SMM, August 14: In H1, Pr-Nd prices rose significantly, and the results of the 10 companies related to the rare earth industry chain that had already reported rose to varying degrees. Boosted by the substantial rise in spot prices of minor metals such as germanium, tantalum, and indium this year, the semi-annual results of rare and dispersed metal companies such as Yunnan Germanium also showed notable growth. On the other hand, the AI computing power hardware expansion narrative continued to gain traction, and the market focused on expected incremental demand for rare and dispersed metals from optical modules and semiconductor targets. Combined with some market funds positioning early in the minor metals sector, the minor metals industry bucked the trend on August 14. As of the close on August 14, the minor metals sector was up 2.02%. Among individual stocks: China Rare Earth hit limit up, while China Rare Nonferrous, Shenghe Resources, Orient Tantalum, Huaxi Nonferrous, China Northern Rare Earth, and Xiamen Tungsten led gains. Spot Market Germanium According to SMM price data, on August 14, the average price of germanium ingot was 24,500 yuan/kg, unchanged from the previous trading day. Compared with the average price of 13,500 yuan/kg on December 31, 2025, the 24,500 yuan/kg average price of germanium ingot has risen 81.48% year to date. This year's rise in germanium ingot prices was mainly supported by tight supply, while overall stable demand from end-use industries provided demand-side support for firm germanium prices. Looking ahead, whether germanium prices can extend their gains will depend on the intensity of the tug-of-war between upstream and downstream and marginal changes in supply-demand fundamentals. Tantalum On August 14, the price of SMM tantalum ingot (Ta≥99.95%) was 6,200-6,300 yuan/kg, with an average price of 6,250 yuan/kg. Compared with the average price of 2,980 yuan/kg on December 31, 2025, the average price of 6,250 yuan/kg has risen 109.73% year to date. Tantalum prices have been supported by demand from emerging fields such as AI servers, but traditional downstream demand has been relatively weak, capping upside room to some extent. Looking ahead, as there has been no significant shift in the supply-demand pattern, tantalum ingot prices are expected to remain stable. Indium On August 14, the average price of refined indium was 5,450 yuan/kg, unchanged from the previous trading day. Compared with the average price of 2,825 yuan/kg on December 31, 2025, the average price of 5,450 yuan/kg has risen by 2,625 yuan/kg year to date, up 92.92%. In the medium and long term, as domestic substitution of indium phosphide is realized at an accelerating pace, profit distribution in China's indium industry chain is expected to shift upward. Pr-Nd oxide Pr-Nd oxide posted a significant gain in H1 this year, boosting earnings of related enterprises along the rare earth industry chain. A review of Pr-Nd oxide's H1 price performance shows: On June 30, the average price of Pr-Nd oxide was 742,500 yuan/mt, up 136,000 yuan/mt from 606,500 yuan/mt on December 31, 2025, an H1 gain of 22.42%. Meanwhile, its daily average price in H1 this year was 740,530.17 yuan/mt, up 3,095,771.8 yuan/mt YoY from 430,952.99 yuan/mt in H1 2025, a YoY gain of 71.84%. On August 14, the average price of Pr-Nd oxide was 722,000 yuan/mt, up 0.98% from the previous trading day. Boosted by the recovery in Pr-Nd oxide futures prices, low-priced supply in the market tightened, suppliers slightly raised their offers, and this lifted Pr-Nd oxide prices somewhat. In the near term, as market trading activity gradually recovers, Pr-Nd product prices are expected to stop falling and rise. Recommended reading:

August 14: North China ports: 46% Australian lumps at 40-40.5 yuan/mtu, flat WoW; South African semi-carbonate ore at 32.2-32.7 yuan/mtu, down WoW; Gabonese ore at 37.8-38.2 yuan/mtu, flat WoW; South African high-iron ore at 28.5-29 yuan/mtu, flat WoW; South African medium-iron ore at 35-35.5 yuan/mtu, flat WoW. South China ports: 46% Australian lumps at 42.9-43.4 yuan/mtu, flat WoW; South African semi-carbonate ore at 36.3-36.8 yuan/mtu, flat WoW; Gabonese ore at 40.6-41.1 yuan/mtu, flat WoW; South African high-iron ore at 31.2-31.7 yuan/mtu, flat WoW; South African medium-iron ore at 38-38.5 yuan/mtu, flat WoW. Demand for manganese ore was subdued, port spot cargoes were elevated, and port manganese ore prices would consolidate at lows in the short term.

August 13, 2026 The Chinese gold market showed a clear dichotomy in the first half of 2026: whilst demand for jewellery slumped amid record prices, physical investment products recorded strong growth. According to data from the China Gold Association (CGA), China’s total consumption rose slightly by 1.23 per cent to 511.41 tonnes (previous year: 505.21 tonnes). Investment demand offsets slump in jewellery High gold retail prices and changes to tax rules had a noticeable dampening effect on consumers. Nevertheless, there was a significant shift towards physical assets as a store of value: • Jewellery: −33.88 per cent to 132.13 tonnes • Bullion & coins: +28.42% to 339.34 tonnes • Industry & other: −2.90% to 39.94 tonnes Retail investors made targeted use of price corrections to make additional purchases via domestic banks. As a result, the investment sector more than fully offset the slump in the jewellery sector. Domestic production slumps – strategic focus on physical metal In parallel with the shift in demand, domestic supply contracted: China’s mining output from its own raw materials fell by 14.62 per cent to 152.91 tonnes. The main cause was regulatory environmental requirements and safety inspections, which led to temporary shutdowns. By contrast, the processing of imported ores rose by 4.62 per cent to 77.08 tonnes. Overall, domestic production thus fell by 9.01 per cent to 229.99 tonnes. For commodity investors, market expert Willem Middelkoop ( Commodity Discovery Fund ) places these developments within a broader macroeconomic context. He sees a familiar pattern in China’s approach: the state is systematically using price dips to make strategic purchases – much as it has done with oil and copper. Middelkoop does not interpret the recent consistent restriction by major Chinese banks on retail investors’ access to leveraged paper and futures trading on the Shanghai Gold Exchange (SGE) as a market crisis. Rather, he sees it as a state-directed measure to defuse speculative overheating and a targeted redirection of private capital away from paper-based derivatives towards physically backed holdings. By curbing leveraged trades, financial institutions are reducing systemic risks in the domestic market and forcing capital to be tied up directly in physical assets. China thus remains the key driver of the global market: whilst high prices are dampening cyclical jewellery consumption, they are accelerating the strategic, long-term accumulation of physical metal. Against the backdrop of declining domestic production, this development is simultaneously exacerbating China’s structural dependence on imports of raw gold and ores – a trend that is likely to increasingly constrain physical liquidity on Western trading markets. Source： https://goldinvest.de/en/china-s-appetite-for-gold-is-growing-investors-are-increasingly-turning-to-gold-bars-and-coins

Australia exported 86.4 million tonnes of coking coal in January–July 2026, up 2.7% year on year. July exports reached 12.28 million tonnes, representing a 4.6% year-on-year increase. By destination, India’s imports of Australian coking coal fell 13% to 20.4 million tonnes, while Japan’s purchases rose 10% to 18.7 million tonnes and China’s surged 62% to 9.3 million tonnes. Calculations based on the reported figures show that the combined increase in shipments to China and Japan exceeded the decline in shipments to India, broadly accounting for Australia’s overall export growth.

Iron ore futures trended lower today. The most-traded DCE contract I2701 closed at 705 yuan/mt, down 0.21% from the previous trading session. Spot prices at Qingdao Port were basically flat compared with the previous trading day. Traders mostly followed prevailing market conditions, steel mills purchased as needed, and overall spot volumes so far have been moderate. SMM ten-port inventory survey data for this period show total inventory reached 106.95 million mt, a slight MoM increase of 360,000 mt; concentrate and lump ore continued destocking, while fine ore and pellets showed a slight inventory buildup. Iron ore concentrate prices currently remain firm; after pulling back in the previous period, prices have risen again. In contrast, fine ore prices remained stable due to relatively high inventories and relatively small demand fluctuations. Macro sentiment side, most market participants are currently wary of news-driven risks ahead and therefore prefer to take a wait-and-see approach. In the short term, from a fundamental perspective, iron ore prices are expected to move sideways in a narrow range, with limited upside and downside.

[Ferrochrome Market in the Doldrums, Ore-Side Offers Rise] August 13, 2026 News: Ferrochrome and chrome ore markets fluctuated slightly...