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On November 28, 2025, Australia’s Fair Work Commission (FWC) published the results of a protected industrial action ballot, showing that union members at Nyrstar’s Port Pirie smelter in South Australia have voted to authorise industrial action. Potential actions may include stoppages and stop-work meetings, as well as bans on overtime and work outside ordinary hours. According to foreign media reports, subsequent measures could include bans on shift changes and overtime, although whether the situation escalates into a full stoppage will depend on formal strike notice from the unions and the progress of negotiations with the company. Port Pirie is primarily a lead and polymetallic smelting operation, with annual refined lead capacity of around 180 kt. Previously, on August 5, 2025, Nyrstar received approximately A$135 million in funding from the Australian federal government and the governments of South Australia and Tasmania, aimed at supporting operations at Hobart and Port Pirie and advancing restart and critical metals development plans. The move has also reignited debate over government financial support for struggling smelters. At present, the unions have not issued formal strike notice. Nyrstar said it is continuing discussions with relevant parties. SMM will continue to monitor developments.
13 Dec, 2025 00:06:33
From the trading session on December 17, 2025 (i.e., the night session on December 16), the intraday closing fee for the SHFE tin SN2601 futures contract has been adjusted to 6 yuan per lot. (Shanghai Futures Exchange)
12 Dec, 2025 22:06:38
On December 4th, Americas Gold and Silver Corporation announced it has closed a US$132.25 million bought-deal private placement led by Canaccord Genuity and BMO Capital Markets. The company issued 33,062,500 common shares at US$4.00 per share, including the full exercise of the underwriters’ option. Net proceeds are expected to fund the cash portion of the Crescent Mine (Idaho) acquisition via Crescent Silver, as well as capital expenditures and working capital at Crescent following completion, and for general corporate purposes. The company said it expects the Crescent acquisition to close in the coming days and that the financing leaves it fully funded for near-term investments to advance Crescent toward a production decision. Americas also noted progress at its Galena operations, including an accelerated hoist motor upgrade at the Coeur shaft, which will require a planned 21-day production pause in December. The offering attracted several institutional investors, including Eric Sprott, whose entity purchased 900,000 shares. The shares are subject to a four-month-and-one-day hold period, and the transaction remains subject to final TSX acceptance.
12 Dec, 2025 18:55:13
In a recent project update on the Gediktepe Mine copper sulphide expansion, the company said the project remains on track, on budget and on schedule for commercial production in H1 2026, noting that major structural components are now in place and the site layout is taking shape. A timeline graphic shows several workstreams nearing completion, including camp/mobilisation (100%), temporary clean water pond works (100%), TSF/NAG sump works (100%) and plantsite earthworks (98%), while key remaining activities include process plant construction (31%), steelwork delivered to site (22%), TSF underdrains (60%) and TSF HDPE liner installation (7%). Procurement and engineering were shown at 60% and 62%, respectively. The update also highlighted an employee spotlight on the Sulfide Process Superintendent, noting responsibilities across production planning, metallurgical monitoring and process optimisation to support safe and efficient operations across crushing, flotation and water treatment.
12 Dec, 2025 18:53:02
[SMM Hot-Rolled Coil Daily Trading] On December 12, the total daily trading volume of hot-rolled coils from SMM's four-city (Shanghai, Lecong, Tianjin, Ningbo) sample enterprises was 10,600 mt, up 340 mt or 3.3% day-on-day.
12 Dec, 2025 17:59:51
[SMM Nickel Flash] Based on high-grade nickel ore prices from 25 days ago used to calculate the cash cost of high-grade NPI, smelter profits for high-grade NPI saw some recovery this week. Cost side, ore prices from the Philippines and Indonesia held steady during the week, while auxiliary material prices declined somewhat, leading to a slight decrease in high-grade NPI production costs. At the same time, high-grade NPI prices rose, resulting in a recovery in smelter profit margins.
12 Dec, 2025 17:55:58
[SMM High-grade NPI] In December, the off-season atmosphere became increasingly evident, end-use consumption showed no signs of improvement, and stainless steel prices and futures remained in the doldrums. Although high-grade NPI prices saw a rebound during the week, supported by upstream efforts to hold prices firm, the fundamentals lacked support. Downstream acceptance of high prices was low, making it difficult for the upward trend in high-grade NPI prices to continue.
12 Dec, 2025 17:55:10
[SMM Nickel Flash] The SMM average price of 10-12% high-grade NPI rose WoW by 6.1 yuan/nickel unit to 887.4 yuan/nickel unit (ex-factory, tax included), while the Indonesia NPI FOB index average price increased WoW by 0.81 $/nickel unit to 110.44 $/nickel unit.
12 Dec, 2025 17:53:40
[SMM News Flash] According to the Rio Tinto official website, Tomago Aluminium has welcomed today's announcement with the Federal and New South Wales Governments to explore a new pathway to support reliable, long-term and competitively priced energy for the smelter beyond 2028. The announcement reflects constructive engagement between Tomago and the Federal and New South Wales Governments to address the smelter’s energy challenges after its current electricity contract expires.
12 Dec, 2025 17:41:49
This week, HRC futures were in the doldrums, with the most-traded contract closing at 3,232 on Friday, down 0.83% for the day. Trading was generally mediocre throughout the week, especially after futures weakened significantly, reigniting wait-and-see sentiment in the market and making it difficult for traders to sell. On the news front, the Politburo meeting, the Central Economic Work Conference, and the US Fed's interest rate cut all took place during the week, with no unexpected events emerging, and the market returned to mediocrity. Meanwhile, speculation about an export licensing system in the latter part of the week led to overall panic sentiment, driving prices down. Returning to the fundamentals of HRC, recent increases in rolling line maintenance have continued to ease supply pressure. On the demand side, downstream buyers mostly purchased as needed, with the off-season impact deepening further. However, inventory is expected to continue declining in the short term, though the rate of decrease has narrowed, presenting an overall weak supply-demand pattern. On the raw material side, coke still faces expectations of price cuts, and hot metal support has weakened, resulting in weak support from the cost side. Overall, with macro factors temporarily subsiding and trading returning to fundamental logic, HRC prices are expected to be in the doldrums
12 Dec, 2025 17:10:56

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