[SMM Aluminum Express News] Norsk Hydro said its majority-owned Slovak joint venture, Slovalco, has secured an agreement with the Slovak government to partially restart primary aluminium production in Q4 2026 following a four-year shutdown. The restart will initially bring back 75,000 tpy of smelting capacity, supported by a new long-term power supply agreement and compensation for indirect carbon costs under the EU Emissions Trading System. Slovalco plans to invest €100 million to resume operations, while the restart of the remaining 100,000 tpy of capacity will depend on market conditions and additional power contracts beyond 2030.

[SMM Silicon-based PV Morning Meeting Summary] Silicon metal: Yesterday, SMM oxygen-blown #553 silicon in east China was at 9,000-9,200 yuan/mt, and #441 silicon was at 9,200-9,400 yuan/mt. On the futures market, the most-traded contract consolidated at 8,400 yuan/mt. With strong support below prices, there is limited downside room, while upside bullish drivers are insufficient. The silicon metal market was stagnant and consolidating at lows. Wafers: In the wafer market, 18X wafer prices are at 0.85-0.88 yuan/piece, 210RN wafers at 0.96-0.98 yuan/piece, and 210N wafers at 1.16-1.18 yuan/piece. Wafer prices have temporarily stopped falling and stabilized.

In June 2026, SMM secondary refined lead production rose slightly by 2.23% MoM, but dropped sharply by 31.2% from the 2026 peak of 282,000 mt in January. The industry’s production center shifted lower continuously in Q2. SMM’s weekly operating rate for secondary lead across four provinces hovered in the range of 28.4%–29.7% throughout the month, staying well below the normal reasonable range for a prolonged period.

Savannah Resources announced on June 29 that its Barroso lithium project in Portugal – Europe's largest petalite deposit – would resume operations effective immediately. The restart followed a decision by the Portuguese government to reject an anticipated precautionary measure, thereby lifting the suspension of the related temporary land easement order and removing the final hurdles to site access in the pre‑construction phase. In its ruling, the Portuguese government stressed that the project is of major national and European significance, supporting EU strategic autonomy and the energy transition. It will effectively boost the inland economy, strengthen regional cohesion through job creation, and acknowledged Savannah's compliance during the initial easement implementation in 2025, as well as its active engagement with community concerns. The company said the timely resumption was in line with expectations, and that it would proceed with on‑site work and the final feasibility study.

[Lead Smelter Updates] It is learned that a medium-sized primary lead smelter in north-east China is about to complete its routine maintenance and plans to restart and resume production tomorrow (June 25). Lead ingot output is expected in early July, and after the plant resumes operations, daily production is expected to be around 200 mt.

In H1 2026, the Indonesian 10-12% high-grade NPI (delivered to port, tax inclusive) market trended steadily upward, with the SMM average price rising 12% compared to the same period in 2025. Price movements were characterized by “stepwise increases and fluctuations at highs.” Each round of supply-demand imbalance and policy disruption pushed prices onto a higher level.