The European Emissions Trading System (ETS) is under significant pressure from member states due to sharply rising energy costs driven by the tightening supply of certificates, with prices tripling from around €25/t CO2 in 2019 to approximately €75/t in 2025. With the ETS scheduled for a major revision by July 2026, several EU countries led by Italy recently called for the review process to be suspended. Last week, Polish President Karol Nawrocki went a step further, urging his government to advocate for the complete abolition of the ETS to prevent further industrial relocation outside the EU. Industry experts note that any modification, suspension, or national exemption of the ETS would have immediate and direct consequences for the Carbon Border Adjustment Mechanism (CBAM).

ArcelorMittal Poland has invested approximately PLN 60 million ($16.08 million) to modernize Blast Furnace No. 3 at its Dąbrowa Górnicza plant, preparing it for a potential restart as early as spring 2026. The furnace has been idle since September 2025 due to weak demand, and the current refurbishment focuses on rebuilding the hearth with new ceramic materials to extend its operational life by four years. This move signals the company's readiness to react to potential recovery in European steel demand despite ongoing regional economic headwinds.

It is worth noting that the overall overseas ternary cathode demand outlook for 2026 remains subdued. The U.S. market has been sluggish since the fourth quarter of last year, prompting many overseas manufacturers to place their hopes on the European market.

European solar auctions and corporate PPAs added 92 GW of new capacity between 2022 and 2025, according to SolarPower Europe. After earlier struggles, auction-driven deployment rebounded to a record 25.2 GW in 2025, a 23% year-on-year increase. Meanwhile, corporate PPAs saw mixed results across the continent—dropping 56% in Germany but remaining strong in Spain, Italy, and Poland. Despite utility-scale growth, total EU solar installations in 2025 experienced a slight 0.7% decline to 65.1 GW. This marks the first annual drop since 2016, driven primarily by softened residential demand. With total capacity now at 406 GW, industry reports warn that reaching the bloc's 750 GW target by 2030 will require renewed policy support to address 'persistent inefficiencies' in auction designs.

Geopolitical tensions, and concerns about fiscal policy and central banks, have driven the gold price to where it is today.

[SMM Morning Meeting Minutes: Macro Sentiment-Driven, LME Zinc Center Shifts Lower] Overnight, LME zinc posted a large bearish candlestick, with the upper Bollinger Bands midline forming resistance and the lower 60-day moving average providing support. The Middle East conflict escalated, the US dollar strengthened, oil prices hit a new high since July of the year before last, inflation expectations rose, and the US Fed......

Societe Generale analysts Michael Haigh, Ben Hoff and Jeremy Sellem highlight how Tether’s expanding Gold holdings have become a major force in the Gold market.

Poland's central bank plans massive gold purchase despite record prices, potentially pushing bullion to 30% of total national assets.

In January-November 2025, Ukraine’s mining industry reduced iron ore exports by 4.9% compared to the same period in 2024, to 28.77 million tons. China is traditionally the largest consumer of Ukrainian iron ore. During this period, shipments of raw materials in this direction amounted to 15.29 million tons (+17.3% y/y). Slovakia received 4.08 million tons (-8.3% y/y), and Poland received 3.91 million tons (-16.7% y/y). In November, Ukraine exported 2.21 million tons of raw materials, which is 8.7% less than in the previous month and 10.2% less than in November 2024. 1.29 million tons (+12.4% m/m; +26% y/y), to Slovakia – 366.19 thousand tons (-2.9% m/m; -5.2% y/y), and to Poland – 171.28 thousand tons (-57% m/m; -58.1% y/y).

Since January until July 2025, Ukrainian steel enterprises' pig iron exports increased by 55% compared to the same period in 2024, reaching 1.04 million tons. Ukraine exported a total of 831,690 tons of pig iron to the United States, an increase of 84.1% year-on-year; exported 106,540 tons of pig iron to Italy, an increase of 84.8% year-on-year; and exported 25,350 tons of pig iron to Poland, a decrease of 25.7% year-on-year. It is worth noting that the United States became Ukraine's main consumer of pig iron mainly due to the recovery of Ukraine's maritime logistics for steel goods.