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  As the off-season deepens, the proportion of liquid aluminum continued to decline

• Ternary market supply and demand both slightly weakened [SMM Ternary Cathode Material Market Weekly Review]

• Ternary cathode precursor producers continued destocking this week [SMM Ternary Cathode Precursor Market Weekly Review]

• Tungsten raw material market supply tightens sharply at year-end Tungsten market surges consecutively [SMM Tungsten Daily Review]

  [SMM Tungsten Daily Review: Tungsten Raw Material Market Supply Tightened Sharply at Year-End, Tungsten Market Surged Continuously] This week, the tungsten market continued its surge. Approaching year-end, ore supply dropped sharply, with only some mines in Yunnan and Hunan conducting auctions for shipments this week, while mainstream mines had limited shipments. Spot order transaction prices rose significantly, and trading volume shrank noticeably. Many downstream APT producers underwent maintenance, and with long-term contracts accounting for a large proportion of the industry, spot order transaction prices for APT rose by tens of thousands of yuan amid tight supply.

• Secondary Lead: Suppliers of Refined Lead Show Weak Quotation Willingness, Downstream Enterprises Remain Cautious and Adopt a Wait-and-See Approach [SMM Lead Midday Review]