Cobalt chloride prices fell, while sodium selenite and ferrous sulfate held firm due to cost support; zinc salts, manganese sulfate, and others remained weakly stable.

Next week's focus: At the macro level, monitor the impact of domestic economic data on non-ferrous metal prices; at the industry level, closely watch the pace of demand recovery in downstream sectors.

Week-on-week change & Month-on-month change Analysis

Market Item	Unit	Week 1 of Oct	Week 2 of Oct	WoW Change	Avg Price Sep	Avg Price Oct 16	MoM Change	Oct 20 Price
Shanghai Metals Market #Zinc Ingots	Yuan per ton	26050	25704	↓346	26582	25803	↓779	25490
Shanghai Metals Market #Electrolytic Copper	Yuan per ton	112005	111183	↓822	110387	111418	↑1031	109915
Shanghai Metals Market Australia Mn46% manganese ore	Yuan per ton	43.05	43.05	-	43.05	42.55	↑0.20	42.55
Business Society Import Refined Iodine Price	Yuan per ton	635000	635000	-	635000	635000	-	635000
Shanghai Metals Market Cobalt Chloride (co ≥ 24.2%)	Yuan per ton	69205	66600	↓2605	79595	67357	↓12238	60000
Shanghai Metals Market Selenium Dioxide	Yuan per kg	115.5	116	↑0.5	114.43	115.86	↑1.43	116.5
Titanium dioxide manufacturer capacity utilization rate	%	73.38	73.38	-	71.96	73.38	↑1.42

Zinc sulfate

Raw materials: Significant regional price differences in sulfuric acid, with shortages of high-content supplies such as secondary zinc oxide, lead, and indium, keeping transaction coefficients at high levels.
Supply side: Orders remain supported (30–35 days, unchanged from the previous period), with prices stable and market sentiment cautious; operating rate at 47% (unchanged from the previous period), capacity utilization at 50% (up 6 percentage points from the previous period).

Demand side: Weak domestic demand remains the main trend. On the feed side, focus is on digesting pre-festival inventory, with no significant bulk purchases yet. On the fertilizer side, major producers are facing high finished product inventories, leading to a production load 30%-40% lower than in previous years, severely dragging down overall demand. Regarding exports, freight rates on the South America West route have surged by $1,000 per container. Although inquiries have partially recovered, the high shipping costs are directly suppressing new order placements.

Macro factors: Domestic and international demand fell short of expectations, causing the anticipated peak season in October to disappoint; high shipping freight rates continued to suppress export growth.

Price outlook: With no strong drivers on either supply or demand side, prices are expected to remain stable. We recommend replenishing inventory as needed.

Manganese sulfate

Raw materials: Manganese ore prices remained stable at high levels; sulfuric acid markets varied by region, with strong cost support from dual cost factors providing solid bottoming.
Supply side: operating rate at 94% (unchanged from the previous period), capacity utilization at 70% (down 5 percentage points from the previous period), with firm pricing.

Demand side: Weak domestic demand—feed sector is mainly focused on digesting pre-festival inventory, while the fertilizer sector faces high finished product stockpiles and a production load 30%-40% lower than in previous years, suppressing overall demand. Export recovery—overseas inquiry demand has shown some improvement, but high shipping freight rates continue to hinder new order placements.

Macro factors: Unmet expectations for the peak season dampen domestic demand, while high shipping costs constrain export growth.

Price outlook: Strong cost support and weak stability amid supply-demand dynamics. We recommend replenishing inventory as usual based on your current stock levels.

Ferrous sulfate

On the raw material side, strong cost support comes from ferrous sulfate heptahydrate; titanium dioxide producers maintain high capacity utilization rates (average operating rate of 73.21% in 2026, 73.38% in the second week of October), with by-product supply remaining generally stable.

Supply side: Orders have been booked through mid-November, with manufacturers maintaining high and firm prices; the operating rate stands at 67% (up 17 percentage points from the previous month), and capacity utilization is at 17% (up 7 percentage points from the previous month).

Demand side: No new demand has emerged in the short term; strong demand in the lithium iron phosphate industry has supported high prices for heptahydrate ferrous sulfate.

Macro factors: The lithium iron phosphate industry chain is gaining momentum, providing structural support to the demand side of ferrous sulfate.

Price outlook: Supported by both rising costs and order volume, prices are expected to increase. We recommend purchasing according to your inventory needs.

Copper sulfate/basic copper chloride

n the raw material side: copper prices declined month-on-month, weakening cost support; however, tight copper ore supply and low inventory levels during peak season provide strong underpinning.

Demand side: Operating rate at 100% (unchanged from the previous period), capacity utilization at 42% (unchanged from the previous period), with stable supply conditions. Constrained by its own supply-demand dynamics, copper sulfate has seen only limited decline in line with copper prices.

Macro level: U.S. CPI and PPI both exceeded expectations, reinforcing the anticipation of rate hikes, with macroeconomic headwinds weighing on copper prices to remain weak next week; domestic economic data will influence demand outlook.
Suggestion: The expected copper price range for next week is around 110,000 yuan per ton. It is recommended to flexibly time purchases according to production schedules to avoid buying at high prices.

1) Current price trend

Magnesium sulfate/magnesium oxide

On the raw material side, the magnesium market showed divergent yet converging trends this week: magnesium sulfate's decline slowed and stabilized at lower levels, while magnesium oxide remained steady. After two consecutive weeks of sharp declines, magnesium sulfate saw further cost-side pressure, with sulfur prices dropping nearly 7% in a single day—accumulating over 13% since the beginning of the month. Sulfuric acid prices weakened in tandem, causing processing segments for sulfuric acid derived from sulfur and ore to return to losses. The low-cost advantage of by-product magnesium sulfate has thus expanded further, prompting producers to focus on price concessions and inventory reduction. On the demand side, autumn fertilizer purchases are winding down and winter storage has not yet begun, leaving agricultural magnesium fertilizers—accounting for more than half of total consumption—without active procurement. Meanwhile, construction materials and flame retardants have seen weaker activity as temperatures drop, with downstream users mainly placing small, urgent orders and buying as needed. For magnesium oxide, price indices for various grades of fused magnesia remained flat both sequentially and year-on-year. Magnesia producers maintained low operating rates and rigid costs, with narrow fluctuations in magnesium ingot prices yet to impact the magnesia sector. In terms of trend, magnesium sulfate is expected to remain weak in the short term with insufficient momentum for a rebound, while magnesium oxide will likely stay stable amid conflicting pressures. Procurement recommendations: As the downward trend in magnesium sulfate slows, consider replenishing inventories in small batches and intensify efforts to negotiate lower prices; for magnesium oxide, purchase according to actual needs, moderately lock in volumes if prices remain stable, but avoid large-scale stockpiling.

Calcium iodate

This week, the iodine market remained firm at high levels, with calcium iodate prices holding steady. Supply of refined iodine is highly concentrated, and overseas sources remain tight. The benchmark price for iodine set by Shengyi has been locked in at a one-year high, showing slight year-on-year growth. Downstream iodides such as potassium iodide and sodium iodide have also maintained stable pricing. Calcium iodate producers are operating steadily with low inventory levels, keeping prices relatively stable, and cost reductions are being effectively passed through. On the demand side, feed manufacturers continue to purchase at a steady pace—neither significantly increasing nor decreasing—indicating stable essential demand. In terms of trend, refined iodine is likely to rise and difficult to fall in the short term, while calcium iodate prices are well supported with limited room for decline. Market participants should closely monitor overseas iodine ore shipments and import arrivals. Procurement advice: consider moderate stockpiling and price locking for calcium iodate; when refined iodine remains strong, it's advisable to secure long-term contracts early.

Sodium selenite

This week, the selenium market showed a divergent trend: selenium powder halted its decline and slightly rebounded, while selenium dioxide remained weakly stable with a slight downward move. On the selenium powder side, improved downstream inquiries and procurement activity boosted market momentum, leading to modest price gains. In contrast, end-user demand for selenium dioxide has yet to recover, resulting in limited trading volume and weak sentiment among holders, who maintained stable but slightly lower quotations. On the cost front, prices for crude selenium and selenium ingots remained broadly steady, without clear direction, keeping market sentiment cautious. In the short term, the divergence—stronger selenium powder versus weaker selenium dioxide—is likely to continue, with the overall market remaining range-bound and lacking strong momentum for a breakout. Key factors to watch include the pace of by-product releases from copper smelters and the sustainability of downstream restocking efforts. Procurement advice: buy as needed, avoiding large advance stockpiling; for selenium powder, consider small-volume locking if prices continue rising; for selenium dioxide, wait for further declines before replenishing inventory.

Cobalt chloride

This week, the cobalt market accelerated its downward trend, with both metallic cobalt and cobalt salts breaking key resistance levels. On the demand side, producers of ternary precursors and cobalt oxide maintained only essential purchases, while production schedules for 3C and power batteries remained slow and procurement activity decelerated. Spot buyers were aggressively driving prices down, and inventory-building intentions were extremely low. On the supply side, increased arrivals of cobalt salt raw materials at ports and high smelting utilization rates kept operations running at elevated levels. Meanwhile, pricing coefficients for cobalt intermediates and MHP reached historical lows, further weakening cost support and triggering a negative feedback loop: "price drop—losses—pressure on raw material prices—further cost decline—more price drops." Metallic cobalt plunged sharply in a single day, breaching critical psychological thresholds, dragging down cobalt salts, cobalt oxide, and lithium cobalt oxide across the entire supply chain. Market sentiment remains heavily bearish. In the short term, the downtrend is expected to persist; if intermediate product quotes continue to fall, cobalt salts may face additional downward pressure. It will be crucial to monitor whether third-quarter output plans for ternary materials recover. Procurement advice: manage cobalt purchases prudently based on actual needs, avoid chasing lower prices or stockpiling, and wait for clear signs of demand recovery.

Potassium chloride/potassium carbonate/calcium formate/iodide

1. Potassium Chloride: The decline in potassium chloride prices accelerated this week, with losses widening significantly. On the supply side, imports continued to rise, with port inventories reaching new year-to-date and all-time highs, up more than 5% month-over-week. Some ports have experienced storage backlogs and supply is concentrated in the hands of major traders, leading to a significant increase in seller pressure. Low-price orders are frequent, and most transactions are negotiated on a case-by-case basis. On the demand side, fall fertilizer use is decreasing while winter stocking has not yet started. The run rate of compound fertilizers fell to just over 30 per cent, continuing a downward trend. Inventories of finished goods remain elevated, with producers focusing mainly on small, lower-priced orders. The October border trade contract has not yet been signed, but China-Europe rail freight and early port shipments continue as normal. Market expectations for large contracts and quota policies remain unclear, leading to a wait-and-see attitude. The overall trend is still dominated by strong supply and weak demand, and there is still room for prices to fall further in the short term. The main factors to focus on include the progress of large contract signing, the rate of decline in port inventories and the timing of winter stocking. Purchasing advice: Buy according to actual demand, gradually lock in quantities at lower prices when they are available, and avoid hoarding inventory in pursuit of price cuts.

2. Calcium formate prices recovered slightly this week, while product prices remained generally stable. The raw material formic acid rebounded from lows early in the month, with the benchmark price up 5% from the beginning of the month. Producers have stopped selling at low prices and are currently supporting prices, but formic acid prices are still at their lowest level of the year and well below this time last year, with limited cost support for calcium formate. On the supply side, production capacity is in normal operation, supply is sufficient, and the price gap between industrial grade and feed grade products, and between different brands and regions, remains large. In terms of demand, downstream feed enterprises mainly replenish inventory in a small amount according to demand, and the overall transaction activity is low. In the short term, prices are expected to remain rangebound. Although raw material costs rose slightly, they were not enough to drive product prices higher. The key focus should be on formic acid manufacturers' inventory changes and the speed of downstream demand recovery. Purchasing advice: Purchase on demand. Taking advantage of the current low formic acid prices, negotiate to obtain quantity discounts and purchase small quantities of key materials at fixed prices.