Lithium: Geopolitical Jitters Weigh on Prices
GFEX lithium carbonate futures fell nearly 10% last week, pressured by escalating Middle East conflict raising concerns over delayed energy storage installations in the region. Spot inventory drawdown slowed, but trading remained active - ~15,000 tonnes transacted weekly per Mysteel's sampled traders.
Nickel: Surging Then Sliding
Nickel prices initially surged after Indonesia lowered its 2026 ore production target to 209 million tonnes, reinforcing tight supply expectations (Ramadan slowdown, IMIP landslide, mining penalties). However, sentiment softened mid-week as APNI signaled RKAB revision applications may only come in H2, challenging prior shortage assumptions.
Cobalt: Stalemate Between Cost Support & Weak Demand
Prices hovered high but edged slightly lower. Raw material tightness persists through H1, but downstream demand remains soft with procurement limited to essential needs, hindering cost pass-through. Some small smelters/traders under fund pressure introduced lower-priced offers. Market now in supply-demand standoff.
Recycling: Softening Prices, Cautious Trading
- Ternary scrap: Prices softened alongside metal salts. Volatility kept buyers cautious; sellers held back amid divergent quotes.
- LFP scrap: Prices pulled back with lithium carbonate. Sellers refused to sell at lower levels, waiting for clearer direction.
