"The first batch of African lithium concentrate from Yahua Group has been shipped back to China."

In April, China's customs data showed import volume of lithium concentrate stood at 441,309 mt in physical content.

In the short term, there is an oversupply of lithium, leading to a decrease in the price of lithium carbonate and energy storage batteries. However, there is an expected increase in global new energy vehicle sales, which will drive up the demand for energy storage batteries. The global lithium carbonate production capacity is expected to exceed 2 million tons in 2024, leading to the risk of high-cost lithium production capacity being eliminated. In the short term, there may be a slowdown in downstream demand for lithium due to early reserve in power and energy storage industries, but with the recovery in demand, positive electrode material production is expected to increase. Additionally, events like early orders for positive electrode materials and the cancellation of futures contracts may impact the market in the short term, and market participants need to closely monitor these trends and take appropriate measures.

The latest data released by Ukrainian Customs revealed a rise by 2.36 times YoY and 94% MoM to 3.115 million mt in exports in January 2024. 

Overnight, LME zinc prices opened at US$2,581/ton and reached a low of US$2,567/ton during the period. During the European trading session, LME zinc prices moved up and hit a high of US$2,605.5/ton, finally closing at US$2,587/ton, up US$0.5/ton, or 0.02%.

SMM renewable energy industry data

Overnight, the most-traded SHFE 2403 aluminium contract opened at 18,745 yuan/mt, with high and low at 18,760 yuan/t and 18,665 yuan/mt before closing at 18,700 yuan/mt, down 65 yuan/mt or 0.35%.

LME zinc prices opened at $2548/mt last evening and closed down $86.5/mt or 3.39% at $2466.5/mt. Trading volume increased to 11397 lots, and open interest decreased by 1323 lots to 208,000 lots. LME zinc inventory dropped by 1600 mt or 0.77% to 205700 mt.

SMM magnesium price

The fuel depot explosion in Conakry, Guinea, during the week ending December 28th, caused fuel sale restrictions and sparked worries about Guinean bauxite output stability and potential impacts on domestic alumina production.

China's November exports of aluminium semis rose 6.5% MoM and 4.03% YoY to 452,000 mt.