This week, the copper scrap market operated under the interweaving influences of fluctuating copper prices, the approaching Dragon Boat Festival holiday, and ongoing compliance inspections on "reverse invoicing," presenting structural characteristics of "regional divergence in supply, essential demand-driven procurement, and transactions driven by invoices rather than prices

In recent years, Indonesia's energy transition has shown clear signs of acceleration. As the government sets more ambitious renewable energy targets, and as mining decarbonisation, island-based power system upgrades, floating PV project development and local manufacturing build-out continue to advance, the long-term growth potential of Indonesia's solar PV, energy storage and microgrid markets is opening up further.

[SMM Analysis: LME Copper Prices Fluctuate at Highs; Procurement Slows Across China, Japan, and South Korea Amid Flat Market Turnover]This week, LME copper prices fluctuated at high levels. Quotations for bare bright copper held high at 98.5%–99% payability. In contrast, offers for No. 2 ccopper material scrap(Birch/Cliff) showed distinct divergence. However the global recycled raw material market currently exhibits a gridlock defined by "weak supply and demand."

Ingka Investments, the investment arm of Ingka Group, has acquired its first two solar parks in Spain, expanding its renewable energy portfolio in Iberia. The assets include the operational La Oliva solar farm in Toledo, expected to generate 51GWh annually, and another project in Murcia, expected to add 55GWh per year. Together, the two projects will produce around 106GWh of renewable electricity annually.

Australian mining company Canyon Resources has refined the development timeline for its Minim Martap bauxite project in Cameroon’s Adamawa region, with the first shipment of bauxite now expected by the end of the third quarter of 2026, around late September. The project is being developed through Canyon’s local subsidiary, Camalco. Before exports can begin, the company must complete a logistics network connecting the mine to Cameroon’s railway system and the Port of Douala. According to the company’s latest update, the first seven locomotives allocated to the project are expected to arrive at the Port of Douala by the end of the second quarter of 2026. The first batch of railcars is scheduled to arrive in July, ahead of the planned start of commercial exports. Rail transport forms a crucial part of the project. Camalco has ordered 22 diesel locomotives from Chinese manufacturer CRRC Ziyang Co. Ltd. and placed an initial order for 560 open-top railcars with India’s Texmaco Rail & Engineering Limited. The agreement also includes an option to acquire an additional 1,040 railcars over the next five years. These rail assets will be used to transport bauxite from Minim Martap to the Port of Douala for export. The deposit is also known for its high-quality ore, containing around 51 per cent alumina and about 2 per cent silica, characteristics that are highly valued by alumina refiners and aluminium producers.

According to foreign media reports, Egypt Aluminum (Egyptalum) is seeking to obtain a loan of 5 billion Egyptian pounds (approximately US$100 million) from a consortium of Egyptian and Gulf banks to build Egypt’s first aluminum foil manufacturing plant. The first phase of the project is expected to produce 25,000 tons of aluminum foil annually, with an investment of approximately US$90 million. According to reports, the total investment after the project expansion will reach US$135 million, but the final production capacity was not disclosed. According to previous reports, Egypt Aluminum has allocated 1.4 billion Egyptian pounds in its investment budget for the 2025-2026 fiscal year for the first phase of the project. According to Egyptian official statistics, Egypt’s aluminum foil import volume is close to US$140 million per year. In May 2026, Egypt Aluminum and Trafigura signed a strategic cooperation agreement aimed at large-scale expansion of the Nag Hammadi Aluminum Complex. The project investment is expected to be US$750 million to US$900 million. Egyptalum is North Africa's largest primary aluminum producer, with a total annual production capacity of 320,000 tons. About 60% of its exports are sold to the EU.