Overall Market Highlight

Overall trend: During the off-season, different varieties diversely due to differences in cost structure, supply regulation capacity and export demand. Manganese salts (manganese sulfate) are the most resilient due to a surge in export orders and reduced production; Zinc salts have held steady prices by hedging off-season pressures with costs and production cuts; Copper sulfate passively follows copper prices; Ferrous sulfate, sodium selenite and cobalt chloride led the decline due to weak demand and cost collapse. It is recommended that each variety be purchased flexibly based on its own inventory, with a focus on the short-term disruption to logistics caused by typhoon weather.

I，Analysis of non-ferrous metals

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

Items	Units	Week 1 of July	Week 2 of July	Week-on-week changes	Average price in June	Average price (July 1-10)	Month-on-month changes	Current price (July 14)
Shanghai Metals Market # Zinc ingots	Yuan/ton	24184	24537	↑ 352	24435	24425	↓ 10	24615
Shanghai Metals Market # Electrolytic Copper	Yuan/ton	102441	103236	↑ 795	104191	102967	↓ 1224	104325
Shanghai Metals Australia Mn46% manganese ore	Yuan/ton	43.65	43.45	↑ 0.54	45.65	43.45	↑ 0.41	43.45
Imported refined iodine by Business Society	Yuan/ton	635000	635000	-	635000	635000	-	635000
Shanghai Metals Market Cobalt Chloride (co≥24.2%)	Yuan/ton	104450	103000	↓ 1450	109940	103344	↓ 6595	103000
Shanghai Metals Market Selenium Dioxide	Yuan/kilogram	128	121	↓ 7	164.9	122.5	↓ 42.4	120
Capacity utilization rate of titanium dioxide manufacturers	%	72	71.91	↓ 0.09	74.46	71.96	↓ 2.5

Zinc sulfate

Raw material end: Regional differentiation of sulfuric acid prices. Strong support from raw material costs

Supply-side: Operating rate 58% (up 5% from the previous month), but capacity utilization was only 40% (down 4% from the previous month), with a substantial tightening of market supply. Orders are scheduled until mid-August (25-30 days), and the volume of orders is flat.

Demand side: The feed industry maintains off-season on-demand purchasing

Macro factors: The escalation of the US-Iran geopolitical conflict, coupled with the delay in expectations of Fed rate hikes, has boosted market sentiment and benefited metal prices. High domestic zinc ingot inventories (260,000 tons) and the off-season for consumption have suppressed gains.

Price forecast: Driven by macro sentiment, zinc prices are expected to be around 24,590 yuan per ton next week, up from this week. Zinc sulfate monohydrate has seen a respite and is expected to hold steady, but lacks upward momentum.

Advice: Buy as needed based on your own inventory.

Manganese sulfate

Raw material side: There are no signs of loosening in manganese ore and sulfuric acid prices, jointly building a solid cost bottom.

Supply: Operating rate 81% (-13%), capacity utilization 62% (-9%). Supply tightened sharply as foreign manganese sulfate plants shut down, export orders shifted to China, and plants shut down due to rainfall in the south. Orders are scheduled until mid-September (55-60 days), and the tight supply situation persists.

On the demand side: The feed and fertilizer industries maintain on-demand purchasing during the off-season, but the increase in export demand (a surge in orders) is already sufficient to reverse the supply and demand pattern and has become the dominant demand variable

Macro factors: No obvious direct impact, strong exports are related to overseas market demand

Price forecast: Supply-side contraction + solid cost bottom, no room for price to fall, firm operation.

Ferrous sulfate

Raw material side: Prices of ferrous heptahydrate raw materials have declined in some regions, weakening cost support

Supply side: Orders from manufacturers have further declined, inventory pressure has soared, and quotations from manufacturers have dropped again. Demand remains sluggish with no sign of improvement, and the supply and demand pattern is unlikely to reverse in the short term.

Demand side: Downstream purchases on demand, no significant increase in demand.

Macro factors: No direct macro impact.

Price forecast: It is recommended to purchase on demand

Copper sulfate/basic copper chloride

Raw material end: Tight supply of etching solution, more flowing to intermediate products such as sponge copper, the share used for copper sulfate is narrowing.

Supply side: Operating rate 100% (flat), capacity utilization rate 42% (flat), greater flexibility

Factors: The sudden escalation of the military conflict between the US and Iran over the weekend, the US military strikes Iranian targets four times in a week, and the navigation of the Strait of Hormuz is in chaos. Rising geopolitical risks pushed up energy prices, intensifying market concerns over a rebound in inflation and central bank interest rate hikes, and risk aversion pushed the dollar index to a high. A strong dollar has put significant pressure on metal commodity prices. Precious metals pulled across the board today, and copper prices weakened in response. The implementation of domestic energy conservation and carbon reduction policies provided a short-term boost to expectations of copper consumption. The fundamentals of "tight ore and tight ingots" and the resilience of demand from emerging industries formed a solid bottom, but weak consumption during the off-season and expectations of macro tightening still suppressed upside space. Overall, the Walsh report named AI to push up inflation and keep expectations of interest rate hikes in place. Coupled with geopolitical variables, copper prices are unlikely to show a one-sided trend. But the fundamentals are strong, backed by a shortage of mines, extremely low TC and a decline in both domestic and foreign inventories, and supported by AI narratives and grid orders. Copper prices are expected to remain strong and volatile in the short term.

3) Outlook for future trends:

Price forecast: Copper prices are expected to rise next week, with a core range reference of 103,500-104,500 yuan per ton. Copper sulfate prices fluctuate with copper network prices, but the actual increase needs to be judged in combination with raw material supply, combined costs and purchasing intentions.

Suggestion: Purchase flexibly based on production rhythm and inventory.

1) Current price trend

2) Copper price trend over the past five years (2021-2026) : Summary of the five-year trend: Upward - pullback - sideways - breakout again - High consolidation. It is currently at its highest point in nearly five years.

Magnesium sulfate/magnesium oxide

In terms of raw materials: The price of magnesium oxide has been stable recently. The crackdown on environmental protection has been slightly reduced, and the price of magnesium oxide may loosen as some small factories resume production. Sulfur prices have continued to rise, sulfuric acid prices have remained high, magnesium sulfate has been consolidating at a high level, and magnesium monohydrate has risen steadily. The peak season for aquaculture has bottomed out, raw material and energy costs are high, the short-term market is strong and volatile, and it is more likely to rise than fall in the future market. It is recommended to replenish stocks in batches as needed.

Calcium iodate

The iodine market is at a high level but weak. The raw material refined iodine is firm, providing cost support. Manufacturers operate smoothly and have sufficient supply. Downstream feed is only replenished with small orders of essential demand, trading is light, short-term prices are slightly weak. Replenish as needed.

Sodium selenite

Crude selenium fluctuates at a low level, with abundant supply of by-products from smelting and light trading; Selenium dioxide is weak along with raw materials. Feed-grade sodium selenite stabilizes prices based on the strong demand from aquaculture, with upstream costs as a support. The overall market is on the watch, and the short-term trend of a narrow range of weak stability continues. Buy on demand.

Cobalt chloride

Cobalt chloride, cobalt oxide, lithium cobalt oxide synchronous oscillation consolidation. Cobalt chloride stopped falling and tried to raise prices, but trading was sluggish; Cobalt tetroxide is consolidating with weak demand; Lithium cobalt oxide came under pressure, lithium carbonate's rise did not drive quotations, and the overall price remained stable. Buy on demand.

Potassium chloride/potassium carbonate/calcium formate/iodide

1. Potassium chloride: Port inventories rose to 3.1 million tons, potassium chloride transactions slightly declined, but with autumn fertilizer stockpiling approaching, downstream production picking up, and cost support, quotations fell slowly, traders held prices. Potassium sulfate remained stable, weighed down by the costs of raw materials and sulfur. Focus on the release of demand and the pace of subsequent imports. Replenish as needed.

2. Formic acid prices rise, upstream manufacturers control shipments for maintenance, inventory cleared. Feed-grade calcium formate remained firm, with insufficient spot inventory in the market. Manufacturers held back prices, and short-term prices rose slightly. It is recommended to stock up carefully based on demand.

3. Iodide prices remained stable this week compared to last week.

Conclusion for Feed Additive Buyers

This July, manganese sulfate is the only clear tight‑supply story—plan ahead. Zinc sulfate and magnesium products are steady but not rising, while ferrous sulfate, selenium, and cobalt remain in a buyer’s market. Keep an eye on typhoon‑related logistics (port delays, shipping disruptions) that could affect short‑term availability.

For any specific quotation or delivery schedule, contact our sales team.