Latest Update in the SMM Lead Market

[SMM Analysis: 2026 Aluminum Ingot Long-Term Contract Prices Stable with Adjustments, Multiple Factors Lead to YoY Decline in Order Signing]As 2025 enters the countdown phase, the delivery cycle for most domestic aluminum ingot long-term contracts is about to end, and the new year's long-term contract cycle is set to begin. The 2026 domestic aluminum ingot long-term contract market exhibits core characteristics of stable prices with adjustments, declining willingness to sign orders, and a tight supply-demand pattern. Regional long-term contract pricing shows differentiated adjustments in premiums and discounts relative to the SMM A00 aluminum price. Influenced by multiple factors including aluminum prices fluctuating at highs, divergent downstream demand, and global supply deficits, the overall volume of long-term contracts signed is expected to decrease compared to 2025, with significant increase in market uncertainty.

On November 20, 2025, at the 2025 SMM Silver Industry Chain Annual Conference and Silver Recycling and Application Industry Conference—Seminar on Pricing Methodology for Silver-Bearing Ores, SMM collected feedback from attendees on the "Comprehensive Pricing Calculator for Silver Ore Resources" and officially launched it. The release of an English version is planned; thank you for your patience.

Korea Zinc recently disclosed plans to develop a large-scale integrated non-ferrous smelter in the US, following a conditional commitment involving the US Department of Defense and the Department of Commerce. Recent developments suggest the US is stepping up efforts to strengthen supply chain security across zinc, critical minerals and copper, using a mix of domestic investment, cooperation with allies and trade policy tools.