Basic Materials - China: Aluminum Margins Recover; Lithium Prices Slide; Steel Prices Ease

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Basic Materials - China: Aluminum Margins Recover; Lithium Prices Slide; Steel Prices Ease

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Basic Materials - China

Aluminum Margins Recover; Lithium Prices

Slide; Steel Prices Ease

Industry Overview

Aluminum Margins Rebound; Lithium Prices Slide 26 May 2026

Copper supply stayed tight this week, as smelter maintenance curtailed domestic arrivals Equity

and import flows remained limited, tightening spot availability, especially for high-grade China

copper. Demand improved briefly on lower prices but turned cautious as prices rebounded, Basic Materials

with downstream buyers sticking mainly to restocking needs and overall trading subdued.

LME copper inched up by 0.8% WoW to USD 13,615/t, while China spot copper prices

decreased by 1% WoW to RMB 104,700/t. Meanwhile, spot TC/RC remained below – Matty Zhao >>

USD 100/t for a second consecutive week, printing –USD 106.3/t, underscoring persistent Research Analyst

tightness in copper concentrate supply. LME aluminum rose by 2.5% WoW to USD 3,720/t, Merrill+852 3508Lynch4001(Hong Kong)

while the Changjiang spot price edged down by 0.1% WoW to RMB 24,350/t, with smelting matty.zhao@bofa.com

margins improving to RMB 8,086/t. Gold inched down by 0.7% WoW to USD 4,509/oz. Edward Leung, CFA >>

Research Analyst

Lithium carbonate narrowed by 7.3% WoW to RMB 178,000/t, while U₃O₈ declined by 1.2% Merrill Lynch (Hong Kong)

WoW to USD 85.1/lb. Shanghai cobalt spot prices edged up by 0.7% WoW to RMB +852 3508 3282

edward.leung@bofa.com

428,000/t; NdPr oxide prices fell by 5.4% WoW to RMB 698,600/t, and tungsten prices

Miriam Chan, CFA >>

decreased sharply by 10.9% WoW to RMB 408,000/t. Research Analyst

Merrill Lynch (Hong Kong)

Steel: Prices eased on softer demand +852miriam.chan@bofa.com3508 7478