The company MCC International Incorporation Ltd will join the development of the Kolmozerskoye lithium resources in the Kola Peninsula.

This week, the average price of domestic high-grade NPI exceeded 1,000 yuan/mtu, up 12.9 yuan/mtu MoM, while the Indonesian NPI index rose by $2.1/mtu. Domestic smelters have increased their production enthusiasm, and short-term output is expected to rise. Tight supply of Indonesian ore has pushed up domestic trade premiums. Downstream stainless steel plants and traders are actively inquiring, and the upcoming peak season of "Golden September and Silver October" is expected to boost production plans, driving transaction prices to new highs. NPI costs remain firm, and short-term price expectations are strong. The discount of high-grade NPI to refined nickel has widened. This week, NPI prices increased, and it is expected that NPI will remain strong in the short term, while refined nickel prices may rise due to cost support and a recovery in downstream demand.

【SMM Analysis: Bulk demand remains sluggish; the refined cobalt market mainly relies on fixed order deliveries】In July 2024, the domestic refined cobalt spot average price was 206,800 yuan/mt, down 7.89% MoM and 30.72% YoY.

According to the latest survey data from SMM, as of this week (data as of August 2), the operating rate of refined tin smelters in Yunnan and Jiangxi provinces has declined, with a comprehensive operating rate calculated at 64.28%

"We don't want to add supply into the market with no real benefit," said Chris Chong, the Investor Relations Manager.