Overseas Demand Remained Strong, SiMn Alloy Exports Increased Again in October [SMM Analysis]

Xiamen Tungsten (600549.SH) announced that the company has released the draft of its 2026 restricted stock incentive plan, under which it plans to grant 22.3268 million restricted shares to 1,011 incentive recipients, accounting for 1.4063% of the company's total share capital, at a grant price of 24.99 yuan per share. The incentive recipients include 8 directors and senior executives of the company, as well as 1,003 management and technical backbone staff. This incentive plan does not set aside reserved equity, and the shares will come from A-share common stock to be issued by the company through a private placement. The performance assessment period is 2026-2028, and the assessment indicators include earnings per share, net profit growth rate, and R&D expense growth rate.

At the beginning of this week, prices across the industry chain remained weak. After refined cobalt futures fell, traders raised their spot-futures price spread quotes, but downstream buyers continued to purchase only on a need-to basis. In the intermediate product market, there were almost no inquiries or transactions, with holders indicating prices above $17/lb while some buyers would only accept below $13/lb, widening the divergence. Cobalt sulphate, cobalt chloride, and Co3O4 prices continued to pull back, with downstream procurement subdued and lower raw material costs weakening price support. Cobalt powder enterprises also lowered their quotes, and high-priced inventory delayed restocking by cemented carbide enterprises. Ternary cathode precursors saw production schedules trend lower due to weaker nickel and cobalt salt prices and insufficient demand for some orders. Ternary cathode material prices fell along with raw materials, and cathode plants mainly consumed existing inventory. LCO demand showed no seasonal boost, and prices remained at risk of further weakness. Overall, pre-holiday stockpiling was limited, and the market is waiting for inventory digestion and demand improvement.

【SMM Titanium Flash】On September 28th, Zhejiang Yongjin Precision New Material Co., Ltd., a subsidiary of Yongjin Stock, broke ground on its 100,000-ton annual production project of precision metal new materials in Lanxi, Zhejiang. The project spans an area of 190 acres and focuses on high-value-added products such as ultra-thin precision titanium alloys and metal composites. Targeting high-end markets like electronic information, new energy, and medical equipment, the project, upon completion, will achieve an annual production capacity of 100,000 tons, producing products such as precision composite boards, titanium alloy sheets and strips, and high-performance copper-clad laminates. This project marks the third initiative of Yongjin Stock in Lanxi and is expected to drive the upstream and downstream agglomeration development of the local new material industry chain through the "one enterprise leading one chain" approach.