Fifth week of July Trace Elements Market Analysis(Copper, Manganese, Zinc, Ferrous, Selenium, Cobalt, Iodine, etc)

I，Analysis of non-ferrous metals

Week-on-week: Month-on-month:

1）Zinc sulfate

Raw materials:

Zinc hypooxide: High raw material costs and strong purchasing intentions from downstream industries keep the transaction coefficient at a nearly three-month high. ② Sulfuric acid prices remained stable across the country this week. The price of soda ash rose by 150 yuan in the mainstream regions this week. ③ Shanghai zinc was weak and volatile on Monday. Overall, the trade deal between the US and the EU is good for the US dollar, the China-Us economic and trade talks are held in Sweden, the domestic anti-involvulation frenzy cools rapidly, zinc prices adjust, and the fundamentals remain weak. After the market sentiment is digested, zinc prices will return to fundamentals. It is expected that zinc prices will remain adjusted in the short term. Pay attention to the progress of Sino-US trade negotiations and the guidance of important domestic meetings.

On Monday, the operating rate of water sulfate sample factories was 83%, down 6% from the previous week, and the capacity utilization rate was 70%, down 2% from the previous week. Some factories were shut down, driving the data to decline. The mainstream manufacturers’ orders are scheduled until the end of August, and the trading atmosphere in the market has significantly improved. The current price of sulfuric acid is around 750 yuan per ton, and it is predicted to reach 800 yuan per ton in August. Given the recovery of zinc ingot/raw material prices and demand this week, the price of zinc sulfate is expected to rise in early August. It is recommended that customers keep an eye on the dynamics of manufacturers and their own inventories, and determine the purchase plan 1-2 weeks in advance according to the planning.It is expected that the Shanghai zinc operating range will be 22,300-22,800 yuan per ton.

2）Manganese sulfate

  In terms of raw materials: ① The manganese ore market is performing well and the overall price is firm. Silicon-manganese futures have seen a relatively weak increase compared to other black varieties, but the upward sentiment has been transmitted to the raw material side. Attention should still be paid to the impact of macro policies and fluctuations in the silicon-manganese market.

② The price of sulfuric acid remained stable.

This week, the operating rate of manganese sulfate sample factories was 85%, up 5% from the previous week, and the capacity utilization rate was 63%, up 2% from the previous week. Currently, the peak season for aquaculture in the south has provided some support for manganese sulfate demand, but the overall off-season boost for feed is limited, and demand is flat compared to the normal week. Orders for mainstream factories are scheduled until the end of August. Manufacturers have a strong willingness to hold prices. Last Friday, the silicon manganese market hit the daily limit up, igniting a bullish sentiment in the manganese ore market. Quotations in both the north and south markets rose sharply, and bullish sentiment in the market continued to heat up. It is suggested that the demand side determine the purchase plan in advance based on the delivery situation of the manufacturers.

3）Ferrous sulfate

  In terms of raw materials: Downstream demand for titanium dioxide remains sluggish. Some manufacturers have accumulated titanium dioxide inventories, resulting in low operating rates. The tight supply situation of ferrous sulfate in Qishui continues.

This week, samples of ferrous sulfate were operating at 75% and capacity utilization at 24%, remaining flat compared to the previous week. Quotations remained at post-holiday highs this week, with major manufacturers significantly cutting production and releasing information of price hikes. Producers have scheduled orders until early September, and the tight supply situation of raw material Qishui ferrous has not improved. Coupled with the recent further increase in Qishui ferrous prices, under the background of cost support and relatively abundant orders, it is expected that the price of Qishui ferrous will remain firm at a high level in the later period. It is recommended that the demand side purchase and stock up at the right time in combination with inventory.

4）Copper sulfate/Tribasic Copper Chloride

  Raw materials: Macro: The China-Us economic and trade delegation will hold talks in Sweden today to promote the stable and sustainable development of China-Us relations. In addition, the news that Chilean copper is expected to be exempted from the US 50% high tariff has caused a sharp drop in the US copper market, while also affecting copper prices in London and Shanghai to some extent.

In terms of fundamentals, Shanghai copper retreated slightly on Monday. Overseas concentrate is tight and domestic social inventories are low. It is expected that copper prices will adjust in the short term but to a limited extent.

Etching solution: Some upstream raw material suppliers have deep processing of etching solution, further intensifying the raw material shortage and maintaining a high transaction coefficient.

Shanghai copper futures edged lower, with futures closing at nearly 79,000 yuan today.

This week, the operating rate of copper sulfate producers was 100%, up 12% from the previous week, and the capacity utilization rate was 45%, up 1% from the previous week. This week, the online price of copper declined, and the quotations of copper sulfate/basic copper chloride this week were lower than last week.

Copper prices have fluctuated significantly. This week, it is recommended to pay attention to the progress of economic and trade negotiations between China, the US and Sweden. Manufacturers’ quotations are mostly based on changes in copper mesh prices. Customers are advised to make purchases at the right time.

5）Magnesium sulfate

  Raw materials: Currently, the price of sulfuric acid in the north has broken through 1,000 yuan per ton, and the price is expected to rise in the short term.

  Magnesium sulfate plants are operating at 100%, production and delivery are normal, and orders are scheduled as low as August. 1) The military parade is approaching. According to past experience, all hazardous chemicals, precursor chemicals and explosive chemicals involved in the north will increase in price at that time. 2) As summer approaches, most sulfuric acid plants will shut down for maintenance, which will drive up the price of sulfuric acid. It is predicted that the price of magnesium sulfate will not fall before September. The price of magnesium sulfate is expected to remain stable for a short period of time. Also, in August, pay attention to logistics in the north (Hebei/Tianjin, etc.). Logistics are subject to control due to the military parade. Vehicles need to be found in advance for shipment.

6）Calcium iodate

  In terms of raw materials: Currently, the domestic iodine market is operating stably. The arrival volume of imported refined iodine from Chile is stable, and the production of iodide manufacturers is stable.

This week, the production rate of calcium iodate sample manufacturers was 100%, and the capacity utilization rate was 36%, remaining flat compared to the previous week. The mainstream manufacturers have a strong willingness to hold prices, and there is no room for negotiation. The summer heat has led to a decrease in livestock feed intake, and purchases are mainly made on demand. Aquatic feed enterprises are in the peak demand season, driving the demand for calcium iodate to remain stable. Demand this week is slightly lower than the normal week of the month.

Customers are advised to purchase on demand based on production planning and inventory requirements.

7）Sodium selenite

In terms of raw materials: Demand for selenium dioxide is weak, and a near-term rebound is unlikely, with prices remaining weak.

This week, sample manufacturers of sodium selenite were operating at 100%, with capacity utilization at 36%, remaining flat compared to the previous week

The cost of raw materials is moderately supported. It is expected that prices will not rise for the time being. Customers are advised to make purchases based on their own inventories.

8）Cobalt chloride

  Raw materials: On the supply side, given the upcoming “Golden September and Silver October” traditional auto market peak season and the new energy industry chain entering the stockpiling stage, nickel salts and cobalt salts are still expected to rise. Smelters are more cautious in their shipments and have started to hold back their stocks, leading to higher quotations; On the demand side, downstream enterprises’ purchases are mainly for essential needs, with smaller single transactions. It is expected that cobalt chloride prices will continue to rise in the future.

This week, the cobalt chloride sample factory’s operating rate was 100% and the capacity utilization rate was 44%, remaining flat compared with the previous week. Quotations from major manufacturers remained stable this week. It is not ruled out that cobalt chloride prices will rise later. Customers are advised to stock up at the right time based on their inventory.

9）Cobalt salt/potassium chloride/potassium carbonate/calcium formate/iodide

  1. Despite still being affected by Congo’s ban on gold and cobalt exports, there is little willingness to purchase and few bulk transactions. The trading atmosphere in the market is average, and the cobalt salt market is likely to be stable in the short term.

2. The domestic potassium chloride market shows a weak downward trend. Under the advocacy of the policy of ensuring supply and stabilizing prices, the prices of both imported potassium and domestic potassium chloride are gradually recovering. The supply and shipment volume in the market have also increased significantly compared with the previous period. Downstream compound fertilizer factories are cautious and mainly purchase according to demand. The current market trading is light and there is a strong wait-and-see sentiment. If there is no significant boost from the demand side in the short term, the price of potassium chloride is likely to remain weak. The price of potassium carbonate remained stable compared with last week.

3. Calcium formate prices rose this week. According to data released by Business Society on July 28, 2025, the price of formic acid was 2,500 yuan per ton, up 2.46% from the previous day.

4. Iodide prices were stable and stronger this week compared to last week.

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Elaine Xu
SUSTAR Group
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