This week, cobalt sulfate prices continued to rise, while nickel sulfate prices also increased slightly. In contrast, the prices of salt products such as lithium carbonate continued to decline. Although the nickel and cobalt coefficients for materials like NCM and LCO black mass increased slightly due to rising salt prices, the lithium coefficient fell after a previous drop. The lithium point price for LFP black mass also fluctuated within a narrow range this week.

This week, the ferrous metals series exhibited a "V"-shaped trend. On Monday, futures continued to consolidate at high levels amid rumors of a coal mine accident from the previous Friday and Shanghai's property market easing policies. However, some mine-related rumors were debunked, with limited impact on actual production, while the fundamentals of finished steel remained weak, leading to a mid-week pullback in futures from elevated levels. Approaching the weekend, market rumors suggested China would push for steel production cuts in 2025 and 2026, prompting bears to temporarily retreat, though upward pressure on the ferrous complex remained evident. On the spot market, during the transition between peak and off-seasons, end-use demand appeared yet to materialize......

[SMM Tin Midday Review: Supply-Demand Deadlock Persists, SHFE Tin Holds Steady at Highs] At midday on August 28, 2025, the most-traded SHFE tin 2510 contract settled at 272,540 yuan/mt, up 1,210 yuan (0.45%) from the previous session's settlement. Prices fluctuated rangebound at elevated levels during the session, moving between 270,800-272,860 yuan/mt, with cautious market sentiment and mild expansion in trading volume. Meanwhile, the LME three-month tin contract extended its strength to $34,560/mt, gaining $50 (0.14%) on the day, while showing initial signs of inventory buildup though absolute levels remained at yearly lows.

Malaysia’s stainless-steel scrap market is overwhelmingly export-oriented, with India the dominant buyer and China largely shut out. Domestic 304 scrap fetches RM4.6–6.2/kg (US$1.09–1.47), while Foshan offers only slightly more at RM5.6–5.82/kg (US$1.32–1.38), leaving scant room for arbitrage. In 2024, India absorbed 41.6% of Malaysia’s exports and Bangladesh 32.5%, compared with just 1.3% for China. Policy explains the split: Malaysia exempts stainless scrap from export duties, India’s import rules are simple, but China’s GB/T 39733-2020 standard imposes stringent requirements few Malaysian yards can meet. The trade remains divided—large dealers export, small ones supply locally. Without investment in sorting and certification, Malaysia will stay reliant on South Asia, with China a missed opportunity.

【SMM Scrap Aluminium Market Analysis: Interpretating Data of Chinese Imports of Scrap Aluminium 2024-25】According to data from Shanghai Metals Market (SMM), China imported a total of 1.17 million tonnes of scrap aluminium from January to July 2025, representing a 7.34% increase compared to 1.09 million tonnes during the same period in 2024. Five key source regions: Thailand, Malaysia, the European Union, Japan and South Korea, collectively exported 696,900 tonnes to China during the same period, an 11% year-on-year increase. Their combined share of China’s total scrap aluminium imports rose from 57.61% to 59.56%, indicating a further increase in China’s reliance on these regions for scrap aluminium, especially Thailand.

[SHFE Tin Midday Review: SHFE Tin Consolidates at High Levels Awaiting Guidance Supply and Demand Weakness Constrains Price Breakthrough] During the midday session on August 28, 2025, the most-traded SHFE tin 2510 contract closed at 272,540 yuan/mt, up 1,210 yuan from the previous day's settlement price, with a gain of 0.45%. The price fluctuated rangebound at high levels, ranging between 270,800 and 272,860 yuan/mt. Market trading sentiment was cautious, and trading volume mildly increased. Meanwhile, LME three-month tin continued its strong performance, closing at $34,560/mt, up $50 (a 0.14% increase) from the previous day. Signs of inventory buildup emerged, but the absolute level remained at a low for the year.

[SHFE Tin Midday Review: LME Low Inventory Support vs Domestic Demand Weakness, the Most-Traded SHFE Tin 2510 Contract Struggles at 270,000 Yuan/mt Level] During today's midday session, the most-traded SHFE tin 2510 contract closed at 273,120 yuan/mt, up 1.26% from the previous day, with intraday fluctuations ranging between 269,030-273,570 yuan/mt. Despite briefly breaking through the 270,000 yuan/mt level during the night session, trading was weak during the daytime, and trading volume pulled back MoM, reflecting a strong wait-and-see sentiment in the market. Meanwhile, the LME tin contract edged up to $34,355/mt, up 0.66%, supported by low overseas inventory.

According to SMM, based on the notice "On Standardizing Policies for Attracting Investment" (Notice No. 770 of 2025) issued by four national ministries and commissions including the National Development and Reform Commission, local governments were required to standardize their policies for attracting investment. Additionally, any non-compliant contracts signed after May 2024 needed to be terminated by August 31, 2025. However, in mid-August, secondary copper rod enterprises and scrap anode plate producers across the country stated that they had only become aware of the notice but had not yet received specific instructions from relevant authorities. Despite this, production at many companies had already begun to change. Therefore, the SMM recycling resources team headed to Jiangxi, visiting enterprises directly to gain a comprehensive understanding of how policy changes were impacting businesses

[SHFE Tin Brief: Tin Prices Continue to Consolidate in a Range, Low Inventory Supports While Weak Demand Constrains] SHFE tin is expected to maintain sideways movement between 250000-275000 yuan/mt. Low inventory and supply disruptions provide bottom support, but weak demand and macro uncertainties limit upside room. Attention should be paid to the progress of production resumptions in Myanmar, DRC's geopolitical risks, and the pace of recovery in the semiconductor industry.