The current surge in shipping prices is mainly driven by rising shipping costs due to Middle East geopolitical disruptions, sustained restocking demand fueled by finer global division of labor and geopolitical risk aversion, and the concentrated release of stockpiling demand outside China, as Europe and the US kick off their H2 stock-up-in-advance cycle for the peak consumption season. The sharp increase in cargo volume has rapidly tightened the supply-demand balance for shipping capacity. However, the trend of shipping prices in H2 remains unclear.

Jubilee Metals Group PLC's Roan beneficiation plant in Ndola, Zambia, completed its annual shutdown maintenance in May and has now successfully resumed full-capacity operations, targeting a raw ore processing volume of 30,000 mt per month. Jubilee CEO Leon Coetzer said that with the fine concentrates from Roan now being processed at the company's Sable refinery in Kabwe, Zambia, the operational performance in June will provide a clearer reflection of sustainable operating capability and recovery efficiency. He noted that the monthly fine concentrate production includes approximately 140 mt of copper previously stockpiled at Roan.

SMM Report, June 5: Benchmark monthly long-term contract prices for China’s tungsten sector were officially released recently. The Ganzhou Tungsten Association unveiled its June 2026 domestic tungsten forecast prices: 55% WO₃ black tungsten concentrate at RMB 505,000 per metric ton, down RMB 195,000/MT month-on-month; ammonium paratungstate (APT) priced at RMB 760,000 per metric ton, a MoM drop of RMB 260,000/MT;

[HRC] HRC export prices remained stable day on day today, with transaction prices at 496-504 USD/tonne. A major mill in north China reported that its transaction price fell by more than 5-10 USD/tonne WoW this week, and its prices remained higher than other resources, at around 515 USD/tonne. The presence of tax-exclusive prices in the market has made it more difficult for some regular traders to close deals. It is learned that tax-exclusive prices are even 10 USD/tonne lower than the market’s lowest tax-inclusive prices. [Rebar] Rebar export FOB quotations remained stable today, with transaction prices mostly concentrated at 492-495 USD/tonne. Shipments are mostly scheduled for August, and some steel mills have full order books, with deliveries already scheduled from September to October. According to feedback from some market traders, recent inquiries for wire rod have been moderate, overseas buyers remain cautious and on the sidelines, and their psychological price levels are generally lower than current offers. [Steel Billet] The export transaction price for steel billet was 473-475 USD/tonne today, holding steady day on day. Recently, offers from steel mills in north China were at around 478 USD/tonne, but it is reported that deals cannot be reached for high-priced resources. Currently, most shipments are scheduled for August, with a few in September. It is learned that a few mills in east China have maintenance plans in June and will continue to control their order intake in the short term. In addition, some mills in north China have recently taken new rebar orders, so they are temporarily reducing the volume of steel billet available for ordering.

[Tungsten Flash] SMM, June 5: A tungsten enterprise in Zhangyuan announced its long-term contract purchase prices for the first half of June. The price for 55% wolframite concentrates is set at 505,000 yuan/standard tonne (65%WO3 basis), and that for 55% scheelite concentrates at 504,000 yuan/standard tonne (65%WO3 basis). Ore prices rose 91,000 yuan/mt MoM from the second half of May. APT price is set at 760,000 yuan/mt, up 100,000 yuan/mt from the second half of May. Note: The above unit prices include 13% VAT.

[Tungsten Flash] SMM June 5: According to sources, the Ganzhou Tungsten Association's forecast prices for the tungsten market in June 2026 are: 55% wolframite concentrates 505,000 yuan/standard tonne (65% WO3 basis), down 195,000 yuan/standard tonne MoM from the May quotation; APT 760,000 yuan/mt, down 260,000 yuan/mt MoM; medium-grain tungsten powder 1300 yuan/kg, down 620 yuan/kg MoM. (All prices include 13% VAT)