Brazilian steel and iron ore giant Companhia Siderúrgica Nacional (CSN) has successfully secured a $1.2 billion syndicated bridge loan from international lenders to reinforce its liquidity and support ongoing production operations. This financial maneuver provides crucial breathing room as the company manages heavy capital expenditures, including the ongoing $260 million modernization of Blast Furnace No. 2 at the Volta Redonda plant. The fresh capital injection will ensure seamless raw material procurement, stable continuous casting, and uninterrupted rolling mill operations during the transitional maintenance phases

[SMM Rare Earth Bulletin] Chilean rare earth producer Aclara Resources announced that its rare earth separation pilot plant in Blacksburg, Virginia, has commenced operations. The plant sources mixed rare earth carbonate from the company’s ionic clay deposits in Brazil and Chile, and is designed to produce dysprosium, terbium, and Pr-Nd. It is expected to produce light rare earth oxides for the first time in May 2026 and heavy rare earth oxides in August.

Strait of Hormuz disruptions and Iran tensions are driving up aluminum prices and premiums. Aluminium Bahrain and Qatalum have cut output, while feedstock is tight. Rerouting via Port of Sohar or Saudi ports raises costs and delays. Buyers are turning to China, India, Russia, Canada, and scrap to offset risk. Prolonged disruption could reduce Middle East market share and reprice it as higher-risk supply.

Goiás State in Brazil holds the largest rare earth reserves in Brazil and is currently advancing the signing of a major minerals cooperation agreement with the US. Goiás Governor Ronaldo Caiado has signed a preliminary agreement to work with the US to jointly develop the state's abundant rare earth resources.

According to customs data, the total import volume of lithium spodumene in China from January to February 2026 was approximately 1.39 million physical tonnes: January imports reached 832,000 physical tonnes, up nearly 6% month-on-month and 41% year-on-year, equivalent to about 84,000 tonnes of lithium carbonate equivalent (LCE); February imports stood at 558,000 physical tonnes, down 33% month-on-month and approximately 2% year-on-year, equivalent to about 50,000 tonnes of LCE. Overall, the arrival volume in January reached an exceptionally high level, mainly due to the tight supply of lithium salts in the fourth quarter of 2025, which drove strong production enthusiasm among domestic lithium spodumene smelters and consequently led to a high demand for lithium ore. In February, arrivals declined due to the Chinese New Year holiday and potential vessel delays. By country of origin, Australia saw a 17% month-on-month recovery in January arrivals, significantly rebounding, supported by improved shipments from November to December 2025. However, after entering January, at the beginning of the quarter, Australian miners adopted a wait-and-see attitude toward lithium prices for the new year, leading to lower shipments. Combined with the Chinese New Year factor in February, arrivals in February decreased by 23% month-on-month. Zimbabwe entered the rainy season after October last year, resulting in a slight decline in concentrate output. Coupled with adjustments to export tax rates and the accounting period at the beginning of the year, arrivals fell by 35% and 18% month-on-month in January and February, respectively. Nigeria has seen a continuous rise in arrivals since June 2025, maintaining high levels. South Africa performed notably well, with arrivals remaining above 100,000 physical tonnes for three consecutive months from December 2025 to February 2026. In contrast, Brazil saw persistently low arrivals in January and February this year, as certain mines had not yet resumed production from October to December last year. Additionally, according to screening and analysis using the SMM model, lithium spodumene imports in January corresponded to approximately 84,000 tonnes of LCE, with lithium concentrate amounting to 636,000 physical tonnes, accounting for 76%. In February, lithium spodumene imports corresponded to 50,000 tonnes of LCE, with lithium concentrate amounting to 438,000 physical tonnes, accounting for 79%.

According to the latest release from the General Administration of Customs, SMM statistics showed that China’s total manganese ore imports in February 2026 were 2.3064 million mt, down 33.00% MoM and up 3.24% YoY. Cumulative imports in January-February were 5.749 million mt, up 46.29% YoY from the same period last year. February imports from Australia were 413,100 mt, down 31.35% MoM; South Africa 990,400 mt, down 49.55% MoM; Gabon 375,100 mt, up 13.01% MoM; Ghana 270,400 mt, up 1.78% MoM; Brazil 99,700 mt, down 17.87% MoM; and Myanmar 49,900 mt, up 14.8% MoM.