Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][57]. Core Viewpoints - Precious Metals - Gold: Inflation expectations have risen, leading to a month-on-month decline in gold prices. As of March 13, the COMEX gold futures contract reached $5023.1 per ounce, down 3.05% month-on-month. The SPDR Gold ETF decreased by 0.2% to 1072 tons. The geopolitical situation in the Middle East is expected to keep gold prices under pressure in the short term, but long-term trends may still favor an increase due to unresolved U.S. debt issues and weakening dollar credit [4]. - Industrial Metals: Geopolitical disturbances are intensifying, causing fluctuations in industrial metal prices. As of March 13, the SHFE copper futures contract fell by 0.73% to 100,310 yuan per ton, with domestic copper social inventory at 573,900 tons. The LME copper inventory stood at 311,800 tons. The global copper resource bottleneck is expected to persist, and AI technology may drive future demand growth [5][6]. Summary by Sections 1. Non-Ferrous Metal Index Trends - As of March 13, 2026, the non-ferrous metal index closed at 10,666.85 points, down 3.7% month-on-month. The precious metal index fell by 2.0% to 32,995.22 points, while the industrial metal index decreased by 3.2% to 3,849.03 points. The energy metal index dropped by 2.3% to 3,007.01 points, with the Shanghai Composite Index rising by 0.19% during the same period [10]. 2. Precious Metals 2.1 Gold - The gold market is influenced by rising inflation expectations and geopolitical tensions, leading to a short-term price decline but potential long-term gains due to macroeconomic factors [4][12]. 3. Industrial Metals 3.1 Copper - The copper market is facing short-term pressure due to geopolitical tensions and rising interest rate expectations. The domestic copper social inventory is at 573,900 tons, and LME copper inventory is at 311,800 tons. The copper concentrate index is reported at $60.39 per ton [6][23]. 3.2 Aluminum - The aluminum market is experiencing upward pressure on prices due to geopolitical tensions affecting supply. As of March 13, the SHFE aluminum futures contract rose by 1.0% to 24,960 yuan per ton, with domestic aluminum social inventory at 1,294,000 tons [6][29]. 3.3 Tin - The tin market is also under pressure, with the SHFE tin futures contract down 5.0% to 374,000 yuan per ton. The domestic social inventory stands at 13,357 tons [6][37]. 5. Investment Recommendations - The report suggests focusing on the gold, copper, and aluminum sectors. For gold, the recommendation is to pay attention to Chifeng Jilong Gold Mining. For copper, the focus is on Luoyang Molybdenum. In the aluminum sector, Tianshan Aluminum is highlighted due to expected price increases [7][55].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report highlights that geopolitical conflicts are causing supply chain risks in the aluminum sector, particularly affecting electrolytic aluminum production [5] - Precious metals are currently experiencing a downturn due to a strong US dollar, but their investment value is expected to recover as liquidity concerns ease [5] - Copper prices are under pressure due to macroeconomic concerns, despite a recovery in downstream demand, with a significant increase in operating rates in the copper strip industry [6] - Aluminum prices are on an upward trend, driven by supply disruptions from geopolitical tensions and a recovery in demand as businesses resume operations post-holiday [7] - Lithium prices are supported by long-term energy security considerations, with increasing demand from the energy storage sector [7] - Tungsten prices have surged due to tight supply, and the market is closely monitoring the impact of geopolitical conflicts on future pricing [8] Summary by Sections Industry Overview - The closing index for the industry is at 9585.63, with a 52-week high of 11180.33 and a low of 4295.55 [2] Price Movements - LME copper decreased by 1.45%, while aluminum increased by 1.58% this week [20] - Precious metals saw COMEX gold drop by 2.44% and silver by 7.67% [20] Inventory Levels - Global visible copper inventories increased by 8758 tons, and aluminum inventories rose by 16815 tons this week [32][34]

Report Summary 1. Report Industry Investment Ratings No investment ratings are provided in the report. 2. Core Views - The ongoing geopolitical conflicts in the Middle East, especially the situation between the US, Israel, and Iran, are significantly impacting global commodity and financial markets. Oil prices are likely to remain high due to supply disruptions in the Middle East, and this has a cascading effect on various industries, including energy, metals, and agriculture. - The uncertainty in the Middle East also affects the Fed's monetary policy expectations, which in turn impacts the performance of the stock and bond markets. 3. Summary by Commodity Categories Energy - **Crude Oil**: International oil prices are rising. Brent reached $106 per barrel, and WTI hit $100 per barrel. Despite measures like the release of strategic reserves and US waivers for Russian oil, the supply shortage caused by the unrest in the Strait of Hormuz is likely to keep prices high. The US plans to release 172 million barrels of reserves and then replenish about 200 million barrels within a year [1]. - **Fuel Oil & Low - Sulfur Fuel Oil**: The war in the Middle East is escalating, and the Strait of Hormuz issue remains the key trading factor. The supply gap is difficult to fill quickly, and both high - sulfur and low - sulfur fuel oil prices are supported [21]. - **Asphalt**: It follows the upward trend of crude oil. The planned production in March is lower than expected, and the inventory pressure is relatively small. Its price will likely remain high as long as the Strait of Hormuz issue persists [22]. - **Urea**: International prices are rising sharply, and domestic production is high. However, due to peak downstream demand, factories are de - stocking. Under export control and price - stabilizing policies, the market is expected to fluctuate [23]. - **Methanol**: The geopolitical risk in the Middle East is affecting the market. The开工 rate of MTO plants in Jiangsu and Zhejiang is low, and port inventories are decreasing. The situation of Iranian plants and shipping in the Strait of Hormuz needs to be monitored [24]. Metals - **Precious Metals**: Amidst the uncertainty of the Middle East war and the global economic outlook, precious metals are in a high - level oscillation pattern. The weakening expectation of Fed rate cuts is suppressing their prices. Attention should be paid to central bank interest rate decisions this week [2]. - **Base Metals**: - **Copper**: Last week, copper prices fluctuated and closed lower. The market is worried about the Middle East situation, and the risk of price decline is increasing due to the war and high inventory, although short - term spot buying provides some support [3]. - **Aluminum**: Despite high domestic seasonal inventory, overseas shortages are expected due to production cuts by Middle Eastern aluminum producers. Aluminum prices are oscillating strongly, with significant fluctuations at historical highs [4]. - **Zinc**: Domestic zinc ingot de - stocking is slow, and the fundamental support for price increases is weak. The LME zinc price is under pressure, and the annual surplus expectation remains unchanged. Short - term attention is on the 24,000 yuan support level [7]. - **Lead**: LME lead inventory is high, and overseas surplus is being transferred to the domestic market. The downstream demand is improving slightly, but the supply pressure is increasing. The inclusion of recycled lead in delivery is putting pressure on the price center [8]. - **Nickel and Stainless Steel**: The nickel market is mainly driven by short - term trading. The upstream price increase supports the mid - stream. Nickel inventory is increasing, and the stainless - steel inventory remains stable. The market is expected to oscillate [9]. - **Tin**: Both domestic and international tin prices declined last week. The Middle East war and high inventory are suppressing prices. The target price is moving towards 350,000 yuan [10]. - **Carbonate Lithium**: The price is falling, and the market is active. The overall de - stocking speed is slowing down. The futures price is oscillating, and attention should be paid to the demand change after the end of the March export rush [11]. Building Materials - **Industrial Silicon**: The supply has slightly increased, mainly in Xinjiang. The demand from the organic silicon and polysilicon industries has limited impact. The price is expected to oscillate under cost support [12]. - **Polysilicon**: The market is dominated by a weak fundamental situation. Factory inventories are increasing, and the price is expected to remain low and oscillate [13]. - **Steel Products (Ribbed Bars & Hot - Rolled Coils)**: The demand for steel products is improving, but the production is restricted by factors such as blast furnace restrictions and poor profits. The cost support is strong, and the price is expected to oscillate strongly in the short term [14]. - **Iron Ore**: The supply and demand situation is marginally improving. The cost support is strengthening due to the increase in oil prices. The price is expected to oscillate [15]. - **Coke and Coking Coal**: The prices are oscillating strongly. The supply of carbon elements is abundant, but the energy concern caused by geopolitical conflicts may make the prices more likely to rise. Attention should be paid to relevant news [16][17]. - **Manganese Silicon and Ferrosilicon**: The prices are oscillating. International conflicts are affecting the cost and demand of these products, and the prices are likely to remain volatile [18][19]. Chemicals - **Styrene**: The cost support is strong, but the supply is expected to decrease, and the consumption may weaken [25]. - **Polypropylene, Plastic, and Propylene**: The prices of crude oil and propylene futures are rising, which supports the market. However, the trading activity of polyethylene is low, and the high - price resistance of polypropylene is significant [26]. - **PVC and Caustic Soda**: Both are showing a strong trend. The supply of PVC is decreasing, and the demand for caustic soda is improving. The prices are expected to follow the market sentiment in the short term [27]. - **PX and PTA**: The prices are rising due to the impact of the Middle East situation on oil prices. There is a risk of negative feedback in the medium term, and attention should be paid to the shipping situation in the Strait of Hormuz [28]. - **Ethylene Glycol**: The new production capacity is putting long - term pressure on the market. The supply is uncertain due to the Iranian situation, and the downstream demand also has negative feedback [29]. - **Short - Fiber and Bottle Chips**: The short - fiber inventory is rising, and the bottle - chip supply is shrinking. Both are affected by the Middle East situation and are subject to raw material price fluctuations [30]. Agricultural Products - **Soybeans, Soybean Meal, and Rapeseed Meal**: The prices are affected by the Middle East situation, with cost support from rising fertilizer and shipping prices. The impact on the market is expected to be short - term, and the price may be suppressed after the arrival of imported soybeans [34]. - **Vegetable Oils (Soybean Oil, Palm Oil, and Rapeseed Oil)**: The prices are rising due to the strong performance of crude oil. The supply of palm oil is expected to tighten, and the soybean import cost is increasing [35]. - **Soybeans (Domestic)**: The price is rising, and the market is affected by the Middle East situation and the increase in soybean import costs [36]. - **Corn**: The price is following the upward trend of international oil prices. The domestic market is mainly affected by the geopolitical situation in the short term and will return to the fundamentals after the situation stabilizes [37]. - **Livestock and Poultry Products (Pigs and Eggs)**: - **Pigs**: The spot price is fluctuating slightly, and the market is in a low - level oscillation. The production capacity reduction is insufficient, and the price is expected to remain low to promote further capacity reduction [38]. - **Eggs**: The futures price declined on Friday, but the spot price is strong. The supply of laying hens is expected to be low in the first half of 2026, which may support the price [39]. - **Cotton**: The US cotton price is oscillating strongly, and the domestic cotton inventory is decreasing. The supply is expected to be tight, and the demand needs further observation [40]. - **Sugar**: The international sugar market is affected by the production progress in different countries. The domestic sugar market is focused on production expectations, and the short - term price is under pressure [41]. - **Apples**: The price is oscillating at a high level. The demand in the northwest region is good, but the quality and inventory in Shandong are issues. The de - stocking speed needs attention [42]. - **Timber**: The price is oscillating. The supply is expected to be tight in the short term, and the demand is increasing. The low inventory provides some support [43]. - **Paper Pulp**: The price is in a low - level oscillation. The domestic port inventory is high, and the overseas price is strong. The medium - term trend is expected to be range - bound [44]. Financial Markets - **Stock Index**: The A - share market is oscillating. The geopolitical situation in the Middle East may delay the Fed's rate - cut time. The relatively strong RMB exchange rate may support the A - share market. Attention should be paid to geopolitical and economic data changes [45]. - **Treasury Bonds**: The treasury bond futures are slightly fluctuating. The market may swing between risk aversion and inflation expectations. Strategies such as steepening the yield curve can be considered [46].

Group 1 - The core viewpoint of the article highlights a significant drop in gold and silver prices, with spot gold falling below $4990 per ounce and currently reported at $5004 per ounce, while spot silver has dropped over 2% to $79.5 per ounce [1] - Major brands of gold jewelry have seen a price decline, with Chow Tai Fook gold jewelry priced at ¥1557 per gram, down ¥7 from ¥1547 per gram on March 14, and other brands like Chow Sang Sang and Lao Feng Xiang also showing similar declines [1] - Analysts attribute the recent price drop to the upcoming Federal Open Market Committee (FOMC) meeting on March 19, where market participants are cautious ahead of potential changes in interest rate expectations, leading to increased selling pressure [2] Group 2 - The international gold price fell by 1.88% last week, while New York silver futures dropped by 3.52%, indicating a broader trend of declining precious metal prices [2] - The market anticipates that the Federal Reserve will maintain interest rates this month, but there is a significant focus on the dot plot, which may indicate a reduction in the number of expected rate cuts for the year from three to just one, impacting global asset pricing [2]

Group 1: Report's Industry Investment Rating - Not provided Group 2: Report's Core View - COMEX gold and silver futures, along with Shanghai gold and silver futures, all declined on March 16, 2026. The market is affected by factors such as the change in ETF positions, Fed interest - rate expectations, central bank gold - buying trends, and the situation in the Middle East. The short - term market is uncertain, and investors should control their positions and prevent risks [1][2] Group 3: Summary by Related Catalogs Market Quotes - COMEX gold futures dropped 2.00% to $5023.10/ounce, COMEX silver futures fell 5.25% to $80.64/ounce. Shanghai gold's main contract decreased 1.31% to 1126.64 yuan/gram, and Shanghai silver's main contract declined 4.59% to 20682 yuan/kg [1] - The U.S. dollar index rose 0.76% to 100.50 on Friday, up 1.56% for the week. The 10 - year U.S. Treasury yield rose to 4.27%, up 14 basis points for the week. Brent May crude oil futures rose 3.41% to $103.89/barrel, up 12.08% for the week [2] Important Information - On March 13, the holdings of the world's largest gold ETF, SPDR Gold Trust, decreased by 4.287 tons to 1071.565 tons, and the holdings of the world's largest silver ETF, iShares Silver Trust, decreased by 78.88 tons to 15460.18 tons [1] - According to CME's "FedWatch", the probability of the Fed cutting interest rates by 25 basis points this week is 0.8%, and the probability of keeping rates unchanged is 99.2%. The probability of a 25 - basis - point cut by April is 6.9%, and the probability of keeping rates unchanged is 93%, with a 0% probability of a 50 - basis - point cut. The probability of a 25 - basis - point cut by June is 24.7% [1] - In January 2026, global central banks' net gold purchases were 5 tons, showing a slowdown compared to the monthly average of 27 tons in 2025. Geopolitical tensions may drive central banks to continue increasing gold holdings [1] - The U.S. core PCE in January increased 0.4% month - on - month and 3.1% year - on - year, in line with expectations [1] - There are signs that the Middle East conflict may continue. The U.S. and Iran have no intention to stop the war. The Israeli military said the operation against Iran would last at least three more weeks [1] Market Logic - The strengthening of the U.S. dollar and the decline in Fed rate - cut expectations led to the continued decline of COMEX gold and silver on Friday. The short - term will test the support levels of $5000/ounce and $80/ounce [2] Trading Strategy - Due to the high short - term market uncertainty, investors should control their positions and prevent risks [2]

Core Viewpoint - The ongoing geopolitical conflicts, particularly between the US and Iran, are driving up oil prices and strengthening the energy and chemical sectors, while the market is adjusting to these developments [1]. Group 1: Oil Market - The Middle East situation remains tense, with the US military striking Iranian oil facilities, leading to increased oil prices due to geopolitical risk premiums. However, the market has already priced in the current level of conflict, suggesting that oil prices may stabilize at high levels in the short term [2][13]. - As of March 5, domestic methanol production facilities operated at an average load of 77.36%, a decrease of 0.88% from the previous period but an increase of 5.72% year-on-year. Coastal methanol inventories stood at 1.4133 million tons, reflecting a 1.04% increase from February 26 and a 35.76% increase year-on-year [2][15]. Group 2: Shipping and Freight - The European shipping index (SCFI) reported a rise of $166 per TEU to $1618, indicating a potential increase in freight rates for the second half of March. However, the market is expected to return to seasonal pricing as geopolitical impacts on freight rates diminish [3][30]. - Maersk and MSC are adjusting their pricing strategies, with Maersk focusing on securing cargo amidst a traditional low season, while MSC has slightly increased rates [3][30]. Group 3: Stock Market - The US stock market experienced a pullback, with a total market turnover of 2.42 trillion yuan. The financing balance increased by 18.278 billion yuan, indicating a shift from expectation-driven to earnings-driven market dynamics as companies begin to disclose annual and quarterly reports [4][11]. - The market is expected to transition from a broad rally to a selective alpha phase, favoring industry leaders with strong earnings while weaker stocks may continue to struggle [4][11]. Group 4: International News - Japan plans to release 80 million barrels of oil from its reserves starting March 16 to mitigate rising oil prices due to tensions in the Middle East. This is the largest release since the establishment of its national oil reserve system in 1978 [7]. - The Japanese government aims to stabilize gasoline prices by providing subsidies to oil wholesalers, reflecting the country's heavy reliance on Middle Eastern oil imports [7]. Group 5: Domestic News - The State Council's food safety office reported a 99.37% compliance rate for major food products in China, indicating a stable improvement in food safety standards over the past four years [8].

Investment Rating - Maintain "Buy" rating for the sector [5] Core Views - The geopolitical situation in the Middle East continues to disrupt bullish sentiment, but there is sustained optimism for precious metals during the stagflation cycle [1] - Copper demand remains resilient despite short-term geopolitical disturbances, with a positive long-term outlook [2] - Aluminum prices are experiencing significant volatility due to ongoing overseas conflicts, while domestic demand is gradually transitioning towards a consumption peak [3] - Nickel prices are under pressure from geopolitical disturbances, but supply constraints provide some support [4] - Tin prices are fluctuating due to a tug-of-war between supply and demand factors, with a lack of strong driving forces [8] - The lithium market is seeing increases in both supply and demand, maintaining a trend of inventory reduction [9] - Cobalt prices are experiencing fluctuations due to weak downstream purchasing [10] Summary by Sections Precious Metals - The ongoing geopolitical crisis in the Middle East has led to sustained high oil prices, impacting investor sentiment towards precious metals. However, concerns are seen as short-term, with a bullish outlook for the medium term [1][41] Industrial Metals - **Copper**: Demand remains strong with a recovery in market transactions as production resumes. Recent expectations for downstream production have improved, indicating a healthy demand base [2] - **Aluminum**: Supply has slightly increased, but high prices are suppressing some demand. The market is transitioning towards a consumption peak, with ongoing geopolitical factors influencing prices [3] - **Nickel**: Prices have decreased due to geopolitical tensions, but supply constraints from Indonesia are providing support [4] - **Tin**: Supply is stable, but demand is weak, leading to a lack of strong price movements [8] Energy Metals - **Lithium**: Both supply and demand are increasing, with a focus on inventory reduction. The market is expected to remain active due to rising demand from the electric vehicle sector [9] - **Cobalt**: Prices are fluctuating with weak demand from downstream sectors, leading to a cautious purchasing environment [10]

Investment Rating - The investment rating for the precious metals industry is "Positive" (maintained) [1] Core Viewpoints - The recent fluctuations in gold and silver prices are attributed to the escalation of military actions in the Middle East, particularly between the U.S., Israel, and Iran, which has led to increased oil prices and inflation expectations [4][5] - The report highlights that gold and silver prices have shown a downward trend, with London spot gold decreasing by 3.40% to $5044.60 per ounce, and silver down by 6.98% to $83.70 per ounce [5][10] - The ongoing geopolitical tensions are expected to influence oil prices and inflation, which in turn may affect the Federal Reserve's interest rate decisions, creating potential investment opportunities in the precious metals sector [6] Summary by Sections 1. Price Trends - Over the past two weeks, London spot gold fell by 3.40% to $5044.60 per ounce, while the Shanghai gold price decreased by 1.30% to ¥1133.00 per gram. London spot silver dropped by 6.98% to $83.70 per ounce, and the Shanghai silver price fell by 9.11% to ¥20923 per kilogram [5][10][15] 2. U.S. Economic Data and Federal Reserve Tracking - The U.S. inflation data for February showed a month-on-month increase of 0.3% and a year-on-year increase of 2.4%, which aligns with market expectations. The core CPI also met expectations, indicating a stable inflation environment prior to the recent geopolitical tensions [4][6] 3. Positioning and Trading Volume - The report notes an increase in Shanghai gold holdings by 3.56% to 313,000 contracts, while silver holdings decreased by 7.98% to 482,900 contracts, indicating a shift in market sentiment [5][10] 4. Domestic and International Price Differences and Gold Benchmark Ratios - The gold price difference between domestic and international markets increased to ¥18.56 per gram, while the silver price difference rose to ¥3030.90 per kilogram, reflecting changing market dynamics [62] 5. Futures Basis Situation - As of the latest report, the international gold basis (spot-futures) increased by $21.50 per ounce, while the domestic gold basis rose to -¥1.75 per gram, indicating a shift in market conditions [71][72]

Investment Rating - The industry is rated as "Leading the Market-A" with a maintained rating [5]. Core Insights - Oil price volatility is decreasing, leading to a more rational trading environment. The upward adjustment of oil price levels may benefit the lithium mining industry due to increased demand for new energy [1]. - The price gap for yttrium oxide has exceeded 80 times due to geopolitical tensions and export controls, which may further widen. There are potential supply risks for Japanese industries reliant on zirconia powder and MLCC materials, suggesting a bullish outlook for the zirconia ceramic block industry [1]. - The report maintains a positive outlook on various metals including gold, silver, rare earths, tungsten, copper, aluminum, molybdenum, antimony, germanium, gallium, tantalum, niobium, uranium, tin, and rhenium [1]. Summary by Sections Precious Metals - COMEX gold and silver closed at $5021.0 and $79.7 per ounce, with declines of -2.43% and -4.95% respectively. Concerns over stagflation due to the US-Iran conflict have led to a significant reduction in market expectations for interest rate cuts [2]. - Despite short-term price corrections, the long-term trend for gold remains bullish, supported by central bank and ETF purchases. Silver's supply-demand fundamentals are tight, indicating potential price resilience [2]. Industrial Metals - Copper prices on LME and SHFE were reported at $12735.5 per ton and ¥100000 per ton, reflecting decreases of -1.45% and -0.72% respectively. Supply constraints and recovering demand from downstream industries are expected to support copper prices as they enter a peak demand season [3]. - Aluminum prices increased to $3439.0 per ton on LME and ¥25000.0 per ton on SHFE, driven by geopolitical tensions and recovering domestic demand, particularly in the photovoltaic sector [4]. Energy Metals - Nickel prices fluctuated between ¥132,000 and ¥140,000 per ton, with support from supply concerns related to Indonesian projects. The market is expected to remain volatile in the short term [9]. - Cobalt prices are stable around ¥432,000 per ton, with supply tightness emerging as export delays affect domestic refining operations. Long-term demand is anticipated to drive prices higher [10]. - Lithium carbonate futures are priced at ¥156,500 per ton, with a positive outlook for demand growth in energy storage and power batteries [11]. Strategic Metals - The price of praseodymium-neodymium oxide is reported at ¥800,000 per ton, with expectations of stable demand growth and a new inventory replenishment cycle starting in 2026 [12]. - The significant price gap for yttrium oxide indicates a tight supply situation, particularly in Europe, which may lead to price increases. Domestic zirconia ceramic block manufacturers are expected to benefit from increased market penetration [13].

Investment Rating - Industry Rating: Recommended [4] Core Insights - Precious metals are under short-term pressure due to rising oil prices exacerbating inflation concerns in the US, with COMEX gold down 3.05% to $5,023.10 per ounce and COMEX silver down 4.78% to $80.65 per ounce [1][5] - The geopolitical tensions in the Middle East, particularly regarding Iran, are driving oil prices higher, which in turn is impacting inflation expectations and suppressing metal prices [10][12] - The report highlights a potential long-term bullish trend for gold due to the declining status of the US dollar and increasing global debt concerns, with the US national debt exceeding $38.5 trillion [6][27] Summary by Sections Precious Metals - Gold and silver prices have seen significant declines, with gold down 3.05% and silver down 4.78% this week [1] - The gold-silver ratio increased by 1.82% to 62.29, indicating a shift in market dynamics [1] - SPDR Gold ETF holdings decreased by 56,476.13 ounces, while SLV Silver ETF holdings fell by 9,691,604 ounces [1] Base Metals - Copper prices fell by 1.04% to $12,735.50 per ton on the LME, while aluminum rose by 0.23% to $3,439.00 per ton [8] - The report notes that macroeconomic expectations are weakening, leading to downward pressure on copper prices [10] - Domestic copper production has decreased due to the Spring Festival holiday, and demand remains weak, contributing to price pressures [11] Small Metals - Magnesium prices increased slightly to 18,420 yuan per ton, but demand recovery is slower than expected [20] - Molybdenum prices remain under pressure due to lower steel bidding prices, despite a strong demand outlook in military applications [21][22] - Vanadium prices are stable, but market sentiment is cautious as downstream demand has not fully recovered [23][24]