[SMM Lead Morning Meeting Minutes: Secondary Lead Inverted by 100 Yuan from Primary Lead, Sign of Lead Price Stop Falling?] Recently, lead prices fell continuously, losses for secondary lead enterprises widened, and shipments decreased significantly. In contrast, in the primary lead sector, lead smelters and suppliers were generally selling actively...

SMM News Release, June 22 According to customs data, China’s total exports of tungsten smelting products and tungsten materials reached approximately 1,063.6 tons in May 2026, down 11.9% month-on-month and 17.9% year-on-year.

According to SMM statistics, China’s exports of NdFeB magnets totaled 4,730 tons in May 2026, marking a month-on-month decline of 7.72%. However, volumes surged by 281.84% year-on-year. The sharp YoY increase is primarily attributed to a low base effect caused by export controls in May 2025. The MoM drop, meanwhile, reflects both seasonal weakness in overseas demand and tangible changes in domestic export licensing procedures.

June 25, 2026 Customs data showed that in May 2026, China’s aluminum wire exports totaled 63,850 mt, surging 131.4 percentage points MoM, a net increase of 36,260 mt from 27,590 mt in April. Monthly exports hit a new record high in nearly five years, far exceeding prior optimistic expectations. From January to May, China’s cumulative aluminum wire exports reached 170,600 mt, up 53.14% YoY from the same period in 2025. Aluminum Stranded Wire (HS 76149000): Single-Month Shipments Top 50,000 mt, Far Exceeding Expectations Exports under HS code 76149000 (stranded aluminum wire, not containing any steel core) were 50,224 mt in May, surging 222.7% MoM, a net increase of 34,659 mt from April's 15,565 mt. This result significantly exceeded the optimistic forecasts from the April analysis, with actual exports reaching 2.5 times the expected level. The share of pure aluminum stranded wire in total aluminum wire exports climbed further to 78.7% from 56.4% in April, marking a second consecutive month above the 50% threshold and indicating sustained stronger-than-expected demand outside China. The core drivers behind the surge in pure aluminum stranded wire exports were: first, the SHFE/LME aluminum price ratio remained elevated for an extended period, with overseas aluminum prices trading at a significant premium over domestic prices, which kept the export profit window open for a long time and encouraged traders to place concentrated orders; second, orders locked in earlier (March-April) based on the price spread between Chinese and overseas markets were cleared through customs en masse in May, creating a pulse-like spike in monthly export volumes. Aluminum Conductor Steel Reinforced (HS 76141000): Mild MoM Rebound to 13,600 mt Exports under HS code 76141000 (aluminum conductor steel reinforced) were 13,627 mt in May, up 13.3% MoM, a net increase of 1,603 mt from 12,024 mt in April. After the pullback that followed the March peak (18,162 mt), a mild rebound materialized in May. ACSR’s share of exports narrowed further to 21.3% from 43.6% in April, mainly because the massive expansion in pure aluminum stranded wire shipments shifted the proportions, while ACSR export volumes themselves remained relatively stable. Analysis of export destinations for pure aluminum stranded wire: East Asia's share jumped to the top, South Korea imported 17,800 mt in a single month Compared with April, the regional structure underwent significant changes: the East Asia region surged from third place (24.6%) in April to first place (43.0%), driven mainly by South Korea's imports soaring from 2,911 mt in April to 17,797 mt (up 511.4% MoM); Southeast Asia remained in second place, but its share edged down from 33.1% to 31.4%; Africa's share fell from 30.6% to 21.6%, while absolute volume increased from 4,189 mt to 10,131 mt, up 142%. The top five countries by MoM volume increase were South Korea (+14,887 mt), Mozambique (+6,515 mt), Vietnam (+4,966 mt), Malaysia (+3,776 mt), and Japan (+1,886 mt), together accounting for 92.5% of the MoM increase in pure aluminum stranded wire exports. South Korea's performance was especially striking: its monthly imports leaped from less than 3,000 mt to nearly 18,000 mt, representing 37.5% of total pure aluminum stranded wire exports in May, instantly becoming the largest single export destination. Export Province Rankings: Fujian, Jiangsu, and Shanghai Take the Top Three Spots In May, exports of pure aluminum stranded wire were concentrated mainly in coastal provinces such as Fujian, Shanghai, and Zhejiang. Fujian Province topped the list with nearly 20,000 mt of exports, almost entirely pure aluminum stranded wire (99.7%), serving as the core contributor to the surge in pure aluminum exports in May. Jiangsu Province was the largest exporter of steel-cored aluminum stranded wire (8,009 mt), while also recording substantial pure aluminum exports. Analysis of Export Destinations for Steel-Cored Aluminum Stranded Wire: Cambodia Tops the List, Saudi Arabia’s Surge In May, steel-cored aluminum stranded wire was exported to a total of 20 countries and regions, with extremely high export concentration: the top 15 destinations accounted for 11,716 mt, representing 99.4% of total exports. Unlike the explosive growth of all-aluminum stranded wire, exports of steel-cored aluminum stranded wire rebounded mildly by 13.3% MoM, maintaining a generally stable pattern. Notably, Saudi Arabia saw exports jump from just 15 mt in April to 1,866 mt in May (up 12,313% MoM), surging to second place, likely driven by concentrated deliveries from power grid expansion projects in the Middle East. Cambodia has ranked among the top export destinations for steel-cored aluminum stranded wire for several months, and remained firmly in first place in May with 2,003 mt. SMM Outlook: June Exports Remain Supported, with Significant Pullback Risk from July Onward Overall, aluminum wire exports hit a record 63,900 mt in May for a single month over the past five years, mainly driven by a concentrated surge in pure aluminum stranded wire during the window of favorable price spread between Chinese and overseas markets. However, recent industry feedback indicates that signals of an export turning point have already emerged. Order side: According to SMM’s communication with overseas traders and Chinese aluminum wire and cable manufacturers, new export orders for aluminum stranded wire have plummeted recently. The main reason is that overseas aluminum prices have fallen successively, narrowing the SHFE/LME aluminum price ratio. The profit window that previously drove exports is closing rapidly, with losses already occurring in some periods. It is learned that new orders were already very scarce last week, and there have been almost no new export orders this week. The few new orders placed earlier were mainly arbitrage orders by traders who locked in the price spread between Chinese and overseas markets in advance. Production schedule side: In terms of the export pace, enterprises in June are mainly producing previously scheduled orders, and orders on hand are sufficient to cover the entire month. June aluminum wire exports are expected to remain at the May level or edge up slightly, with limited downside room MoM. From July onward, as previously locked-in orders are gradually delivered, the impact of the gap in new orders will become apparent, and pure aluminum stranded wire exports are likely to decline significantly. If the SHFE/LME aluminum price ratio and the price spread between Chinese and overseas markets show no significant improvement in August-September, aluminum wire exports are expected to pull back to the level before the profit window opened.

[SMM Rare Earth Weekly Review: Rare Earth Prices Surge and Pull Back, News-Driven Volatility Cools Trading] Recently, supported by reports of production cuts at scrap recycling enterprises alongside recovering downstream demand, most suppliers sharply raised their quotations and market confidence strengthened notably. On Thursday, however, renewed bearish speculation rattled the market, triggering a sharp drop in futures prices. Spot market prices for Pr-Nd oxide followed suit and pulled back. As of today, Pr-Nd oxide prices have undergone volatile adjustments to 743,000-747,000 yuan/mt.

June 24, 2026 The price of gold remains under short-term pressure following recent setbacks, but the broader bull market is far from over. For Jerry Prior, Chief Operating Officer and Senior Portfolio Manager at the KraneShares Mount Lucas Managed Futures Index Strategy ETF (NYSE: KMLM), the current decline is primarily a healthy readjustment following overheated positioning. The true long-term drivers—above all, the global shift away from the U.S. dollar as the dominant reserve currency—remain absolutely intact. Healthy Correction: Why the Fed Shock Is Cleaning Up the Market In recent weeks, the precious metal has come under noticeable selling pressure due to several concurrent factors. The Federal Reserve’s more restrictive stance under its new chairman, Kevin Warsh, and the associated expectations of higher interest rates massively increased the opportunity cost of non-interest-bearing gold. At the same time, immediate safe-haven demand eased due to a de-escalation in the Middle East, prompting speculative investors and systematic trend-following funds to engage in massive selling. However, it is precisely this sharp reduction in positions that has already removed the bulk of the downside risk from the market. According to the expert, the risk of panic selling driven by retail inflows has been virtually eliminated following this rigorous market correction. Even if prices were to slip temporarily below the psychologically important threshold of $4,000 per ounce, the focus would instead shift to the enormous potential in the period that follows. As soon as global oil markets stabilize again and new revenues flow into commodity-exporting countries, a massive return of central banks seeking to further build up their gold reserves is to be expected. The Catalyst: De-dollarization Fuels the Next Bull Run Structural de-dollarization remains the strongest argument for strategic gold positions. The increasing use of the U.S. dollar as a geopolitical lever—the so-called “weaponization of the dollar”—is forcing more and more countries to seek alternative stores of value beyond U.S. Treasury bonds. This trend is considered irreversible. Additional revenues from exporting nations are likely to be channeled directly into the gold market in the future, rather than being used to finance the U.S. deficit. This development is accompanied by a macroeconomic environment characterized by structurally higher inflation. The end of cheap globalization benefits from China, the resource-intensive restructuring of global supply chains, and the costly relocation of production facilities virtually guarantee that inflation will not permanently return to the extremely low pre-pandemic level. The recent correction is therefore not a harbinger of a long bear market, but merely a temporary pullback within a secular uptrend. For long-term commodity investors, this market movement is actually good news. Viewed in this light, the current pullback to historically significant support levels flushes speculative market participants out of the system and offers a healthy entry opportunity. Since the fundamental megatrends—from global de-dollarization to massive central bank purchases—remain absolutely intact, as many experts emphasize, the foundation for the next upward cycle could be taking shape here, initially heading toward the $4,500 mark. Source： https://goldinvest.de/en/gold-prices-remain-under-pressure-but-this-is-exactly-where-a-new-opportunity-could-lie