As of May 26, the Shanghai-LME zinc price ratio stood at 6.97, continuing its downward trend from 7.4 recorded in late March, which has led to a widening import loss of refined zinc ingots in China. According to calculations by Shanghai Metals Market (SMM), the current import loss of China’s refined zinc ingots has expanded to approximately RMB 3,800 per metric ton of metal.

On May 22, TISCO announced its tender purchase price for high-carbon ferrochrome for June at 8,295 yuan per 50 metric base tons. Tsingshan Group set its price at 8,495 yuan per 50 metric base tons simultaneously. Both prices were unchanged month-on-month from May, largely in line with market expectations. Market sentiment has stabilized, and retail prices of ferrochrome have halted their decline and leveled off.

According to Mining.com, Perpetua Resources announced on the 21st that the Export-Import Bank of the United States (EXIM), under the Make More in America (MMIA) initiative, agreed to provide the company with a $2.9 billion loan to develop the Stibnite project in Idaho. The company stated that EXIM's decision to approve the loan marked another step forward in advancing more competitive US production and manufacturing under MMIA. The Stibnite project contains substantial gold resources and is the only known antimony deposit in the US. It is also a project that the Trump administration has been fast-tracking, helping the US Army achieve its goal of a fully domestic antimony supply chain. "Now is the time to Make More in America, and this is not only an important milestone for Perpetua, but also a significant step for our nation's mineral security," said Perpetua CEO Jon Cherry in a press release. "When the federal government and private enterprises can jointly prioritize national interests, great things can be accomplished." EXIM's financing facility, combined with the cash on hand at Perpetua, is fully sufficient to support the company's construction of the Stibnite project based on estimated investment costs. "By advancing the development of domestic supply chains for critical minerals vital to our nation's manufacturing and national defense industries, this investment strengthens US economic and national security," added Idaho Senator Mike Crapo. To date, the project has undergone rigorous scientific and public review, been designated as a transparency project under the FAST-41 program, and received strong support and cooperation from the US Army. In October 2025, the project attracted significant investments from JPMorgan Chase and Agnico Eagle Mines.

In the first quarter of 2026, global energy storage system shipments reached 100.0 GWh, a 96.5% increase from 50.9 GWh in the same period of 2025, bringing quarterly shipments to an entirely new scale.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,625/mt, fluctuated downward in early trading to touch a low of $13,601/mt, then the price center moved sharply upward to probe $13,671/mt, before fluctuating downward again to finally close at $13,610.5/mt, down 0.18%, with trading volume at 17,000 lots and open interest at 268,000 lots, a decrease of 1,387 lots from the previous trading day, indicating bulls reducing positions. Overnight, the most-traded SHFE copper 2607 contract opened at 104,690 yuan/mt, dipped to 104,560 yuan/mt in early trading, then the price center fluctuated upward to touch a high of 105,050 yuan/mt, before experiencing wild swings to finally close at 104,760 yuan/mt, down 0.39%, with trading volume at 24,000 lots and open interest at 182,000 lots, a decrease of 17 lots from the previous trading day, indicating bulls reducing positions.

[Lead-Zinc Miner Updates] Recently, the Phase I flotation beneficiation plant project of Hezhang Dingshengxin Mining Development Co., Ltd. achieved a major milestone, with the semi-autogenous grinding mill and ball mill systems successfully completing no-load joint trial runs. This marked that the Zhugongtang super-large lead-zinc mine's mining and beneficiation project has fully entered the stage of combined equipment commissioning. It is reported that the Phase I flotation beneficiation plant of the Zhugongtang lead-zinc mine is expected to be ready for clean water trial runs by the end of June this year, ready for feed trial runs in August, and is striving to officially enter trial production by the end of September, at which point it will initially achieve a production capacity of proc

2025-05-25 To comprehensively promote the large-scale and high-quality development of the hydrogen energy industry and improve the local hydrogen energy industry supporting system and application ecosystem, the Ziyang Municipal Bureau of Economy and Information Technology publicly released a policy announcement, soliciting public opinions on the revision of the "Several Policy Measures of the Ziyang Municipal People's Government on Supporting the High-Quality Development of the Hydrogen Energy Industry (Draft for Comments)," and simultaneously released an official policy interpretation, safeguarding hydrogen energy industry development with dedicated support policies. The new policy under public consultation introduces multiple favorable measures around hydrogen refueling station construction and operation, continuously addressing shortcomings in hydrogen energy infrastructure. Ziyang will establish a dedicated fast-track approval channel for hydrogen refueling station projects, significantly shortening project approval timelines and improving implementation efficiency. For integrated hydrogen production and refueling stations located outside chemical industrial parks, the local government will provide a one-time construction reward of up to 2 million yuan. Meanwhile, restrictions on station construction scenarios will be relaxed, allowing the construction of enterprise self-use hydrogen refueling facilities in compliant areas such as industrial parks, logistics parks, open-air parking lots, and bus depots. For scenarios involving station construction through renovation of existing industrial land, the policy explicitly sets a 2-year exclusive transition period, during which enterprises may use existing industrial land to build integrated hydrogen production and refueling stations and conduct compliant hydrogen refueling services. After the transition period, the relevant construction land may complete the "industrial-to-commercial" land use adjustment in accordance with regulations. Regarding operational subsidies, Ziyang has set clear support standards: for compliant hydrogen refueling stations with hydrogen pricing no higher than 25 yuan/kg and daily average refueling capacity of 500 kg or above, operational subsidies will be granted at a maximum standard of 20 yuan per kilogram, with an annual subsidy cap of 5 million yuan per station, effectively reducing station operational pressure. To improve the entire industry chain layout of hydrogen energy and achieve industry chain strengthening and gap-filling, Ziyang has introduced dual reward policies for industrial investment and technological transformation. The city focuses on encouraging the implementation of projects across the entire hydrogen energy chain covering production, storage, transportation, refueling, and utilization, encompassing key upstream and downstream fields such as core equipment, key parts, and specialty materials. For key hydrogen energy industry projects that are successfully completed and put into production, a one-time investment reward of up to 10 million yuan may be granted. Meanwhile, the policy supports local traditional enterprises in transformation and upgrading, guiding enterprises to conduct hydrogen energy-oriented technological transformation benchmarked against industry-leading standards. Projects that complete technological transformation and are officially put into use may enjoy a one-time technological transformation subsidy of up to 1 million yuan per project, facilitating the transformation of traditional industries toward the hydrogen energy track. In the hydrogen energy scenario innovation application field, Ziyang continues to broaden promotion boundaries and enrich diversified implementation scenarios. The new policy focuses on supporting hydrogen fuel cell commercial vehicle demonstration projects, providing local funding support at 50% of the national prevailing demonstration application credit subsidy standard for market entities participating in demonstration operations. In addition, local enterprises operating hydrogen-powered rail locomotives, mining trucks, forklifts, two-wheeled hydrogen vehicles, hydrogen-powered aircraft, as well as those developing new-type application scenarios such as backup power supply, combined heat and power, and hydrogen energy storage power generation based on hydrogen energy, may all enjoy local supporting subsidies at 50% of the equivalent national subsidy standard, comprehensively activating the vitality of the hydrogen energy end-use applications market. Furthermore, the new policy focuses on large-scale hydrogen consumption and industry cost reduction and efficiency improvement, introducing targeted incentive policies. For fossil energy-to-hydrogen substitution technological transformation projects of high energy-consuming and high carbon-emitting industrial enterprises, a one-time reward of up to 1 million yuan may be claimed after meeting standards and being put into use. Meanwhile, a regular hydrogen use subsidy is established, providing subsidies at a standard of 2 yuan/kg based on the enterprise's actual annual hydrogen consumption, with a maximum annual subsidy of 1 million yuan per enterprise. To explore new models of hydrogen energy utilization, Ziyang will also support natural gas pipeline hydrogen blending demonstration projects, with a one-time construction subsidy of up to 1 million yuan for each compliant demonstration project, promoting large-scale, low-cost popularize application of hydrogen energy through multiple measures.

During the survey period (May 19–May 25), in the Central China region, the rebar operating rate rose while the capacity utilization rate declined, and both the wire rod operating rate and capacity utilization rate decreased.

Nickel Ore " Indonesia Officially Issues Presidential Decree Requiring Designated State-Owned Enterprises to Monopolize Strategic Resource Exports Starting This June " 1. Price Dynamics and HMA Revisions The Indonesian nickel ore price remained stable this week. The Ministry of Energy and Mineral Resources (ESDM) has officially released the Nickel Mineral Benchmark Price (HMA) for the second half of May 2026. Nickel HMA: $18,849.3/dmt (up $1047.15 or 5.88% from $17,802.14 in early May). Cobalt HMA: $55,854/dmt. Iron Ore HMA: $1.58/dmt. Chrome Ore HMA: $6.37/dmt. Current port-delivered prices for 1.6% grade pyrometallurgical ore (saprolite) stand at $77.8-80.8/wmt. In contrast, 1.2% grade hydrometallurgical ore (limonite) is priced at approximately $28-33/wm.. 2. Supply-Demand Fundamentals and Weather Impacts For pyrometallurgical ore, unseasonal, abnormally heavy rainfall in the Central and South Sulawesi regions (Morowali and surrounding mining areas) has severely disrupted land transportation and barge transshipment. A series of micro-earthquakes (reaching up to magnitude M$1.9$) that occurred near Morowali between May 17 and 18 further exacerbated this impact. The combination of highly saturated soil moisture and minor crustal tremors has significantly increased the risk of landslides and slope instability, forcing mines to slow down their extraction and heavy-truck transportation pace for safety reasons. Therefore, even though the approval rate of regulatory quotas (RKAB) has reached approximately 90%, the spot supply of high-grade ore remains tight. To cope with exorbitant costs and tight supply, smelters are actively adopting cost-reduction strategies. These include blending low-grade ores into raw materials to lower the overall grade, promoting a unified premium pricing model of "HPM + USD $7–$10/wmt," and implementing standardized benchmarks for the chemical specifications of pyrometallurgical ore (Cobalt 0.05%, Iron 20%, Chrome 1%) to eliminate additional premiums for individual ore components. Meanwhile, the hydrometallurgical nickel ore market continues to suffer a severe disconnect from official pricing. The price of low-grade hydrometallurgical ore is under severe pressure and has completely failed to follow the upward trend of the new HPM. This price depression is primarily driven by the dual contraction of smelter operating rates and immediate raw material demand, with the core trigger being a potential production cut in Mixed Hydroxide Precipitate (MHP) caused by a sulfuric acid supply shortage in May. Against a backdrop of relatively stable inventory levels, MHP refineries are leveraging this low-capacity operating environment to aggressively suppress procurement bids, causing hydrometallurgical ore prices to continue hovering at low levels. 3. SMM Internal Estimates The new pricing formula has led to increased price divergence and amplified volatility, particularly influenced by higher associated cobalt content in certain ores. SMM calculations show that the new HPM for 1.2% grade limonite is approximately $49.95, significantly higher than current market assessments. The new HPM for 1.6% grade saprolite is $70.83; the inclusion of higher cobalt content in the new formula has markedly amplified price fluctuations. While actual market transaction prices currently remain above this benchmark, the gap is steadily narrowing. 4. Regulatory Quotas (RKAB) and Market Outlook According to the ESDM, RKAB approvals for 2026 have reached approximately 90%. SMM statistics indicate that the total approved quota for Indonesian nickel ore stands at roughly 240 million wmt. The macroeconomic and policy focus of the market has recently shifted, primarily concentrating on the following two major export and contract regulatory policies: DSI's Full Takeover of the Export Mechanism: The Indonesian government has confirmed that starting January 1, 2027, DSI will fully take over the export business of coal, palm oil, and ferroalloys. This policy will facilitate a smooth transition of the export mechanism in two phases. Since ferroalloys (including ferronickel, NPI, etc.) fall within the scope of this takeover, the market is closely evaluating the impact of this transition period on the export logistics and compliance costs of Chinese-funded smelters. Crackdown on Under-Invoiced Long-Term Contracts: The Indonesian government emphasized that it will honor existing, valid long-term export contracts to maintain commercial credit. However, at the same time, the government will strictly investigate and punish long-term contracts suspected of "under-invoicing" (low-price customs declarations). It is reported that relevant Indonesian departments will soon hold consultations with major industry associations to ensure a smooth policy transition while plugging loopholes that lead to tax revenue losses from underpricing. Nickel Pig Iron " Supply-Demand Price Gap Widens; Short-Term Prices to Fluctuate within a Range " The average price of SMM 10-12% NPI average price fell by RMB 5.7 per nickel unit week-on-week to RMB 1140.3 per nickel unit (ex-works, tax included), while the Indonesia NPI FOB index dipped by USD 1.37 USD per nickel unit to an average of USD 146.52 per nickel unit. Downstream purchasing sentiment dropped even more visibly, intensifying the divide in market mindsets between buyers and sellers. On the supply side, existing NPI production cutbacks, coupled with recent disruptions from Indonesian export policy updates, have gradually tightened spot availability. Consequently, upstream producers are holding back cargo to defend their asking prices, generally keeping their offers firm. Sellers only slightly softened their quotes under the weight of weak futures markets, and their willingness to offload cargo at lower price levels remains low. This expectation of tighter market supply provides a solid floor for prices. On the demand side, pressure remains acute. The stainless steel market lacks upward momentum, forcing steel mills to adopt a highly cautious procurement stance centered strictly around hand-to-mouth restocking. Furthermore, as the price-to-performance advantage of stainless steel scrap expands, downstream buyers are pushing hard for discounts. Target buying prices remain heavily clustered between RMB 1,120 and 1,130/mtu, leaving a massive spread against upstream asking prices that makes reconciling the two sides very difficult. Market Outlook: While expectations of tightening supply will support spot prices, the weak futures market and competitive pricing from alternative raw materials will continue to cap upside gains. Accordingly, high-nickel pig iron prices are expected to exhibit a high-level, range-bound volatile trend next week.

The ex-China rare earth market this week exhibited a trend of "falling prices amid tight supply," with Pr-Nd oxide and metal prices generally marked down by approximately $5-10/kg. However, due to export controls and tightening supply, the premium on Chinese products outside China remained significant. Meanwhile, geopolitical rivalry and supply chain restructuring accelerated, with G7 finance ministers calling for urgent reduction of dependence on China and the establishment of recycling quota systems. On the capital front, Greenland Resources spent $35 million to acquire the high-grade Sarfartoq project to strengthen its magnetic material rare earth portfolio. Australia's Arafura officially finalised the final investment decision for the Nolans project. Combined with Brazil's launch of an antitrust investigation and Germany's Heraeus divesting its recycling business, these developments underscored the urgency of global decoupling and localization efforts.