[SMM Steel] The global flat steel market in 2026 is being reshaped by chronic overcapacity, rising regional protectionism, CBAM-related pressure, and weaker traditional steel margins, according to discussions at Steel 2026 in Izmir. Market participants said weak demand in major economies and continued Chinese exports are putting downward pressure on international flat steel prices. Turkish and European producers are under growing pressure from low-cost Asian imports, tighter EU carbon rules, and shrinking margins. CBAM and quota policies are also changing export costs and trade flows, while service centers are expected to play a larger role in processing, financing, inventory management, and short-term delivery.

SMM May 15 News: In May 2026, the global molybdenum market remained in a persistently tight supply-demand pattern, with prices extending and accelerating the upward trend seen in April. International molybdenum oxide prices kept surging at high levels, while domestic molybdenum concentrate and ferromolybdenum prices repeatedly hit new stage highs.

【SMM Steel】Mining and trading giant Glencore is offering a deep-sea ferrous scrap cargo from the EU for June shipment to Turkey via a Baltic-based exporter. The Baltic exporter entered the Turkish market in 2023 but had previously focused on smaller Mediterranean cargoes of 8,000-10,000 tonnes, as Turkish shipments of ~20,000 tonnes require stronger financing and freight management. Glencore has also signed an agreement with Polish transshipment specialist Lebal at Gdansk Port to strengthen export logistics. Turkey imports 18-20 million tonnes of scrap annually as the world's largest ferrous scrap importer. With CBAM implementation and global decarbonisation accelerating, scrap is being repositioned from a secondary by-product into a strategic core metallics input.

SMM May 15 News: Metals market: Overnight, domestic base metals fell nearly across the board. SHFE copper fell 0.35%. SHFE aluminum fell 0.7%, SHFE lead fell 0.54%. SHFE zinc rose 0.2%. SHFE tin fell 1.33%. SHFE nickel fell 1.06%. In addition, the most-traded alumina futures fell 0.32%, and the most-traded casting aluminum futures fell 0.7%. Overnight, ferrous metals mostly fell. Iron ore fell 0.12%, rebar rose 0.34%. Stainless steel fell 0.8%, hot-rolled coil rose 0.2%. Coking coal and coke: coking coal fell 0.72%, coke edged down slightly. Overnight overseas metals showed mixed performance. LME copper fell 0.7%. LME aluminum rose 0.21%, LME lead rose 0.4%. LME zinc rose 0.99%, hitting an intraday high of $3,633.5/mt, the highest since June 2022. LME tin fell 2.89%. LME nickel fell 1.17%. Overnight precious metals : COMEX gold fell 1.09%, COMEX silver fell 6%. Overnight, the most-traded SHFE gold futures fell 0.32%, and the most-traded SHFE silver futures fell 3.52%. As of 7:15 AM on May 15, overnight closing prices: Macro front China: [PBOC: Aggregate social financing in the first four months totaled 15.45 trillion yuan; new loans reached 8.59 trillion yuan; April M2 grew 8.6% YoY] PBOC data showed that, according to preliminary statistics, the cumulative increase in aggregate social financing in the first four months of 2026 was 15.45 trillion yuan, down 893 billion yuan YoY. Of this, RMB loans to the real economy increased by 8.5 trillion yuan (down 1.29 trillion yuan YoY); foreign currency loans to the real economy increased by 103.6 billion yuan in RMB equivalent (up 213.4 billion yuan YoY); entrusted loans decreased by 94.1 billion yuan (down an additional 99.4 billion yuan YoY); trust loans increased by 300 million yuan (down 45.1 billion yuan YoY); undiscounted bankers' acceptances increased by 51.3 billion yuan (down 199.2 billion yuan YoY); net corporate bond financing was 1.5 trillion yuan (up 739.3 billion yuan YoY); net government bond financing was 4.45 trillion yuan (down 399 billion yuan YoY); domestic equity financing by non-financial enterprises was 200.8 billion yuan (up 65.5 billion yuan YoY). In the first four months, RMB loans increased by 8.59 trillion yuan. At end-April, the outstanding balance of domestic and foreign currency loans was 284.29 trillion yuan, up 5.5% YoY. Month-end outstanding RMB loans stood at 280.5 trillion yuan, up 5.6% YoY. In the first four months, RMB loans increased by 8.59 trillion yuan. By sector, household loans decreased by 490.2 billion yuan, of which short-term loans decreased by 610.2 billion yuan and medium and long-term loans increased by 119.9 billion yuan; loans to enterprises and public institutions increased by 8.99 trillion yuan, of which short-term loans increased by 3.67 trillion yuan, medium and long-term loans increased by 5.01 trillion yuan, and bill financing increased by 142.9 billion yuan; loans to non-bank financial institutions decreased by 193.5 billion yuan. At end-April, the outstanding balance of foreign currency loans was $55.15 billion, up 3.4% YoY. In the first four months, foreign currency loans increased by $6.5 billion. PBOC data showed that at end-April, broad money (M2) balance was 353.04 trillion yuan, up 8.6% YoY. Narrow money (M1) balance was 114.58 trillion yuan, up 5% YoY. Currency in circulation (M0) balance was 14.75 trillion yuan, up 12.2% YoY. Net cash injection in the first four months was 653 billion yuan. [PBOC: To conduct 300 billion yuan outright reverse repo operation on May 15 with a 6-month tenor] To maintain ample liquidity in the banking system, on May 15, 2026, the People's Bank of China will conduct a 300 billion yuan outright reverse repo operation through fixed-quantity, interest rate tender, and multiple-price winning method, with a tenor of 6 months (184 days), maturing on November 15, 2026 (postponed in case of holidays). US dollar: Overnight, the US dollar index rose 0.41% to 98.88. According to Wallstreetcn, US April retail sales posted the strongest gain in 8 months, confirming consumer resilience, but inflationary pressures continued to build. Combined with rising long-term Treasury yields, market expectations for a US Fed interest rate cut have largely faded. US Fed Governor Barr stated that easing liquidity rules to shrink the central bank's balance sheet is a bad idea that could undermine the safety of the financial system. "There has been a lot of discussion recently about shrinking the size of the Fed's balance sheet to reduce our 'footprint' in the financial system," Barr said in prepared remarks for a conference hosted by the NYU Money Marketeers. "I believe shrinking the balance sheet is the wrong objective, and many of the proposals put forward to achieve it would weaken bank resilience, impede the normal functioning of money markets, and ultimately threaten financial stability," Barr said. "Some proposals would actually increase the Fed's 'footprint' in financial markets." Barr noted that allowing banks to reduce their liquidity holdings as a means of shrinking Fed assets could increase the risk that these institutions would need to turn to Fed liquidity facilities when in distress. He said, "The size of the Fed's balance sheet is not the right measure of its influence in financial markets," and in a system where the Fed creates reserves "at no cost," the real focus should be on the effectiveness of the Fed's monetary policy implementation. (Jin10 Data) According to Reuters, Milan formally submitted his resignation to the US Fed on Thursday local time, setting his departure date on or shortly before the day Waller is sworn in. Waller is expected to be sworn in as Fed Chairman within the coming days. In his resignation letter, Milan continued to warn that interest rates may be too high. He wrote that broader economic trends such as slowing population growth and deregulation would reduce inflation on their own, giving the Fed room to ease policy. He also argued that technical challenges in measuring inflation may cause inflation statistics to overstate actual levels. (Jin10 Data) According to CME "FedWatch": the probability of the US Fed holding rates unchanged through June is 96.8%, with a 3.2% probability of a cumulative 25 bps cut. The probability of holding rates unchanged through July is 93.8%, with a 3.1% probability of a cumulative 25 bps cut and a 3.1% probability of a cumulative 25 bps hike. Data: Today will see the release of the US May NY Fed Manufacturing Index, US April industrial production MoM, and China April total electricity consumption YoY, among other data. Also watch: 2026 FOMC voter and Cleveland Fed President Hammack delivers opening remarks at an online discussion on central bank independence; FOMC permanent voter and NY Fed President Williams participates in a discussion; US Fed Governor Barr speaks on the balance sheet; the National Energy Administration releases total electricity consumption data around the 15th of each month; Powell's term as Fed Chairman ends; US President Trump makes a state visit to China. Crude oil: Overnight, both oil futures rose, with WTI up 0.99% and Brent up 0.91%. Market concerns over supply disruptions amid the US-Iran conflict persisted, supporting oil prices. US Treasury Secretary Bessent stated that Iran's oil storage is full and Tehran will need to halt oil production. Following the US blockade on Iranian oil exports, the key question in this conflict is: how long can Iran store the oil it cannot export before running out of space. Some analysts believe Iran still has a few weeks of storage capacity, and Tehran has begun slowly cutting production to cope with the standoff. Bessent said in an interview on CNBC's "Squawk Box" that over the past three days, Iran has been unable to load tankers at its main oil export terminal, Kharg Island, as the US blockade prevented tankers from entering or leaving the Persian Gulf. In the first month of the US blockade, the US military forced 70 vessels allegedly heading to or from Iranian ports to change course. (Jin10 Data) According to Bloomberg ship-tracking data, four VLCCs loaded with crude oil have transited the Strait of Hormuz since May 10, with combined daily flows approaching 2 million barrels. However, this improvement was relatively limited. Freight analyst Georgios Sakellariou stated: according to Bloomberg ship-tracking data, four VLCCs loaded with crude oil have transited the Strait of Hormuz since May 10, with combined daily flows approaching 2 million barrels. However, this improvement was relatively limited. Goldman Sachs analyst Tallulah Adams noted that the oil market has entered a narrower trading range, with realized volatility over the past 5 days falling to the lowest level since the conflict began, and the market is largely in wait-and-see mode. Weak physical market signals suggest supply remains adequate for the May trading cycle, but Goldman Sachs also cautioned that the coming weeks will be critical as the summer peak demand season is about to arrive. (Wallstreetcn) Additionally, two industry sources told Reuters that a Gazprom natural gas processing plant in Russia's southern Astrakhan region suspended motor fuel production after a fire on May 13. The fire was caused by a drone strike. They said the plant suspended operations, including a stabilized condensate processing unit with an annual capacity of 3 million mt that produces gasoline and diesel. According to sources, restoring motor fuel production could take weeks to months. The second source said hydrogen sulfide treatment and sulfur recovery equipment were also damaged in the drone strike. Industry sources said the Astrakhan plant processed 1.8 million mt of stabilized natural gas condensate in 2024, producing 800,000 mt of gasoline, 600,000 mt of diesel, and 300,000 mt of fuel oil. (Jin10 Data)

According to PBoC data, at the end of April, the balance of broad money (M2) stood at 353.04 trillion yuan, up 8.6% YoY. The balance of narrow money (M1) was 114.58 trillion yuan, up 5% YoY. The balance of currency in circulation (M0) was 14.75 trillion yuan, up 12.2% YoY. Net cash injection in the first four months totaled 653 billion yuan.

According to Mining.com, drilling by Canadian exploration enterprise San Lorenzo Gold at the Arco de Oro target within the Salvadora project in Chile indicated that the property may host several copper-gold deposits. San Lorenzo said on Friday (8th) that drill hole SAL-10-25 intersected 102 meters of mineralization at a depth of 153 meters with a gold grade of 1.33 g/mt, including 13 meters at the same depth with a gold grade of 2.21 g/mt. Nearby drill hole SAL-09-25 intersected 59 meters of mineralization at a depth of 238 meters with a gold grade of 1.07 g/mt, including 11 meters at a depth of 270 meters with a gold grade of 3.78 g/mt. "These drill holes indicate a larger mineralization system at Arco de Oro than previously recognized," said Terence Walker, Vice President of Exploration. "We appear to be entering the upper portion of a gold-rich porphyry copper-gold system that requires follow-up drilling." Calgary-based San Lorenzo has become one of the best-performing junior exploration companies on the Toronto Venture Exchange this year, with a series of discoveries at its Salvadora project in the Atacama Region of northern Chile. The project covers more than 90 square kilometers and is located approximately 15 kilometers from Codelco's long-producing El Salvador copper mine. Infrastructure including roads and power is well-established, with access to nearby mining services. Five Targets Arco de Oro is one of five porphyry and epithermal deposit targets at the Salvadora project. Earlier this year, early-stage drilling at the Cerro Blanco target intersected gold mineralization on multiple occasions, attracting investor attention and financing. In March, San Lorenzo raised approximately $20 million through a private placement to fund further exploration at Salvadora. San Lorenzo has been steadily expanding the extent of the deposit. Two months ago, the company added 29 square kilometers near Cerro Blanco by acquiring three nearby Rubi blocks and signing an option agreement. San Lorenzo said the geological setting at Salvadora is similar to other Andean porphyry deposits in Chile. Management noted that the broad mineralization intersections and multiple targets suggest the potential existence of a large-scale copper-gold mineralization system. Assay results from other drill holes at Arco de Oro have not yet been completed, and the company will continue drilling to verify the extension of the ore body, which remains open in all directions.

Q.ENEST Holdings has completed a JPY 9 billion syndicated loan arranged by SMBC to fund an 80MW portfolio of low-voltage distributed PV assets across Japan. The financing was structured through an SPC and will be drawn down in stages over around one year as assets are acquired, with the first drawdown covering existing plants. Q.ENEST Denki, the group’s retail power unit, will act as the offtaker, supplying fixed-price green electricity to residential and corporate customers. The deal highlights growing financing interest in Japan’s distributed PV assets, supported by integrated generation, retail offtake and hedging models.

According to PBOC data, preliminary statistics showed that the cumulative aggregate social financing (ASF) increment in the first four months of 2026 was 15.45 trillion yuan, 893 billion yuan less than the same period last year. Specifically, RMB loans to the real economy increased by 8.5 trillion yuan, down 129 billion yuan YoY; foreign currency loans to the real economy increased by 103.6 billion yuan in RMB equivalent, up 213.4 billion yuan YoY; entrusted loans decreased by 94.1 billion yuan, a YoY increase in decline of 99.4 billion yuan; trust loans increased by 300 million yuan, down 45.1 billion yuan YoY; undiscounted bankers' acceptances increased by 51.3 billion yuan, down 199.2 billion yuan YoY; net corporate bond financing was 1.5 trillion yuan, up 739.3 billion yuan YoY; net government bond financing was 4.45 trillion yuan, down 399 billion yuan YoY; domestic equity financing of non-financial enterprises was 200.8 billion yuan, up 65.5 billion yuan YoY. Financial Statistics Report for April 2026 I. Outstanding ASF Up 7.8% YoY Preliminary statistics showed that the outstanding ASF at the end of April 2026 was 45.689 trillion yuan, up 7.8% YoY. Specifically, outstanding RMB loans to the real economy were 27.69 trillion yuan (up 5.6% YoY); outstanding foreign currency loans to the real economy in RMB equivalent were 1.123 billion yuan (down 3.8% YoY); outstanding entrusted loans were 1.123 trillion yuan (down 0.1% YoY); outstanding trust loans were 467 billion yuan (up 7.4% YoY); outstanding undiscounted bankers' acceptances were 220 billion yuan (down 7.9% YoY); outstanding corporate bonds were 3.552 trillion yuan (up 8.3% YoY); outstanding government bonds were 9.937 trillion yuan (up 15.6% YoY); outstanding domestic equity of non-financial enterprises was 1.24 trillion yuan (up 4.6% YoY). In terms of structure, at the end of April, outstanding RMB loans to the real economy accounted for 60.6% of the outstanding ASF in the same period, down 1.3 percentage points YoY; outstanding foreign currency loans to the real economy in RMB equivalent accounted for 0.2%, down 0.1 percentage point YoY; outstanding entrusted loans accounted for 2.5%, down 0.2 percentage points YoY; outstanding trust loans accounted for 1%, flat YoY; outstanding undiscounted bankers' acceptances accounted for 0.5%, down 0.1 percentage point YoY; outstanding corporate bonds accounted for 7.8%, up 0.1 percentage point YoY; outstanding government bonds accounted for 21.7%, up 1.4 percentage points YoY; outstanding domestic equity of non-financial enterprises accounted for 2.7%, down 0.1 percentage point YoY. II. Cumulative ASF Increment in the First Four Months Was 15.45 Trillion Yuan Preliminary statistics showed that the cumulative ASF increment in the first four months of 2026 was 15.45 trillion yuan, 893 billion yuan less than the same period last year. Among them, RMB loans to the real economy increased by 8.5 trillion yuan, down 1.29 trillion yuan YoY; foreign currency loans to the real economy increased by 103.6 billion yuan in RMB equivalent, up 213.4 billion yuan YoY; entrusted loans decreased by 94.1 billion yuan, down 99.4 billion yuan more YoY; trust loans increased by 300 million yuan, down 45.1 billion yuan YoY; undiscounted bankers' acceptances increased by 51.3 billion yuan, down 199.2 billion yuan YoY; net financing through corporate bonds was 1.5 trillion yuan, up 739.3 billion yuan YoY; net financing through government bonds was 4.45 trillion yuan, down 399 billion yuan YoY; domestic stock financing of non-financial enterprises was 200.8 billion yuan, up 65.5 billion yuan YoY. III. Broad Money Grew by 8.6% At the end of April, the balance of broad money (M2) was 35.304 trillion yuan, up 8.6% YoY. The balance of narrow money (M1) was 11.458 trillion yuan, up 5% YoY. The balance of currency in circulation (M0) was 1.475 trillion yuan, up 12.2% YoY. Net cash injection in the first four months was 653 billion yuan. IV. RMB Deposits Increased by 14 Trillion Yuan in the First Four Months At the end of April, the balance of domestic and foreign currency deposits was 35.057 trillion yuan, up 9% YoY. The month-end balance of RMB deposits was 34.268 trillion yuan, up 8.9% YoY. RMB deposits increased by 14 trillion yuan in the first four months. Among them, household deposits increased by 5.74 trillion yuan, non-financial enterprise deposits increased by 1.43 trillion yuan, fiscal deposits increased by 1.2 trillion yuan, and deposits of non-bank financial institutions increased by 4.5 trillion yuan. At the end of April, the balance of foreign currency deposits was $115 billion, up 19.9% YoY. Foreign currency deposits increased by $89.1 billion in the first four months. V. RMB Loans Increased by 8.59 Trillion Yuan in the First Four Months At the end of April, the balance of domestic and foreign currency loans was 28.429 trillion yuan, up 5.5% YoY. The month-end balance of RMB loans was 28.05 trillion yuan, up 5.6% YoY. RMB loans increased by 8.59 trillion yuan in the first four months. By sector, household loans decreased by 490.2 billion yuan, of which short-term loans decreased by 610.2 billion yuan and medium and long-term loans increased by 119.9 billion yuan; loans to enterprises and public institutions increased by 8.99 trillion yuan, of which short-term loans increased by 3.67 trillion yuan, medium and long-term loans increased by 5.01 trillion yuan, and bill financing increased by 142.9 billion yuan; loans to non-bank financial institutions decreased by 193.5 billion yuan. At the end of April, the balance of foreign currency loans was $55.15 billion, up 3.4% YoY. Foreign currency loans increased by $6.5 billion in the first four months. VI. In April, the Monthly Weighted Average Interest Rate of Interbank RMB Market Lending Was 1.29%, and the Monthly Weighted Average Interest Rate of Pledged Bond Repos Was 1.31% In April, the interbank RMB market recorded a combined turnover of 22.562 trillion yuan through lending, cash bond trading, and repos, with a daily average turnover of 1.074 trillion yuan, up 34% YoY. Among them, the daily average turnover of interbank lending was up 46% YoY, the daily average turnover of spot bond trading was up 22.1% YoY, and the daily average turnover of pledged repo was up 36.3% YoY. In April, the weighted average interest rate of interbank lending was 1.29%, down 0.09 and 0.44 percentage points from the previous month and the same period last year, respectively; the weighted average interest rate of pledged repo was 1.31%, down 0.09 and 0.41 percentage points from the previous month and the same period last year, respectively. VII. In April, Cross-Border RMB Settlement under Current Account Reached 1.77 Trillion Yuan, and Cross-Border RMB Settlement under Direct Investment Reached 670 Billion Yuan In April, cross-border RMB settlement under the current account totaled 1.77 trillion yuan, of which goods trade and services trade and other current account items accounted for 1.38 trillion yuan and 390 billion yuan, respectively; cross-border RMB settlement under direct investment totaled 670 billion yuan, of which outbound direct investment and foreign direct investment accounted for 260 billion yuan and 410 billion yuan, respectively. Recommended Reading:

McEwen Copper said on May 11 that it has secured arrangements for a $2.4 billion loan package to help finance development of the Los Azules copper project in Argentina. Total project financing is expected to reach $4 billion, alongside a planned IPO later this year. The mine is targeting first production around 2029–2030 with annual copper cathode output exceeding 200,000 tons. Rising copper prices are helping reopen financing channels for major mining projects globally.

According to Miningweekly, citing Bloomberg, a Cold War-era mine near the Slovak capital Bratislava is attracting attention from the EU. The project, known as Trojarova, is situated on a densely wooded hillside in what is known as the Little Carpathians in Slovakia, where Soviet engineers first discovered antimony-bearing ore layers in the 1980s. Its owner, Canada-based Military Metals Corp (MMC), is seen as an opportunity for Europe to secure a military metal. For critical minerals such as antimony, EU countries appear unable to provide funding and take action, leaving projects like Trojarova vulnerable to being snapped up by competitors. MMC has so far failed to secure an offtake agreement from the EU. As President Trump threatens to raise tariffs on Europe, the project illustrates the danger of Europe falling behind in the fierce competition among superpowers. As imports of critical minerals such as rare earths face restrictions, the US has been actively seeking partnerships with resource-rich countries and funding projects around the world to accelerate development, but Europe has lagged behind. "Member states remain reluctant to foot the bill for mining and processing projects outside their borders, even when geo-economic realities demand it," said Schulz Sabrina, Germany director of the European Initiative for Energy Security (EIES). "Financing remains the main obstacle." The 2023 European Critical Raw Materials Act (CRMA) laid out the EU's strategy. The CRMA set targets that at least 10% of Europe's annual critical materials supply should come from domestic extraction and 40% from domestic processing. These targets compelled member states to take action, identify security gaps, and concentrate investment to ensure secure supplies of battery metals such as lithium. Since then, global competitors have pivoted to military resources such as antimony, gallium, and germanium, but Europe has not followed suit. Insiders believe this is because EU officials lack the authority to pursue policies similar to those of the US and lack the funding to invest. This has made it difficult for underfunded enterprises to launch minor metal projects, as they struggle to raise capital in private markets at the very least. With tight budgets across Europe, many EU member states are unknown on how to take action. In Germany, for example, the economics ministry, the chancellery, and the foreign ministry have yet to agree on how to address critical minerals risks. The result is a deadlock, with EU officials worried that member states fear missing out on opportunities. Last month, the EU reached an agreement with the US on policy coordination to secure critical minerals supply chains. For MMC, this was an important development that could lead to joint US-EU investment and offtake partnerships for Trojarova. On March 24, Hartmann Frank, a German foreign ministry official responsible for Asian affairs, said at an event in Berlin that Europe was not acting fast enough and "not doing enough." "We must implement a long-term strategy, keep the funds and capital in our hands, and invest in these critical minerals over the next decade," he said at a panel discussion hosted by the German Council on Foreign Relations. "Otherwise, we will not be able to break free from this dependency." The Trojarova project, acquired by MMC about two years ago, could be an opportunity. Antimony is a silvery-white metal commonly associated with gold, widely used in military applications such as ammunition, night-vision goggles, and infrared sensors, accounting for 15% of total demand. Other uses include flame retardants, nuclear energy, and renewable energy. "Antimony is a versatile minor metal," said Schulz. "Antimony supply is highly concentrated, and Europe is almost entirely dependent on imports." This is also why MMC has been pitching the Trojarova project to investors as a significant opportunity in Europe, capable of supplying antimony ingots directly to national defense clients. MMC CEO Eldridge Scott said smelters in Germany and Sweden could process ore from the project, helping Europe establish an entire antimony supply chain from mining to processing. The mine, located near the wine town of Pezinok in southwestern Slovakia, was first discovered and mined by the Soviets. Although the 1.7-kilometer-long mine was later abandoned, it remains one of Europe's most significant antimony deposits. MMC is too small to resume production at the mine on its own and needs to co-invest with partners and build a smelter. If production resumes within two to three years, the mine could produce 6,000 mt of antimony annually, meeting one-third of Europe's demand. However, the company, with a market capitalization of less than $30 million, needs substantial funding. In addition, critical minerals prices are prone to wild swings, and even in markets such as lithium, several major projects have stalled as miners seek government funding. No matter how high-quality this company's project may be, Europe still lacks the funding and determination to ensure the development of these resources. Germany's own 1 billion euro raw material fund has so far supported only two projects, creating more barriers for companies to qualify than it has removed. The European Commission and its member states have signed multiple memoranda of understanding with producing countries. For example, Spain reached an agreement with Brazil last month. However, US agreements with these countries are larger in funding scale and progressing faster. The US government's agreement with the EU reflects its so-called price floors to safeguard producers' operations. European countries have been hesitant, but sometimes have had no choice but to agree to US proposals. Meanwhile, the momentum for EU action has largely given way to other more pressing crises. In contrast, although the US government has recently been focused on conflicts such as the Iran war, the president's team of aides has been busy identifying mineral projects and bidding to secure them. A US enterprise has already approached MMC to request a field trip to the Trojarova project. Meanwhile, the US government's investment arm agreed last month to a $5 million deal to restart another shuttered antimony mine in North Macedonia. MMC president Hüser Thomas hopes Trojarova will not face a similar outcome. The German national, formerly a manager at Glencore, joined the company this year. "What we still lack is not plans, but enforcement," he said. "Europe's raw material strategy remains fragmented, slow, and often disconnected from industrial reality."