Guangdong Xianglu Tungsten Raises Long-Term Purchase Prices for October 2024 Tungsten Concentrates and APT

[Production cut benefits materialize, spot and futures diverge, silicon metal prices in stalemate]: This week, spot silicon metal prices consolidated on a strong note. As of September 3, SMM oxygen-blown #553 silicon in east China was at 9,400-9,500 yuan/mt, up 50 yuan/mt WoW, #441 silicon was at 9,500-9,700 yuan/mt, up 50 yuan/mt WoW, and #3303 silicon was at 10,100-10,300 yuan/mt, up 50 yuan/mt WoW. In the futures market, the SI2611 contract moved sideways in the 8,650-8,865 yuan/mt range this week, shot up to 8,865 yuan/mt early in the week before pulling back, and closed at 8,735 yuan/mt on Thursday, down 70 yuan/mt WoW. In terms of market quotes and transactions, after production cuts at large plants in Xinjiang were implemented, silicon enterprises increased their efforts to hold prices firm, low-priced cargoes in the market decreased, silicon enterprises quoted firmly, and some suppliers raised quotes slightly. Affected by long positions taking profits and macro sentiment, silicon metal futures prices pulled back weakly, wait-and-see sentiment in the market intensified, market transactions remained need-based, and the price center consolidated at highs.

[SMM titanium spot bulletin: cost expectations provide weak support; titanium dioxide struggles to recover quickly] Titanium dioxide prices are currently seeing limited movement. The expiry of phosphate fertiliser controls is expected to provide cost support from sulphuric acid, but titanium concentrates remain weak. End-use demand from real estate and coatings is sluggish, and the September-October peak season effect is fading. The market lacks a basis for recovery and is expected to consolidate in the doldrums in the short term. Attention should be paid to the release of actual downstream orders.