The operating rate of secondary copper rod in July was 30.9%, higher than the expected 29.4%, down 2.71% MoM and 5.17% YoY. The secondary copper rod industry was deeply trapped in a multiple dilemma of "supply tightening - weak demand - policy disruptions" in July.

Current market analysis indicates stable demand in the energy storage sector by late July, supported by domestic and international mid-year policies. While EV market penetration remains steady, the early-July sales surge driven by auto expos has subsided, and end-user consumption momentum remains weak. Rising lithium carbonate prices have pushed up battery cell costs, including power cells, resulting in minor price increases. Market transactions stayed subdued through July, with most cascade utilization producers avoiding excess inventory and maintaining essential procurement strategies. Though terminal demand is expected to rise incrementally, overall consumption momentum remains sluggish. Post-July, both power and energy storage markets may see further downward pressure in August.

This week, cobalt sulfate prices continued to rise, nickel sulfate prices remained largely stable, while prices for salt products like lithium carbonate oscillated. Nickel and cobalt recovery rates for materials such as ternary and lithium cobalt oxide black mass remained generally flat, while the lithium recovery rate saw a slight decline following the earlier drop in lithium carbonate prices. Lithium point prices for LFP black mass were essentially unchanged. Taking ternary black mass as an example: the current nickel-cobalt recovery rate for ternary cathode black mass is 72.5-75%, with the lithium recovery rate at 70-72%. The nickel-cobalt recovery rate for ternary battery black mass is 70-72.5%.

This week, the ferrous metals series rebounded from a low position but then saw some pullback. In the first half of the week, the main driving force for the market rally was coking coal. The further advancement of coal capacity verification led to a rise in coking coal futures, driving an overall rebound in the ferrous metals series. Market sentiment reached a new high amid rumors of production restrictions during the military parade and crude steel output reduction. In the second half of the week, the rumors cooled down, coupled with poor performance in supply and demand data for finished steel products, futures began to pull back. In the spot market, trading was moderate in the first half of the week, but mostly driven by speculative demand for calendar spreads. The performance of end-users remained generally lackluster...

[SMM Tin Midday Review: SHFE Tin Continues to Fluctuate at Highs, with Expectations for US Fed Interest Rate Cut Continuing to Fester as Core Support] On the afternoon of August 8, 2025, the most-traded SHFE tin contract (SN2509) closed at 268,020 yuan/mt, up approximately 490 yuan from the previous day's settlement price, representing a 0.18% increase. Prices fluctuated at highs during the day, with the trading range narrowing to 267,260-268,790 yuan/mt. Market sentiment was cautious, with downstream order volumes remaining low. Meanwhile, the LME tin contract pulled back slightly to around $33,720 in the early Asian session, reflecting overseas bullish sentiment being disrupted by both macro policies and inventory divergence.

[SMM Tin Futures Brief Commentary: Macro Disruptions and Tug-of-War Between Sellers and Buyers Intertwine as SHFE Tin Seeks Direction Amidst Volatility] On August 7, 2025, the most-traded SHFE tin contract (SN2509) exhibited a trend of initial decline followed by a rebound. It opened at 268,000 yuan/mt, with the intraday low reaching 266,550 yuan/mt. In the afternoon, it was boosted by the recovery of macro sentiment, ultimately closing at 267,940 yuan/mt, up 1,080 yuan (a 0.4% increase) from the previous day, with a trading volume of 11.802 billion yuan. During the same period, the LME tin contract closed up 1.04% at $33,575/mt, reflecting the ongoing tug-of-war between overseas low inventory support and macro disruptions.

[SMM Tin Midday Review: SHFE Tin Fluctuates at Highs Under Pressure, Supply Bottlenecks and Macro Factors Intensify Competition] During the midday session on August 7, 2025, the most-traded SHFE tin contract (SN2509) closed at 267,430 yuan/mt, up approximately 0.21% from the previous day's settlement price. The intraday fluctuation range narrowed to 266,550-268,700 yuan/mt, with market sentiment remaining cautious. Meanwhile, the LME tin 3-month contract was quoted at $33,345/mt during the Asian session, up $115 from the previous day, reaching a high of $33,430 during the day, but with significant resistance above.

[SMM Commentary on SHFE Tin Futures: Macro Disturbances and Weak Fundamentals Create a Tug-of-War, Tin Prices Lack Breakthrough Momentum in the Short Term] On August 6, 2025, the most-traded SHFE tin 2509 contract closed at 266,940 yuan/mt in the afternoon, up slightly by 0.3% from the previous day. The intraday amplitude narrowed to the range of 266,000-267,700 yuan/mt, continuing the recent pattern of fluctuating at highs. Meanwhile, the LME tin 3-month contract was reported at $33,515/mt, up by 0.65%. The market was characterized by a mix of bullish and bearish factors, with macro disturbances and weak fundamentals creating a tug-of-war, resulting in a lack of breakthrough momentum for prices in the short term.

[SMM Tin Midday Review: SHFE Tin Fluctuates at Highs Amid Supply Bottlenecks and Macro Uncertainties] On the afternoon of August 6, 2025, the most-traded SHFE tin contract (2509) closed at 267,450 yuan/mt, up slightly by 0.49% from the previous settlement price, with the intraday amplitude narrowing to the range of 266,000-267,700 yuan/mt. Meanwhile, the LME tin 3-month contract was quoted at $33,350/mt, up 0.15% from the early Asian session, but the gains were curbed in the European session due to the rebound of the US dollar.