793results found for 'TBEA'
News
- Freeport-McMoRan Q2 Profit Beats Estimates Despite Lower Copper Output
Freeport-McMoRan reported on Thursday that Q2 copper production declined, while Q2 profit exceeded expectations, as higher copper prices offset the impact of lower output at its Grasberg mine in Indonesia.Copper's average realized price for the quarter was $6.17 per pound, compared with $4.54 a year earlier.Freeport-McMoRan, headquartered in Phoenix, Arizona, suspended operations at its Grasberg mine in Indonesia after approximately 800,000 metric tons of wet material flooded the site on September 8.
Jul 24, 2026 23:26 - [SMM Steel Market Morning News] CAAM: In June, Chinese brand passenger vehicle sales up 6.2% YoY
According to CAAM statistics, in June 2026, sales of Chinese-brand passenger vehicles reached 1.812 million units, up 7.3% MoM and up 6.2% YoY, accounting for 75.5% of total passenger vehicle sales, with the market share up 8.2 percentage points YoY.
Jul 24, 2026 07:35 - Silicone product transaction prices hit a new stage low again, while the tug-of-war between upstream and downstream continues [SMM Silicone Weekly Review]
[SMM Silicone Weekly Review: Transaction Prices of Silicone Products Hit New Stage Lows Again, While Tug-of-War Between Upstream and Downstream Persists] DMC prices continued to weaken significantly this week, with the transaction range falling to 11,300-11,500 yuan/mt, down 850 yuan/mt WoW. Demand side, with no improvement in end-use demand, market transaction prices kept declining, making mid- and downstream clients more cautious in purchasing. Currently, although raw material inventories at some clients have fallen to low levels, they remain on the sidelines, showing little willingness for concentrated stockpiling, and maintain small, rigid-demand purchases while pushing for lower prices, waiting for market prices to fall further to their psychological expectations before buying the dip and stockpiling.
Jul 23, 2026 17:04 - Sigma Lithium: Limited Near-Term Supply Impact, but Greater Uncertainty Around Phase 2 Expansion[SMM Analysis]
On 22 July, Sigma Lithium announced that it was negotiating a Conduct Adjustment Agreement, or TAC, with the government of Minas Gerais, Brazil, in response to a regulatory notice issued by the regional environmental authority, SUPRAM Jequitinhonha. The related fines total approximately US$540,000 and partly concern environmental matters dating from 2013 to 2022. Sigma has denied allegations including inaccurate regulatory disclosures, commercial sales before the relevant authorisation period, and adverse impacts on residences outside the licensed area. However, the company has agreed to use the TAC process to define corrective measures and expects to invest approximately US$1 million to restore certain activities that have been partially and temporarily suspended by inspectors. Sigma also stated that second-quarter production exceeded its previous target. From a financial perspective, the direct impact appears limited. The US$540,000 fine and approximately US$1 million of expected remediation expenditure are not material relative to the 270,000-tonne-per-year nameplate capacity of Phase 1 at the Grota do Cirilo operation. The more important issue is therefore not whether Sigma can absorb the cost, but which operational activities have been suspended and whether the remediation process could affect mining continuity or future expansion. The company has not specified the exact scope of the suspended activities. For a mining operation, this matters more than whether the concentrator itself remains operational. If the restrictions apply only to limited environmental procedures or auxiliary works, the near-term production impact may remain modest. However, if they affect waste-rock disposal, mining activities or site access roads, upstream ore supply could gradually come under pressure as existing stockpiles are consumed, even if the concentrator is not directly shut down. Sigma’s emphasis on second-quarter production exceeding target demonstrates that the operation had been performing well, but it does not fully address the potential effect of the regulatory restrictions on third-quarter and subsequent production. The latest notice should also not be viewed as an isolated event. In January 2026, Brazil’s labour authorities ordered Sigma to stop using three waste-rock piles at Grota do Cirilo on the grounds that they could pose a serious and immediate risk to employees and nearby communities. Brazil’s National Mining Agency later concluded that it had not identified an imminent geotechnical risk, while still noting deficiencies in drainage and areas of localised erosion that required remediation. In May, labour inspectors reportedly issued another fine after Sigma continued depositing material at one of the restricted waste-rock piles. Although different regulators have taken different views on the severity of the risk, the repeated interventions point to a broader issue: waste management and environmental compliance are becoming persistent operational constraints at Grota do Cirilo. From a supply perspective, the available information does not yet justify a material reduction in Phase 1 output assumptions. A TAC is a commonly used mechanism in Brazil through which companies and regulators agree on corrective measures and implementation schedules. The relatively limited remediation expenditure disclosed by Sigma also suggests that the company believes the matter can be resolved without a prolonged shutdown. Under the base case, the probability of a long-term, comprehensive restriction on Phase 1 production still appears low. Nevertheless, the project’s operational risk weighting should be increased, and downside scenarios should be retained in annual production forecasts. The greater concern lies with Phase 2. Sigma plans to increase total Grota do Cirilo capacity from 270,000 tonnes to 520,000 tonnes per year. This expansion would involve not only additional processing capacity, but also higher mining intensity, greater waste-rock volumes and more complex land-use, environmental and community requirements. If the existing waste-management and environmental issues remain unresolved, the Phase 2 permitting, construction and commissioning schedule could face additional constraints. When mining projects encounter regulatory challenges, the market often focuses first on the size of the fine. In practice, the more important variable for valuation and supply forecasting is usually time. A few million dollars of remediation expenditure may be immaterial, but a delay of six to twelve months can have a much larger effect on project net present value and the timing of future supply. Sigma has disclosed its estimated remediation cost, but has not quantified how long the suspended activities may remain restricted or whether the TAC could impose additional conditions on Phase 2. A more appropriate modelling response would therefore be to widen the downside range for Phase 1 production, while reducing the probability that Phase 2 starts and ramps up according to the company’s existing timetable. The broader industry implication is also important. Sigma is one of Brazil’s earliest large-scale lithium concentrate producers and exporters, and a flagship project within the country’s “Lithium Valley” strategy. Its experience demonstrates that Brazil’s hard-rock lithium sector cannot be assessed solely on the basis of resource size, concentrator capacity and corporate expansion targets. Waste-rock management, community relations, regulatory coordination and permitting execution will also determine how much supply projects can deliver consistently to the market. Overall, the latest development does not yet amount to a major near-term supply disruption. Phase 1 production may continue, but environmental and regulatory issues have evolved from a one-off disturbance into an operational variable that requires ongoing monitoring. The factor that should be marked down is not the existing 270,000-tonne nameplate capacity itself, but confidence in its stable operation and in the timing of Phase 2. The key issues to monitor are the specific corrective measures included in the TAC, the scope and duration of the suspended activities, and whether the Phase 2 expansion requires amendments to its environmental approvals or construction schedule. Until these points are clarified, above-target second-quarter production confirms that the operation has the technical ability to produce, but it does not yet demonstrate that future supply will be delivered in line with the company’s stated plan. SMM Lesley Yang yangle@smm.cn
Jul 23, 2026 14:24 - Experts Debate: Solid-Liquid Hybrid Battery Mass Production Year Begins, All-Solid-State Still Gaining Momentum [SMM Analysis]
[SMM Analysis: Expert Opinions Clash – Semi-Solid-State Battery Mass Production Year Begins, All-Solid-State Still Building Momentum] 2026 is widely regarded by the industry as the "mass production year" for semi-solid-state batteries. However, expert opinions on the industrial positioning and time pace of semi-solid-state and all-solid-state batteries are markedly divided. SVOLT Energy Technology Chairman Yang Hongxin and Huang Xuejie from the Institute of Physics, Chinese Academy of Sciences, among others, lean toward the view that "semi-solid-state will be the long-term mainstream," while CATL Chairman Zeng Yuqun and Gotion High-tech Chief Scientist Zhu Xingbao remain cautiously optimistic about all-solid-state batteries from the perspectives of technological maturity and cost.
Jul 22, 2026 15:17 - SMM GBRC 2026: Lithium Battery Recycling Faces Hurdles; Industry Urges Unified Standards【SMM Analysis】
At the recently held SMM GBRC lithium battery recycling industry conference, participating enterprises across the industry chain engaged in thorough exchanges, summarizing the common issues confronting the sector's current development. Feedback from the conference indicates that China's lithium battery recycling industry remains in a phase of development and refinement, with overall standardization yet to be enhanced.
Jul 21, 2026 16:26
Announcements
SMM HVLP1 copper foil premiums, deliverd to Consumer Works, VAT included, yuan/tonne will officially launch on the SMM website (smm.cn) on July 31, 2026.
PriceJul 17, 2026 16:56LFP Prices
PriceMar 16, 2026 15:181. SMM 8μm Lithium Battery Copper Foil premium, cif Korea, $/tonne Methodology 1.1 General Principles of SMM Price Assessment Methodology SMM (hereinafter referred to as SMM) is a completely independent third-party service provider that does not participate in any substantive transactions. Instead, it maintains close communication with buyers or sellers in transactions as a market observer or organizer, and provides relevant services to the market. SMM continuously formulates, reviews, and revises its methodologies through communication with industry insiders, adopting the most common product specifications, trade terms, and trade conditions in the industry. It attaches equal importance to normal transactions that meet the specification standards. SMM reserves the right to exclude any price data information deemed to be of poor reliability or non-representative from its price assessments. SMM publishes daily spot metal prices (or price indices, including those for the Chinese market, markets outside China, and global markets), commonly referred to as SMM prices. For each published SMM price, SMM has established a corresponding methodology (all of which are available for reference on SMM’s official website, www.smm.cn). The methodology specifies the methods and procedures for generating and publishing SMM prices, and SMM strictly adheres to these provisions when producing and releasing SMM prices. To align with the actual conditions of the spot market, SMM may make necessary revisions to its price assessment methodology. Such revisions will be announced on SMM’s official website, www.smm.cn, 28 days prior to their formal implementation. For any questions or suggestions regarding SMM prices or their methodology, please contact SMM customer service (contact information can be found on SMM’s official website, www.smm.cn). This document outlines the standards for establishing SMM 8μm Lithium Battery Copper Foil premium, cif Korea, $/tonne. The purpose of SMM in developing this standard is to establish a transparent and verifiable mechanism for SMM price determination. The SMM Benchmark Management Committee also regularly reviews the methodology and its assessment and publication processes. This committee oversees SMM’s methodology and compilation process, ensuring that the prices or indices reflect, as accurately as possible, the objective conditions of the physical spot market for the relevant commodities. If the committee identifies any issues, it will promptly highlight them and propose external consultation and revisions to the current methodology or processes, thereby enhancing the quality of the prices or indices published by SMM. The committee may only propose modifications to the methodology and procedures used for future price or index assessments it cannot alter already published prices or indices. 2. Formation of SMM 8μm Lithium Battery Copper Foil premium, cif Korea, $/tonne 2.1 Significance of the Price Assessment In recent years, with the implementation of domestic and overseas NEV policies and the rapid expansion of NEV production, copper foil used as the anode carrier in lithium-ion batteries has shown a surge in demand. Meanwhile, the new infrastructure wave represented by 5G, along with rapid developments in artificial intelligence, big data, and automotive electronics, has driven increasing demand for copper foil in related electronic circuit industries. The copper foil industry is also advancing toward higher precision, density, and reliability. As industry capacity rises and develops, and enterprises expand into overseas markets such as South Korea, there is a growing need for a fair and standardized operating environment. Copper foil processing fees, beneficial for long-term risk control and management, play a crucial role in the industry's development. In light of this, SMM will officially launch weekly SMM 8μm Lithium Battery Copper Foil premium, cif Korea, $/tonne starting December 26, 2025, at which time SMM price members will be able to simultaneously access historical prices. 2.2 SMM 8μm Lithium Battery Copper Foil premium, cif Korea, $/tonne Price Assessment Methodology 2.2.1 Product Specifications and Standards Given the wide variety of copper foil specifications, SMM uses the 8μm with the largest market share for copper foil premium assessments. The premium assessment adopts 8μm thickness product width: 700-1,000 mm product type: Power Battery with Ordinary Tensile Strength. KS C 2211-2002 Electrolytic Deposit Copper Foil for Printed Circuits standard. 2.2.2 Price Terms The price is a VAT-excluded CIF price at major ports in Korea based on the premium over LME CSP, with a quotation period of M+0 (M M stands for arrival month), quoted in USD per metric ton. 2.2.3 Payment Terms The price assessment reflects payment terms for cash transactions in the month of the transaction. Reference is made to major international payment methods (including D/P documents against payment, D/A documents against acceptance, T/T telegraphic transfer, etc.). If significant deviations from this standard occur, SMM will consider whether to exclude individual samples based on trade volume. For forward payments or letter of credit payments, SMM will adjust based on prevailing interest rates to align with this standard. 2.2.4 Delivery Time Within 4 weeks. 2.2.5 Reference Transaction Volume Min 25 tonnes. 2.2.6 Delivery Location Major Ports in Korea. 2.2.7 Price Publication Time Weekly, last trading day of the week, by 1pm Seoul time. 2.2.8 Price Format The assessed price are presented as a range, indicating the lowest and highest prices. For example: 8μm Lithium Battery Copper Foil premium, cif Korea, $/tonne range 3,000-4,000 $/tonne, average: 3,500 $/tonne. 2.2.9 Price Collection Method SMM will, in accordance with the price collection confirmation agreement, have price analysts regularly collect price information from copper foil industry price contacts via phone, QQ, WeChat, fax, and email. This price information includes concluded transaction prices, the enterprise's expected most likely pending transaction prices, etc. All instant messaging content, email communications, and any records of face-to-face communications will be archived details of phone communications will be recorded and entered into the database. SMM analysts must comply with the Compliance System when reporting any forced or threatened communications from market participants, or any induced offers attempting to influence the assessment. Once published, SMM will not revise or adjust the price on the same day. 2.2.9.1 Assessment (Calculation) of Published Prices Step-1: The final dataset from the previous chapter, which exists as a processing fee range, is split into several lower limit values and several upper limit values for two different types of enterprise classifications in this methodology version: copper foil producers and downstream end-users. Arithmetic averages are calculated for both sets and rounded to the nearest whole number. Among these: - When both transaction information and offer/counteroffer information are present, the weight of transaction information is set at 60%, and offer/counteroffer information at 40%. - When transaction information, offer/counteroffer information, and other information are all present, the weight of transaction information is set at 50%, offer/counteroffer information at 40%, and other information at 10%. - When only offer/counteroffer information and other information are present, the weight of offer/counteroffer information is set at 90%, and other information at 10%. Step-2: The two price ranges derived from the previous step, which exist as processing fee states, are split into two lower limit values and two upper limit values. Weights are applied, and weighted averages are calculated, then rounded to the nearest whole number. In this methodology version, copper foil producers are weighted at 50%, and downstream enterprises at 50%. Step-3: The relevant calculation coefficients above will be adjusted every six months to ensure timeliness. 2.2.9.2 Data Standardization Although SMM has standardized definitions for our prices, diversity exists in market transactions. The price of each transaction is influenced by numerous factors, including order size, brand of goods, delivery time, payment terms, etc. SMM will comprehensively consider market offers, bids, and transaction information, aligning them with our standards. Each price datum will be electronically recorded or accompanied by written records. All electronic and paper records must be archived by price collection personnel and retained long-term (at least 5 years) in secure network and physical environments. For details, please refer to the SMM Data Retention Policy. 2.2.9.3 Price Assessment Process The specific process is as follows: 2.3 Methodology Changes All markets change, and SMM has a responsibility to ensure that the methodology for market reports evolves with the market. Therefore, SMM will regularly conduct internal reviews of the methodology's appropriateness based on industry feedback. For all substantive but non-urgent potential modifications, SMM will follow a formal external consultation process. Major changes will then be announced with a notice period of at least 28 days, inviting industry comments, unless special circumstances, particularly force majeure (natural disasters, war, exchange bankruptcy, etc.), necessitate a shorter notice period. SMM is committed to carefully considering all comments on proposed methodology changes, but in some cases, it may be necessary to proceed with changes contrary to the wishes of some market participants. Additionally, SMM has a formal methodology consultation process. SMM commits to holding a formal consultation on the methodology every three years. The date of the last consultation and the deadline for the next consultation committed by SMM are located at the top of the methodology document. 2.4 Compliance with SMM Policies All relevant SMM employees must not only comply with the methodology published by SMM but also adhere to SMM's internal standards and policies. These include: SMM Conflict of Interest Policy, SMM Whistleblower Policy, SMM Error Correction Policy, SMM Methodology Review Consultation and Change Policy, SMM Complaints Policy, etc. Welcome more relevant enterprises in the industry chain to participate and support SMM in better serving related enterprises in the copper foil industry chain. For inquiries, please contact: Shanghai Metals Market Copper Research Team, Shanyu Jiang Contact: 021-20707916, +86 15615750662
PriceDec 23, 2025 15:00