprises operated normally during the National Day holiday. Although some futures were pre-sold by manufacturers before the holiday, a portion of magnesium ingots still failed to flow to the terminal market, exacerbating the oversupply pattern in the magnesium ingot market. Magnesium plants actively stimulated transactions at low prices, and some manufacturers achieved notable results in destocking, leading to a downward trend in national primary magnesium inventory. As magnesium prices have fallen to the lowest point of the year, primary magnesium smelters are increasingly inclined to suspend production, and the inventory is expected to continue its downward trend in the follow-up.

The industry chain remained weak this week, with insufficient demand and lower costs jointly weighing on prices. Refined cobalt fell below 250,000 yuan/mt, and smelter quotes may see further downward adjustments. Intermediate product trading stalled, with buyers and sellers staying on the sidelines. The cobalt sulphate market shifted to a buyer-dominated phase, with downstream target prices dropping to 46,000-48,000 yuan/mt, while high inventory costs kept price disagreements unresolved. Cobalt chloride and Co3O4 saw production cuts and destocking, with new purchases insufficient. Cobalt powder quotes fell to 330,000-340,000 yuan/mt, and cemented carbide demand recovered slowly. Ternary cathode precursor prices weakened, with export orders moderate and domestic demand diverging. Ternary cathode material was dragged down by falling raw material prices and order reductions, with October production schedules expected to remain flat MoM. LCO cost support weakened, end-user restocking was cautious, and prices still had downside. Overall, just-in-time procurement was unlikely to reverse the weakness, and stabilization would still require actual order improvement. In news, September EV and ESS battery sales rose 52% YoY, with new progress in corporate earnings and overseas project construction.