After the Indonesia Critical Minerals Conference & Expo 2025​​​​​​​, Wu Chenyu, SMM's Nickel Industry Marketing Director, and Enzo, a nickel industry analyst, led a team of international visitors to visit the Indonesia Branch of Guangdong Brunp Recycling Technology Co., Ltd.

This week, following the announcement of import/export restrictions by the Democratic Republic of Congo (DRC), cobalt sulfate prices continued to rise, nickel sulfate prices remained stable, while lithium carbonate prices saw a minor rebound and fluctuated. The recovery rates for black mass like ternary and lithium cobalt oxide (LCO) remained flat this week, with the cobalt rate seeing a slight increase and the lithium rate continuing to decline. Currently, lithium point prices for lithium iron phosphate (LFP) cathode black mass range from 2,150 to 2,300 yuan per lithium point, while LFP battery black mass lithium points range from 1,950 to 2,100 yuan. Taking ternary black mass as an example: current nickel-cobalt recovery rates for ternary cathode black mass are 72-74%, with lithium recovery rates at 66-70%. Recovery rates for ternary battery black mass nickel-cobalt are 70-72%.

This week, the ferrous metals series initially declined before rebounding, with raw materials outperforming finished products. The Israel-Iran conflict remained in the headlines. Last weekend, the Iranian Parliament passed a resolution to blockade the Strait of Hormuz, pending approval from the Supreme National Security Council. On June 24th, Israel and Iran announced a ceasefire, but friction persisted between the two sides, and the conflict had not yet fully subsided. In the first half of the week, inflation expectations weakened, and sentiment in the ferrous metals series cooled. As the weekend approached, raw materials led the gains, primarily due to stricter safety inspections in coal mines and the impending five-day closure of Mongolia's Naadam Festival, which heightened expectations of a tighter coking coal supply. Coupled with pig iron production halting its decline and starting to increase, support for raw materials strengthened. In the spot market, with the arrival of the off-season, end-users continued to purchase raw materials as needed. The spot-futures price spread narrowed, and some futures-to-spot traders engaged in purchasing and delivery activities...

[SMM Tin Midday Review: US Dollar Index Weakens, Boosting Non-Ferrous Metal Prices] Today, the most-traded SHFE tin contract (SN2508) continued its strong performance, opening at 268,420 yuan/mt. It pulled back slightly in the morning session, with gains narrowing, and eventually closed at 268,710 yuan/mt, up 0.76% for the day. During the night session, SHFE tin fluctuated at highs, with market sentiment supported by macro policy boosts and a tight supply and demand situation.

[Weekly Review of Aluminum Scrap and Secondary Aluminum: Under the Dominance of Off-Season, Aluminum Scrap Prices Show Significant Differentiation at High Levels, While Secondary Aluminum Alloy Faces Inventory Buildup Pressure amid Weak Market Conditions] Overall, the ongoing tug-of-war between cost support and weak off-season demand persisted. After a 50-100 yuan/mt decrease in ADC12 prices during the week, prices stabilized temporarily, but the influx of low-priced goods intensified market competition. Looking ahead, with the deepening impact of the off-season and inventory accumulation, ADC12 prices are expected to remain in the doldrums in the short term. Close attention should be paid to marginal changes in raw material circulation and signs of improvement in demand.