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SK On signed a three-year agreement with POSCO Pilbara Lithium Solution to secure up to 15,000 tons of domestically produced lithium hydroxide.

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[US Fed Interest Rate Cut Expectations Weaken, US Dollar Index Rises, Copper Prices Open Lower] Macro-wise, US Fed's Goolsbee reiterated support for further interest rate cuts and expressed openness to acting at a slower pace. As the market expects fewer interest rate cuts by the US Fed next year, the US dollar index has rebounded, putting pressure on copper prices.

On September 23, BYD announced the simultaneous market launch of two new compact SUVs: the Sealion 05 DM-i and the second-generation Song Pro DM-i.

Used in the production of iron and steel, coking coal — also known as metallurgical coal — is a key raw material. It differs from thermal coal, which is primarily utilized for electricity generation. Coking coal has special characteristics that allow it to be heated at high temperatures in the absence of oxygen, whereby it is transformed into a porous carbon-rich material briquetting which are integral for steelmaking. The creation of this material is enhanced by coking, a process that allows the properties of metallurgical coke to reach their full potential and serves as a reducing agent in the blast furnace where iron ore can be transformed into crude iron.

According to the General Administration of Customs of China, China imported 15.0007 million mt of bauxite in July 2024, up 12.49% MoM. This was also up 16.50% YoY, marking another historical high for monthly imports.

According to SMM statistics, China's production of ternary cathode materials in H1 2024 was 330,000 mt, up 13.8% YoY from 290,000 mt in H1 2023, with a capacity utilisation rate of around 40%.

Copper prices have been rising since March 13 following a series of news about "possible production cuts by Chinese smelters." During this period, geopolitical factors, the US dollar trend, favourable macro front in China, and the COMEX short squeeze event pushed copper prices to a historical high in May. As bullish funds retreated from high levels and downstream operations suffered under high copper prices, leading to negative feedback on consumption, copper prices began to decline gradually from June. In early August, the market briefly traded on recession logic, with LME copper falling to $8,714/mt, then rebounding slightly to $9,200/mt. From June to August, during the continuous decline in copper prices, SMM copper cathode social inventory showed a significant destocking trend, but global visible inventory continued to build up.

With Gasgoo Daily, we will offer daily important automotive news in China. For those we have reported, the title of the piece will include a hyperlink, which will provide detailed information.

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