July copper cathode production was recorded at 1.1268 million mt, down 1.59% MoM.

It is learned that this week (July 24 – July 30, 2026), the combined operating rate of primary lead smelters in three provinces was 67.02%, an increase of 0.25 percentage points WoW. The operating rate of primary lead enterprises edged up slightly this week, mainly due to the resumption of normal production at a medium-sized lead smelter in Hunan. Next week, maintenance at some small and medium-sized enterprises in Yunnan is about to end, and their production recovery progress will be monitored; some smelters in Hunan will gradually enter maintenance, which is expected to bring a certain reduction. In addition, a smelter in Inner Mongolia also plans to conduct maintenance in late August. Attention will be paid to the subsequent maintenance and production resumption progress of primary lead smelters.

[SMM Express] South Africa's ferrochrome industry remains under close market watch as producers gradually advance production recovery following the implementation of preferential electricity tariffs for major smelters. The lower power tariff has improved the operating environment, supported the restart of some idle furnace capacity and eased immediate pressure on the sector after a prolonged period of production cuts driven by high electricity costs. Market participants, however, remain cautious over the pace of recovery. Although the tariff relief is expected to support higher ferrochrome output in the short term, producers continue to face challenges from global price competition and operating costs. The speed at which additional smelting capacity returns to operation will be closely monitored, as stronger ferrochrome production could gradually increase domestic chrome ore consumption and influence South Africa's export mix.

SMM expects secondary lead prices to remain in the doldrums in H2. High scrap battery costs provide rigid bottom support for lead prices, but triple negative factors—macro rate hike expectations, high LME inventories, and the downstream consumption off-season—continue to cap the upside room……

Can Peru’s new government improve the delivery efficiency of copper mine projects? The Fujimori government’s plan is not to redefine the mining regime, but to strengthen implementation instruments such as approvals, infrastructure, reinvestment incentives, and revenue distribution. However, before constraints related to communities, permitting, infrastructure, and the decline of old mines are substantially overcome, Peru’s copper ore supply is still unlikely to be significantly released in the short term.

The essence of this supply crunch is a "three-layered squeeze": Layer 1: Physical cutoff – the Hormuz blockade severed Middle Eastern supply, halting nearly half of global seaborne trade. Layer 2: Policy lockdown – overlapping export bans from Russia, Kazakhstan, and Turkey blocked alternative supply sources, further tightening global tradable volumes. Layer 3: Capacity and inventory collapse – war-damaged Middle Eastern production facilities are slow to restart.