South Africa's ports are sending mixed signals for chrome ore and ferrochrome exporters this week. Fresh recognition of Durban's turnaround is running alongside renewed congestion at the terminal level and worsening delays along the road corridors that carry much of the country's bulk mineral cargo to the coast. Durban's turnaround recognized, but queues are lengthening again The Port of Durban, the primary gateway for South African chrome ore and ferrochrome shipments, was recently ranked the world's most-improved port by the World Bank and S&P, with its performance score surging 479 points in 2025. Transnet says its eight commercial seaports handled more than 300 million tonnes of cargo in the 2025/26 financial year, a 9% rise in vessel traffic and the strongest cargo throughput growth since 2011/12. That progress has not stopped local congestion from creeping back up. Published vessel-waiting-time data tracked in early July showed Durban's delay indicator climbing to roughly four days, up from around two days the previous week, while Coega/Ngqura, another route used for bulk exports, held at about five days. Cape Town was separately ranked South Africa's worst-performing port in the same World Bank/S&P assessment that praised Durban. Corridor and border delays offset port-level gains A significant share of South African chrome ore and concentrate is trucked to the coast rather than moved by rail, making inland corridors as important as the ports themselves. A Trademark Africa-commissioned assessment found that Durban's improved performance is not translating into faster end-to-end transit times, because border crossings along the North-South Corridor remain a persistent bottleneck. Average South African border-crossing times deteriorated by roughly 23% week-on-week to about 9.6 hours in early July, even as Lebombo (the main crossing on the Maputo Corridor used for chrome bound for Maputo harbour) saw truck volumes ease slightly and queue times improve. Further north, congestion at the Kasumbalesa crossing into the DRC has cut daily vehicle clearances by more than half, illustrating how regional border capacity, not just port throughput, shapes actual delivery times for African mineral exporters. Investment and reform response South Africa's transport ministry has extended the tenure of Transnet's turnaround board by six months, to January 2027, to allow more time to complete the appointment of a permanent replacement board and continue the state logistics group's recovery plan. Durban Container Terminal Pier 2, the port's largest container terminal, is set for an 11 billion rand investment from Philippines-based ICTSI as part of Transnet's wider push toward private-sector terminal operation. Cape Town has also expanded private participation, with nine of its eleven terminals now privately operated. On the alternative-route side, Maputo has launched Mozambique's first Port Community System, a digital platform intended to connect shipping lines, customs, transporters and other port users on a single system. If effectively implemented, it could strengthen Maputo's position as an alternative export gateway for South African chrome moved via the Maputo Corridor, though officials note the benefit will depend on execution rather than the platform's existence alone. Why it matters for chrome and ferrochrome trade Bottom line: Global rankings point to a genuine Transnet turnaround, but week-to-week congestion data and deteriorating border-crossing times suggest chrome and ferrochrome exporters should still budget for variable lead times, particularly on Maputo Corridor-bound cargo, rather than assume headline port improvements have fully resolved South Africa's export logistics constraints. NOTE: Compiled by SMM Africa (Zambia office) from Business Day, EWC (Exporters Western Cape) Logistics News Update, and Transnet/World Bank-S&P port performance data. Figures reflect the most recently available public reporting as of 22 July 2026 and are subject to change as Transnet and corridor authorities issue updates.

[SMM Global Steel Enterprise Special Report] A Detailed Analysis of US "Steel King" Nucor: 100% Electric Arc Furnace Forging High Profits, Vertical Integration Mitigating Cost Fluctuations Nucor Corporation is a company incorporated in Delaware in 1958. The company and its subsidiaries are engaged in the manufacture of steel and steel products. It also produces and procures ferrous and non-ferrous metal materials, primarily for use in its steelmaking operations. Most of its operating facilities and clients are located in North America. Its operations include international trading and sales companies responsible for buying and selling steel and steel products manufactured by the company and others. Nucor is also the largest recycler in North America, using steel scrap as the primary raw material for producing steel and steel products. In 2025, it recycled approximately 20 million gross tons of steel scrap. Operating Performance Data source: Nucor Corporation Annual Report、SMM Reasons behind the performance changes: ① Decline in gross profit: The primary reason for the decline in gross profit in 2025 was the compression of profit margins in the steel products segment. Due to lower average selling prices, gross profits from the grating and decking, building systems, and rebar fabrication businesses under this segment all experienced significant declines. ② Steel mill segment growth: In contrast, gross profit in the steel mill segment increased, primarily driven by higher sales and improved steel industry spreads. ③ Investment expenditures: Over the past three years, Nucor invested approximately $9.73 billion in capital expenditures and acquisitions, aiming to expand its product portfolio and enhance operational flexibility. Segments, Major Products, and Marketing Nucor reports its results in three segments: the steel mills segment, the steel products segment, and the raw materials segment. The steel mills segment is Nucor's largest segment, accounting for 62% of the company's sales to external clients for the fiscal year ended 2025. It primarily sells its products to steel service centers, manufacturers, and fabricating enterprises located in the US, Canada, and Mexico. In 2025, the steel mills segment sold approximately 19,848 kt of products to external clients. Data source: Nucor Corporation Annual Report、SMM The Steel Products segment primarily produces high-value-added downstream construction and industrial components, holding leading positions across the U.S. in multiple sub-segments including steel joists, prefabricated metal buildings, and insulated metal panels. It accounted for 29% of the Company's net sales to external clients for the year ended 2025. In 2025, total sales of major products in the Steel Products segment were approximately 1.478 million mt, including approximately 658,000 mt of steel joists and joist girders, approximately 436,000 mt of steel deck, and approximately 384,000 mt of metal building systems. Although physical sales volume (tonnage) was far below that of the Steel Mills segment, the per-mt selling price and profit margin were much higher than those of basic steel, and the segment also ranked first in market share across the U.S. in multiple areas. Data source: Nucor Corporation Annual Report、SMM The Raw Materials segment is the cornerstone of Nucor's vertical integration strategy, primarily operated through its wholly-owned subsidiary The David J. Joseph Company (DJJ), and manages DRI production facilities in Louisiana and Trinidad. By blending DRI with steel scrap, it supports electric arc furnace (EAF) production of higher-grade sheets & plates while ensuring cost advantages and supply security of raw materials. It accounted for 9% of the Company's net sales to external clients for the year ended 2025. In 2025, approximately 20 million gross tons of steel scrap were recycled and processed. Data source: Nucor Corporation Annual Report、SMM Clients and Markets Data source: Nucor Corporation Annual Report、SMM Major Development Projects in Recent Years The vast majority (91%) of Nucor's capital was allocated to internal construction (CapEx), strengthening core competitiveness through technology upgrades (such as electric arc furnaces and micro mills); a small portion was used for strategic acquisitions to achieve "outward expansion" into high-margin downstream areas. Through acquisitions such as SWDP, the company quickly entered high-barrier, high-growth sub-segments including data centers and green energy, making its business structure more resilient to cyclical downturns. Data source: Nucor Corporation Annual Report、SMM Core Logic of Vertical Integration for Cost Reduction: Raw Material Supply Structure Data source: Nucor Corporation Annual Report、SMM Core Risk Factors The greatest risk facing Nucor is a combination of internal and external challenges — internally, cost fluctuations in steel scrap and energy; externally, the impact of low-priced imported steel resulting from global (especially China's) overcapacity. Specifically: 1. Core Industry Risks ① Severe global supply-demand imbalance: Global steel surplus capacity reached 704 million net mt in 2025 (8 times US annual production). It is expected to further increase to 795 million mt by 2027. ② Regional impact: China's annual production has exceeded 1 billion mt in each of the past 8 years, and Chinese steelmakers continue to invest in new capacity in Southeast Asia and Africa. ② Import shock: This surplus leads to a flood of low-priced steel into the US market, creating significant downward pressure on Nucor's product prices, sales, and profit margins. 2. Production Cost Risks ① Steel scrap price sensitivity: Nucor uses 100% electric arc furnaces (EAF), with steel scrap being the largest cost item. Steel scrap prices fluctuate significantly and are beyond Nucor's control. ② Supply chain uncertainty: Although Nucor has achieved a degree of self-sufficiency through its DRI plants and DJJ recycling system, pig iron and iron ore pellets still rely on international procurement, facing geopolitical risks (e.g., Ukraine, Russia, Brazil). 3. Operational Challenges ① Energy-intensive nature: Steelmaking relies on large amounts of electricity (for melting) and natural gas (for heating and DRI production). ② Cost pass-through: Energy prices are affected by demand, the regulatory environment, and transmission infrastructure (pipelines/power grid), and cost surges may erode profits. 4. Compliance and ESG Risks ① Emission reduction pressure: The steel industry faces intense scrutiny due to greenhouse gas (GHG) emissions. ② Policy risk: Although Nucor's emission intensity is far lower than its blast furnace peers, increasingly stringent environmental protection laws and regulations may increase capital expenditures or restrict operations at existing facilities. 5. End-Use Market Risks ① Industry cyclicality: The steel industry is highly correlated with the macro economy. ② End-use market fluctuations: Nucor's largest market is non-residential construction. If this sector (e.g., commercial offices, industrial facilities) contracts due to high interest rates or economic recession, it will directly impact Nucor's performance severely. Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. The copyright, trademark rights, domain name rights, commercial data information property rights, and other related intellectual property rights of all content contained in this report (including but not limited to information, articles, data, charts, pictures, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, etc.) are owned or held by SMM or its related right holders. 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[Short-Term Supply-Demand Resonance, Bullish Trend in Aluminum Prices Continues] Overall, the Middle East negotiation process experienced repeated setbacks, but the supply gap outside China and continued LME inventory drawdown supported LME prices to hold up well. China's aluminum ingot inventory remained at elevated levels, and attention should be paid to whether a turning point in domestic inventory can materialize smoothly.

[SMM Aluminum Price Weekly Review: Supply Shortages Outside China Supported Prices to Hold Up Well, China Focused on the Turning Point of Aluminum Ingot Social Inventory]

The National Bureau of Statistics (NBS) today released the national economic performance data for Q1 2026. According to preliminary estimates, China's GDP in Q1 reached 33,419.3 billion yuan, up 5.0% YoY in real terms, accelerating by 0.5 percentage points from Q4 of the previous year. By industry, the value added of the primary industry was 1,194.1 billion yuan, up 3.8% YoY; the secondary industry was 11,613.5 billion yuan, up 4.9% YoY; and the tertiary industry was 20,611.7 billion yuan, up 5.2% YoY. On a QoQ basis, GDP grew 1.3% in Q1.

SMM Nickel News, April 16: Macro and market news: (1) The National Bureau of Statistics (NBS) released China's Q1 2026 national economic performance data today. According to preliminary estimates, GDP in Q1 reached 33,419.3 billion yuan, up 5.0% YoY in real terms, accelerating by 0.5 percentage points from Q4 last year. (2) US White House Press Secretary Caroline Leavitt stated on April 15 local time that the US had not formally requested an extension of the ceasefire agreement with Iran, calling related reports "inaccurate," and that both sides were still in ongoing contact and advancing negotiations. Spot market: On April 16, SMM #1 refined nickel prices rose 100 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 2,550 yuan/mt, down 200 yuan/mt from the previous trading day; domestic mainstream brand electrodeposited nickel ranged from -600 to 600 yuan/mt. Futures market: The most-traded SHFE nickel 2605 contract pulled back slightly during the night session, held up well in the morning session, and closed at 141,890 yuan/mt in the morning session, up 0.52%. Indonesia's Ministry of Energy and Mineral Resources (ESDM) officially confirmed the implementation of the revised nickel ore benchmark price (HPM) calculation formula starting April 15, 2026, which is expected to significantly raise the floor support for nickel prices, driving a sharp rally in nickel prices. In the short term, nickel prices are expected to hold up well on sentiment following the release of the new pricing formula. Going forward, attention should be paid to the actual cost increase after the implementation of Indonesia's new HPM formula.

Precious metals are having a moment. Gold and silver surged to record highs in January, benefiting from an alignment of macroeconomic factors, evolving supply-demand dynamics, and renewed industrial demand.

Overseas solid-state batteries show a pattern with sulphides as the mainstream, oxides targeting high-end applications, and polymers exploring alternative paths. Japanese and South Korean enterprises have the most mature technology, with Toyota, Samsung, and SK On planning mass production from 2026-2029, though this will likely be delayed; US companies are capital-driven but lack clear commercialization pathways; Europe focuses on high-end applications. The core bottlenecks lie in interface impedance degradation, low-temperature performance, and mass production costs, with the final battle for technological routes expected after 2030.

As the inspectors announced the performance data of the final set of samples: "Yield strength reaching 963 MPa, tensile strength of 1,020 MPa, elongation after fracture of 18%, impact energy values exceeding 100 joules at a low-temperature environment of -40 degrees Celsius; strain aging impact energy values also all above 80 joules; 180-degree bending test passed," the mechanical properties of this batch of samples fully met the standards. "Success!" Cheers erupted as all anxious hearts were set at ease. The successful trial production of 1,000 MPa-grade ultra-high-strength rare earth hydropower steel plates with excellent weldability marks another major breakthrough for Bao Gang United Steel in the field of high-strength steel for hydropower applications, providing robust support for the localisation of China's large-scale hydropower engineering equipment. In recent years, global demand for clean energy has surged dramatically, with hydropower steel plates being hailed as the "backbone of hydropower equipment." As parameters such as the installed capacity and head of hydropower stations continue to increase, to reduce the wall thickness of pressure steel pipes, spiral cases, and bifurcated pipes, and to lower the difficulty of construction and welding, the tensile strength of hydropower steel plates has been elevated from 600 MPa and 800 MPa to 1,000 MPa. This strength grade is regarded as the pinnacle challenge in the field. This means that such steel can withstand a pre

The AI startup Firebird obtained approval from the US government to export Nvidia chips to Armenia for the country's supercomputer project, which is part of the global push to build AI infrastructure. Nvidia announced the plan in June this year, aiming to construct the first large-scale AI data center in the region. The project involves an initial investment of $500 million and a total capacity of 100 MW, utilizing Dell Technologies' AI servers and Nvidia's Blackwell processors. Firebird CEO and co-founder Razmig Hovaghimian stated that the first phase is expected to be put into use in Q2 next year. Firebird is one of many Nvidia partners seeking to establish high-performance data centers in remote areas to promote the adoption of AI and its supporting computing infrastructure.