As of May 26, the Shanghai-LME zinc price ratio stood at 6.97, continuing its downward trend from 7.4 recorded in late March, which has led to a widening import loss of refined zinc ingots in China. According to calculations by Shanghai Metals Market (SMM), the current import loss of China’s refined zinc ingots has expanded to approximately RMB 3,800 per metric ton of metal.

On May 22, TISCO announced its tender purchase price for high-carbon ferrochrome for June at 8,295 yuan per 50 metric base tons. Tsingshan Group set its price at 8,495 yuan per 50 metric base tons simultaneously. Both prices were unchanged month-on-month from May, largely in line with market expectations. Market sentiment has stabilized, and retail prices of ferrochrome have halted their decline and leveled off.

According to Mining.com, Perpetua Resources announced on the 21st that the Export-Import Bank of the United States (EXIM), under the Make More in America (MMIA) initiative, agreed to provide the company with a $2.9 billion loan to develop the Stibnite project in Idaho. The company stated that EXIM's decision to approve the loan marked another step forward in advancing more competitive US production and manufacturing under MMIA. The Stibnite project contains substantial gold resources and is the only known antimony deposit in the US. It is also a project that the Trump administration has been fast-tracking, helping the US Army achieve its goal of a fully domestic antimony supply chain. "Now is the time to Make More in America, and this is not only an important milestone for Perpetua, but also a significant step for our nation's mineral security," said Perpetua CEO Jon Cherry in a press release. "When the federal government and private enterprises can jointly prioritize national interests, great things can be accomplished." EXIM's financing facility, combined with the cash on hand at Perpetua, is fully sufficient to support the company's construction of the Stibnite project based on estimated investment costs. "By advancing the development of domestic supply chains for critical minerals vital to our nation's manufacturing and national defense industries, this investment strengthens US economic and national security," added Idaho Senator Mike Crapo. To date, the project has undergone rigorous scientific and public review, been designated as a transparency project under the FAST-41 program, and received strong support and cooperation from the US Army. In October 2025, the project attracted significant investments from JPMorgan Chase and Agnico Eagle Mines.

In the first quarter of 2026, global energy storage system shipments reached 100.0 GWh, a 96.5% increase from 50.9 GWh in the same period of 2025, bringing quarterly shipments to an entirely new scale.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,625/mt, fluctuated downward in early trading to touch a low of $13,601/mt, then the price center moved sharply upward to probe $13,671/mt, before fluctuating downward again to finally close at $13,610.5/mt, down 0.18%, with trading volume at 17,000 lots and open interest at 268,000 lots, a decrease of 1,387 lots from the previous trading day, indicating bulls reducing positions. Overnight, the most-traded SHFE copper 2607 contract opened at 104,690 yuan/mt, dipped to 104,560 yuan/mt in early trading, then the price center fluctuated upward to touch a high of 105,050 yuan/mt, before experiencing wild swings to finally close at 104,760 yuan/mt, down 0.39%, with trading volume at 24,000 lots and open interest at 182,000 lots, a decrease of 17 lots from the previous trading day, indicating bulls reducing positions.

[Lead-Zinc Miner Updates] Recently, the Phase I flotation beneficiation plant project of Hezhang Dingshengxin Mining Development Co., Ltd. achieved a major milestone, with the semi-autogenous grinding mill and ball mill systems successfully completing no-load joint trial runs. This marked that the Zhugongtang super-large lead-zinc mine's mining and beneficiation project has fully entered the stage of combined equipment commissioning. It is reported that the Phase I flotation beneficiation plant of the Zhugongtang lead-zinc mine is expected to be ready for clean water trial runs by the end of June this year, ready for feed trial runs in August, and is striving to officially enter trial production by the end of September, at which point it will initially achieve a production capacity of proc