[SMM Rare Earth Express] The Ministry of Commerce issued an announcement on June 29, stating that in accordance with the Export Control Law of the People's Republic of China and other laws and regulations, and to safeguard national security and interests as well as fulfill international non-proliferation obligations, it has decided to include 20 entities, including the Defense Research Institute, that are involved in enhancing Japan's military capabilities, on the export control list. Effective immediately, export operators are prohibited from exporting dual-use items to the above-mentioned entities, and organizations and individuals from any country or region are prohibited from transferring or supplying dual-use items originating from China to these entities. Under special circumstances where export is genuinely necessary, an application must be submitted to the Ministry of Commerce. A spokesperson for the Ministry of Commerce stated that this move aims to resolutely curb Japan's reckless moves of "new-type militarism." The entities on the list include the Defense Research Institute, the Ground Equipment Research Institute, the Ship Equipment Research Institute, the Aviation Equipment Research Institute, as well as several enterprises such as Mitsubishi Electric Defense and Space Technology Co., Ltd. and Mitsubishi Heavy Industries Marine Technology Co., Ltd.

MBK Partners has completed its acquisition of Japanese aluminum packaging producer Altemira Holdings from Apollo Global Management in a deal valued at approximately JPY130 billion (USD811 million). The transaction cleared Japan’s economic security review despite Altemira’s exposure to lithium-ion battery materials. Formed in 2022 through the integration of aluminum businesses from Resonac Holdings and Mitsubishi Materials, Altemira produces aluminum cans, foil, rolled and extruded products while operating a comprehensive recycling network. Industry observers noted that the deal faced fewer national security concerns than MBK’s previously withdrawn bid for Makino Milling Machine. MBK plans to leverage Altemira’s manufacturing and recycling assets in Japan and Vietnam to expand across Asia and grow higher-value industrial aluminum products.

NTT and Mitsubishi Materials have established a new joint venture, NTT Circurust, focused on recovering and recycling materials from telecom and IT equipment. The business will target valuable metals including copper, gold and silver. Growing replacement cycles for data-center and communications infrastructure are creating new opportunities in urban mining and metal recovery.

On May 28, JX Advanced Metals, Mitsubishi Materials (MMC), Mitsui Kinzoku, and Marubeni signed a final agreement to integrate MMC’s copper concentrate procurement and sales of cathode copper, sulfuric acid, and other by-products into Pan Pacific Copper (PPC), while establishing a wholly-owned subsidiary, "PPC Material." The integration will be executed via a company split: PPC first absorbs the target business, then transfers it to the newly established PPC Material on the same day. Originally planned for end-March, the process was delayed by about two months due to detailed discussions. Post-integration, PPC’s ownership stands at: JX 32.50%, MMC 32.00%, Mitsui Kinzoku 21.90%, and Marubeni 13.60%. PPC becomes an equity-method affiliate of all four companies, with PPC Material as its wholly-owned subsidiary. Currently, PPC subcontracts smelting/refining to JX Metal Smelting and Hibi Smelting; after the deal, MMC will also become a subcontractor. Japan’s copper concentrate procurement windows will shrink from three to two, held by Sumitomo Metal Mining and PPC Material. The move aims to counter intensifying overseas competition and sharply deteriorated TC/RC through centralized procurement and cost efficiency. The transaction is planned for October 1, 2026, pending regulatory approvals.

[CATL and Tencent Join Forces to Boost Carbon Credit Demand] Two of China's largest companies by market capitalization — Tencent and CATL — are joining hands in a new initiative aimed at boosting corporate demand in the cooling carbon credit market. The tech giant and power battery industry leader will join Mitsubishi Corporation, Vale, Osaka Gas, and other enterprises in the Climate Resilience Action Alliance, a non-profit organization established in Singapore on May 19. The alliance aims to promote the practical application of high-quality carbon credits, with a target of alliance members collectively purchasing at least 10,000kt of high-quality carbon credits by 2030.

SMM April 24 News: Metals market: As of the midday close, most base metals on the domestic market fell. SHFE copper dropped 0.66%. SHFE aluminum fell 0.54%. SHFE lead declined 0.15%, and SHFE zinc fell 0.35%. SHFE tin dropped 0.66%, while SHFE nickel rose 2.63%. In addition, the most-traded cast aluminum futures fell 0.42%, and the most-traded alumina futures dropped 0.74%. The most-traded lithium carbonate futures rose 0.62%. The most-traded silicon metal futures fell 0.46%. The most-traded polysilicon futures dropped 7.53%. Ferrous metals showed mixed performance. Iron ore rose 0.45%, rebar edged up slightly, hot-rolled coil dipped slightly, and stainless steel gained 1.85%. Coking coal and coke: the most-traded coking coal contract fell 0.31%, and the most-traded coke contract dropped 1.29%. Overseas base metals, as of 11:41, LME metals generally declined. LME copper fell 0.56%. LME aluminum edged down slightly, LME lead rose 0.15%, and LME zinc dropped 0.41%. LME tin fell 0.48%. LME nickel rose 0.13%. Precious metals, as of 11:41, COMEX gold fell 0.73%, and COMEX silver dropped 0.91%. Domestic precious metals: the most-traded SHFE gold futures fell 1.03%, and the most-traded SHFE silver futures dropped 3.06%. In addition, as of the midday close, the most-traded platinum futures fell 3.15%, and the most-traded palladium futures dropped 4.81%. As of the midday close, the most-traded Europe containerized freight index contract fell 0.15%, closing at 2,191.4 points. As of 11:41 on April 24, midday futures quotes for selected contracts: Spot Prices and Fundamentals Copper: Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 280 yuan/mt, down 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 200 yuan/mt, down 10 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 140 yuan/mt, down 10 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 102,795 yuan/mt, up 515 yuan/mt from the previous trading day, and the average price of SX-EW copper was 102,695 yuan/mt, up 515 yuan/mt from the previous trading day. Spot market: Guangdong inventory ended a two-session decline and saw a notable increase... Macro Front China: [Compared with early April, 23 products saw price increases, 26 declined, and 1 remained flat in mid-April] Data from the National Bureau of Statistics (NBS) showed: based on monitoring of market prices of 50 key production materials across 9 categories in the national circulation sector, compared with early April 2026, 23 products saw price increases, 26 declined, and 1 remained flat in mid-April; among them, live hogs (crossbred) fell 1.1% MoM. [New Lunar Soil Discovery! China Discovers Two More New Lunar Minerals] On April 24, the China National Space Administration released the latest research findings on Chang'e-5 lunar samples. China discovered two new lunar minerals from the Chang'e-5 lunar samples. Magnesium Changeite, discovered from the Chang'e-5 lunar samples, was primarily found in basalt fragments obtained through lunar drilling. The mineral appears as columnar crystals, with a grain size of only 2 to 3e-05 meters, approximately one-thirtieth to one-third the diameter of a human hair. Experts told reporters that Magnesium Changeite and the previously discovered Changeite are both calcium-rare earth phosphate minerals, but Magnesium Changeite is richer in magnesium and rare earth elements. In addition to Magnesium Changeite, researchers also discovered a new mineral named Cerium Changeite from the Chang'e-5 lunar samples. (CCTV News) [PBOC Reverse Repo Operations Achieved Net Injection of 4.5 Billion Yuan for the Day and 14 Billion Yuan for the Week] The PBOC conducted 5 billion yuan of 7-day reverse repo operations today. As 500 million yuan of 7-day reverse repos matured today, the net injection for the day was 4.5 billion yuan. This week, the PBOC conducted a total of 17 billion yuan of 7-day reverse repo operations. As a total of 3 billion yuan of reverse repos matured this week, the net injection for the week was 14 billion yuan. (Jin10 Data) US Dollar: As of 11:41, the US dollar index rose 0.06% to 98.89. According to the CME "Fed Watch": the probability of a 25-basis-point rate hike by the US Fed in April was 1%, while the probability of keeping rates unchanged was 99%. The probability of a cumulative 25-basis-point interest rate cut by the US Fed through June was 2.6%, the probability of keeping rates unchanged was 96.4%, and the probability of a cumulative 25-basis-point rate hike was 1%. Mitsubishi UFJ stated that uncertainty over US trade policy persisted. The Trump administration appeared to favor a weaker US dollar. With Warsh nominated as Fed Chairman, concerns over the US Fed's independence remained. (Jin10 Data) Other Currencies: Abhijit Surya, Senior Asia-Pacific Economist at Capital Economics, said the Bank of Japan could cut interest rate as early as June. The firm believed that although the Bank of Japan was likely to keep rates unchanged at its meeting next week, the board could release some hawkish signals by raising its forecasts for headline and core inflation. In addition, the Bank of Japan could once again emphasize the risks posed by rising inflation expectations, "especially as some enterprise inflation expectations indicators in the 'Tankan Survey' have begun to exceed the (central bank's) 2% target level." (Jin Shi Data APP) Data: Today will see the release of the US April final University of Michigan Consumer Sentiment Index, the US April final one-year inflation rate expectations, the UK April GfK Consumer Confidence Index, the UK March seasonally adjusted retail sales MoM, the German April IFO Business Climate Index, Japan's March core CPI YoY, and Canada's February retail sales MoM, among other data. Crude oil: As of 11:41, oil prices in both markets continued to rise, with WTI up 0.65% and Brent up 0.7%. Escalating tensions over Iran supported the continued rise in oil prices. Dennis Kissler, Senior Vice President at BOK Financial Securities, said: "Tensions are tightening further — the market is now pricing in a more intense, longer-lasting standoff." (Wallstreetcn) A survey by the Dallas Fed showed that US oil executives expected domestic production to rise as the ongoing war involving Iran disrupted global supply and pushed up crude oil and fuel prices. The survey collected data from 120 oil and natural gas companies between April 15-20, of which 78 were exploration and production companies and 42 were oilfield services companies. The survey showed that 43% of respondents expected US crude oil production to increase by up to 250,000 barrels per day this year due to the Iran war. This expectation differed from the forecast of the US Energy Information Administration (EIA), which estimated that US crude oil production would decrease by 70,000 barrels in 2026. About two-thirds of respondents believed that at least 90% of the currently shut-in Persian Gulf crude oil would eventually return to the market. When asked when shipping through the Strait of Hormuz could return to normal levels, 20% of respondents said next month, 39% said August, and the rest said November or later. Most executives expected transportation costs in the Persian Gulf region to rise after the conflict ends, with more than one-third saying costs would increase by $2-4 per barrel. (Jin Shi Data) Spot market overview: ► ► ► ► ► ► ► ► ► ► ► ► ►