In the tax reform plan announced on August 3, the South Korean government limited domestic production tax credit support to six sectors: semiconductors, secondary batteries, artificial intelligence (AI) robot components, critical materials, solar power and wind power. As a result, electric vehicles were excluded from the domestic production tax credit scheme, often referred to as the “Korean IRA.”

SMM, August 5 At 11:30, the copper futures closing price was 107,230 yuan/mt, up 410 yuan/mt from the previous trading day. The average spot premium was 180 yuan/mt, down 50 yuan/mt from the previous trading day. Today, the secondary copper raw material price rose 400 yuan/mt from the previous trading day. The sentiment index for secondary copper raw material sales rose to 2.68, and the purchasing sentiment index rose to 2.00. The price difference between copper cathode and copper scrap was 4,077 yuan/mt, down 92 yuan/mt from the previous trading day. The price difference between copper cathode rod and secondary copper rod was 1,760 yuan/mt. According to SMM survey, copper prices strengthened, boosting suppliers' willingness to sell secondary copper raw materials. In addition, active orders from terminal wire and cable companies and faster cargo pick-up by traders led to ample orders for secondary copper rod enterprises, which urgently needed to purchase raw materials from the market to replenish inventories. As a result, the secondary copper raw material market saw relatively active trading during the day.

[SMM Magnesium Express]Recently, Hefei Qixing Light Metal Technology Co., Ltd. invested a total of 453 million yuan in a project to produce 50,000 tons of lightweight magnesium alloy ingots annually, which has been established in Chaohu, Anhui. The project involves the construction of modern workshops and an intelligent smelting system, aiming to fill the local gap in high-end magnesium alloy materials and meet the stable supply demand for high-quality magnesium alloy raw materials required for large-scale integrated die-casting applications such as battery trays and electric drive housings in new energy vehicles. With the project's commencement, the local magnesium alloy industry chain's supporting capacity is expected to further strengthen.

[SMM Stainless Steel Daily Review] SS Futures Retreat after Rapid Rise; Spot Stainless Steel Trades Cool Down According to SMM on August 5, SS futures generally pulled back, ending yesterday's shot up, and followed SHFE nickel to slump sharply. As of close, the most-traded SS contract settled at 14,475 yuan/mt. In the spot market, dragged by the renewed decline in SS futures, trading sentiment weakened notably, and traders lowered their quotes. Under the sentiment of rushing to buy amid continuous price rise and holding back amid price downturn, transactions turned visibly quiet. The most-traded SS futures contract: at 10:15 am, SS2609 was at 14,480 yuan/mt, down 390 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 490-890 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi held steady; for cold-rolled 304/2B coil with raw edges, the average price in Wuxi fell by 75 yuan/mt, and in Foshan also fell by 75 yuan/mt; the price for cold-rolled 316L/2B coil in Wuxi was flat; for hot-rolled 316L/NO.1 coil, quotes in Wuxi were unchanged; and cold-rolled 430/2B coil in both Wuxi and Foshan remained flat. This week, macro sentiment turned bearish, dominating metals market trends, and stainless steel futures consolidated on a subdued note under overall pressure. The US Fed's interest rate meeting this week kept rates unchanged as expected, but the overall stance was hawkish, weighing on commodity valuations broadly, and the nonferrous metals sector weakened collectively. Affected by the transmission of macro headwinds, SS futures consolidated on a subdued note in tandem, with the center of futures moving lower and overall market trading sentiment cautious. Spot and inventory side, futures...

[SMM Express] Automotive recycling specialists are highlighting the environmental and economic benefits of catalytic converter recycling as industries increasingly adopt circular economy practices. Catalytic converters contain valuable platinum group metals (PGMs), including platinum, palladium and rhodium, which can be recovered and refined for reuse in automotive, electronics and other industrial applications. Recycling these components reduces reliance on primary mining, lowering energy consumption, greenhouse gas emissions and industrial waste associated with extracting PGMs from ore. As millions of vehicles reach the end of their service life each year, efficient recovery of catalytic converters also helps divert valuable materials from landfills while supporting more sustainable resource management. Recovered PGMs retain their chemical properties through repeated refining, enabling manufacturers to secure secondary supplies of critical metals and improve supply chain resilience. As resource efficiency become increasingly important across the automotive sector, catalytic converter recycling is expected to remain a key secondary source of platinum, palladium and rhodium. Greater recovery rates could help supplement primary mine supply, supporting circularity while improving the long-term availability of critical PGMs for industrial applications.

[SMM Express] Future Market Insights (FMI) projects the global tantalum and niobium materials market to grow from USD 4.36 billion in 2026 to USD 8.74 billion by 2036, representing a compound annual growth rate (CAGR) of 7.2%. The outlook is supported by rising demand for tantalum capacitors in advanced electronics and expanding niobium use in high-strength low-alloy steels, superalloys and aerospace applications. According to FMI, the electronics sector is expected to account for 48.7% of demand in 2026, while tantalum will remain the dominant material with a 62.4% market share. China is forecast to record the fastest growth at 9.7% CAGR, followed by India (9.0%) and Germany (8.3%), reflecting increasing investment in advanced manufacturing, semiconductor production and next-generation infrastructure. The forecast highlights strengthening long-term fundamentals for the tantalum and niobium industries, underpinned by structural demand from electronics, aerospace and energy transition technologies. Continued growth is expected to support investment across mining, refining and downstream processing, while increasing the strategic importance of diversified and secure supply chains.