The European Emissions Trading System (ETS) is under significant pressure from member states due to sharply rising energy costs driven by the tightening supply of certificates, with prices tripling from around €25/t CO2 in 2019 to approximately €75/t in 2025. With the ETS scheduled for a major revision by July 2026, several EU countries led by Italy recently called for the review process to be suspended. Last week, Polish President Karol Nawrocki went a step further, urging his government to advocate for the complete abolition of the ETS to prevent further industrial relocation outside the EU. Industry experts note that any modification, suspension, or national exemption of the ETS would have immediate and direct consequences for the Carbon Border Adjustment Mechanism (CBAM).

“Gold’s status as a haven may now be tarnished in the eyes of some as the precious metal is falling in price even as war roils the Middle East and financial markets alike, and some may even be tempted to say that the third major bull run in the commodity since 1971 is now over,” says AJ Bell investment director Russ Mould.

[SMM Titanium Express] Sovereign Metals signed an MOU with Mitsui & Co. for the sale of natural rutile from its Kasiya Project in Malawi. The initial four-year supply period contemplates up to 70,000 tpa of rutile concentrate with TiO₂ >95%. Japan is the world's second-largest titanium metal producer, supplying over 70% of U.S. titanium sponge imports. The cooperation aligns with recent U.S.-EU-Japan critical minerals supply chain initiatives, highlighting rutile's strategic value as feedstock for high-end titanium applications.

It is worth noting that the overall overseas ternary cathode demand outlook for 2026 remains subdued. The U.S. market has been sluggish since the fourth quarter of last year, prompting many overseas manufacturers to place their hopes on the European market.

Digital Product Passports (DPP) introduced by the EU as part of regulatory of promoting sustainability, with batteries being the first products to be implemented. Battery passport collects data of lifecycle, durability, performance, and composition. These information helps manufacturing and end-of-life processes more circular, while enable consumers in making informed choices. The following batteries placed on or put into service in the EU market will be required for battery passport, starting from February 2027: Electric vehicle (EV) batteries; Light means of transport (LMT) batteries, such as e-bikes and e-scooters; Industrial batteries with a capacity above 2 kWh, such as those used in industrial activities, or energy storage.

The General Court of the European Union has annulled a European Commission regulation that extended a 17.3% anti-dumping duty on Indonesian hot-rolled stainless steel sheets and coils to imports consigned from Turkey. The ruling followed a legal challenge by Turkish steel producer Çolakoğlu Metalurji. The Court determined that the Commission made an error of law by incorrectly classifying the Turkish producer's processing activities as an "assembly operation" under EU circumvention criteria, thereby invalidating the extended duties for the applicant company.