April 24 SMM small metal spot price: cadmium ingots, bars ≥ 99.99% average price down 100 yuan / ton

Recently, China's manganese-based battery materials market has been characterized by cost-driven divergence and gradual demand recovery. Battery-grade manganese sulfate and trimanganese tetroxide have strengthened on the back of rising raw material and freight costs; electrolytic manganese dioxide remains stable; and lithium manganate is steady amid volatile lithium carbonate prices, awaiting a demand rebound in April.

As of March 31, faced with upward cost pressure from high chromium ore prices, most ferrochrome producers have planned maintenance and output cuts recently. The supply-demand relationship of ferrochrome is expected to gradually adjust to a tight balance in the outlook.

In March, European APT prices surged 30%, driven by persistent supply shortages, widening the price gap with China to over $400/mtu. Tungsten scrap markets saw panic selling mid-month but stabilized toward month-end. China entered a consolidation phase as mining quota were released, yet strong fundamentals point to renewed upside ahead.