中国：铜、金反弹；铝利润率改善；锂表现强劲-Basic Materials - China-Copper & Gold Rebound; Aluminum Margins Improve; Lithium Strong

Summary of Key Points from Conference Call Industry Overview Basic Materials - China - Copper Prices: LME copper rose 1.5% WoW to US$10,856/t, while the China price increased 1.3% WoW to RMB87,200/t [1][31] - Aluminum Prices: LME aluminum slipped 0.2% WoW to US$2,830/t, while the China aluminum price increased 1.7% WoW to RMB21,910/t. Domestic aluminum margins improved by RMB395/t WoW to RMB6,094/t due to lower power costs [1][31][52] - Gold Prices: COMEX gold climbed 2% WoW to US$4,084/oz [1][11] - Lithium Prices: Average price of domestic battery-grade lithium carbonate (99.5%) rose 5.9% WoW to RMB85.2k/t [1][55] - Uranium Prices: Uranium U₃O₈ spot prices settled at US$77.7/lb, down 2.7% WoW [1][57] - Cobalt Prices: China cobalt spot price edged up 1% WoW to RMB395,000/t [1][63] Steel Industry - Finished Steel Prices: Rebar prices edged up 0.2% WoW to RMB3,218/t, and HRC rose 0.2% WoW to RMB3,298/t [2][66] - Inventory and Consumption: Finished steel inventory fell 1.7% WoW to 14.8 million tons, while apparent consumption slipped 0.7% WoW to 8.6 million tons [2][66] - Iron Ore Prices: Iron ore prices declined 1% WoW to USD104/t [2][66] - Profit Margins: Higher coke costs pressured margins, with rebar narrowing by RMB28/t WoW to –RMB392/t and HRC contracting by RMB36/t to –RMB380/t [2][66][75] Cement Industry - Cement Prices: Average national cement price traded higher by 0.6% WoW to RMB345/t. Prices in various provinces showed mixed trends [3][88] - Demand Recovery: National cement demand slightly recovered amid favorable weather conditions, with producers planning to push prices higher by year-end [3][88] - Shipment and Inventory Ratios: Nationwide shipment ratio decreased by 0.3 percentage points WoW to 40.0%, while inventory ratio was at 69.4%, down 0.2 percentage points WoW [3][20] Paper and Glass Industries - Paper Prices: Paper price rose by 1.76% WoW to RMB3,669/t, supported by supply shrinkage and low inventory [3][99] - Glass Prices: National average float glass price settled lower by 0.16% WoW to RMB1,195/t amid lukewarm demand. Xinyi float glass GPM was down 0.5 percentage points to 10.8% [3][22][98] Solar Materials - Polysilicon Prices: N-type polysilicon and granular silicon prices remained stable at RMB53/kg and RMB51/kg, respectively [3][109] - Solar Glass Capacity: Solar glass daily capacity climbed 1.43% WoW to 88,590t/day, with inventory days expanding 6.5% WoW to 25.63 [3][122] Additional Insights - Market Sentiment: The end of the U.S. government shutdown eased risk-off sentiment, supporting copper prices [1][31] - Cement Producers' Strategy: Cement producers are looking to increase prices to secure more profit by year-end [3][88] - Steel Mill Margins: Spot cash margins at steel mills indicate a challenging environment with negative margins for both rebar and HRC [2][75][81] This summary encapsulates the key points from the conference call, highlighting the performance and trends across various sectors within the basic materials industry in China.