[SMM Analysis] May Indonesia Sulphur and Sulphuric Acid Import and Export Data

[SMM Analysis: VC Supply-Demand Tight Balance to Persist in Short Term; HSC 60,000 mt Project Adjustment May Reshape Industry's Long-Term Competitive Landscape] On July 11, 2026, HSC New Energy Materials issued an announcement, making a major adjustment to the construction plan for the 60,000 mt vinylene carbonate (VC) project in Yunmeng, Hubei: The original phased construction plan for 30,000 mt in Phase I and 30,000 mt in Phase II was canceled and changed to a one-time overall construction of 60,000 mt VC capacity. The total project investment remains unchanged at 1.6 billion yuan, and the construction site, investment entity, and overall time to reach full production remain unchanged.

SMM Cobalt Morning Briefing: This week, the cobalt industry chain remained in the doldrums overall, with market transactions generally sluggish. Refined cobalt returned to grinding lower, and despite smelters raising EXW prices to 390,000 yuan/mt, downstream only maintained just-in-time procurement, affected by the summer break and traditional consumption off-season; cobalt intermediate product prices were temporarily stable, while the disagreement between miners holding prices firm and smelters’ low-price procurement remained significant. Demand for cobalt sulphate, cobalt chloride, and Co3O4 all saw no significant improvement, with downstream inventories ample, and restocking may have to wait until after August. Mainstream cobalt powder transaction prices fell to 460,000 yuan/mt, with some low prices reaching 440,000–450,000 yuan/mt. The market remained in a weak stage of seeking a bottom.

[SMM Cobalt-Lithium Morning Briefing: This week, prices in the new energy industry chain continued to diverge. The lithium industry chain was generally weak. The transaction center of lithium ore shifted lower alongside lithium chemical prices, and lithium carbonate fell to around 150,000 yuan/mt. Downstream firms bought the dip at low price levels, but upstream producers held prices firm and held back from selling, intensifying the market tug-of-war. Lithium hydroxide transaction prices declined in tandem, and overall trading remained sluggish. In the cobalt industry chain, demand was weak. Refined cobalt, cobalt sulphate, and cobalt chloride all lacked effective transaction support, while prices of intermediate products and Co3O4 temporarily held steady. Nickel sulphate inventory continued to decline, but downstream stockpiling willingness was insufficient, and prices still faced pressure.]