Base Metals Firmed; Steel Softened; Building Materials Remained Weak

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Basic Materials - China

Base Metals Firmed; Steel Softened;

Building Materials Remained Weak

Industry Overview

Copper and Ally Gained; Lithium Continued to Weaken

03 August 2026

Copper prices were supported by macro factors this week, as easing US-Iran tensions and

the Fed's decision to keep rates unchanged initially lifted risk sentiment, although renewed

geopolitical concerns later capped gains. On the fundamentals side, tightness in China's

refined copper market continued to ease amid higher imports and inventory builds across

major regions. Demand remained soft, with seasonal weakness and elevated prices

limiting downstream procurement. Over the week, LME and Changjiang copper prices rose

1.4% and 0.8% WoW to US$13,843/t and RMB106,150/t, respectively, while TC/RCs fell

further to -US$159.8/t. Elsewhere, aluminum prices remained firm, with LME and

Changjiang aluminum prices increasing 1.8% and 1.9% WoW to US$3,229/t and

RMB23,630/t, respectively, while industry margins improved to RMB7,584/t. Gold edged

up 0.1% WoW to US$4,057/oz. In battery materials, lithium carbonate fell 1.7% WoW to

RMB143,000/t, while Shanghai cobalt rose 0.9% WoW to RMB348,000/t. U₃O₈ increased

0.9% WoW to US$86.3/lb. In rare metals, NdPr oxide declined 1.5% WoW to

RMB746,000/t, while tungsten concentrate prices were flat at RMB413,000/t.

Equity

China

Basic Materials

Steel Prices Fall on Weak Demand & Fading Cost Support

Steel prices remained under pressure this week, as weaker-than-expected policy signals

from the Politburo meeting, fading cost support from further coke price cuts and

seasonally soft demand weighed on sentiment. Against a backdrop of ample raw material

supply, rising inventories and sluggish spot trading, negative feedback across the steel

value chain continued to build. As of 31 July, rebar and HRC prices fell 1.2% and 1.9% WoW

to RMB3,174/t and RMB3,258/t, respectively, while iron ore prices declined 2.5% WoW to

US$95.1/t. Steel inventories increased 0.4% WoW, while apparent steel consumption

eased further to 8.12mnt.

Cement/Glass: Demand remained weak

Cement: The average national cement price edged down 0.5% WoW to RMB304/t as of

Jul 31st.…