Nippon Steel's significant price hike on the back of soaring raw material costs, combined with peak-level export offers from Europe, the US, and Asia, is pushing Chinese Taiwan's upstream mills toward higher June pricing. However, frequent shifts in Indonesian nickel ore policies have caused sharp LME nickel price volatility, complicating cost-based price adjustments for mills worldwide. Traders note that Japanese mills' lead in raising prices and high-priced European and US imports provide short-term support for the uptrend, but sluggish overall market absorption in May and elevated inventory at local distributors are constraining the extent of any price increase.

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.

Material Recycling Association of India Voice of the Indian Recycling Industry Concept Note ONE DAY CONFERENCE ON CRITICAL MINERALS RECYCLING LANDSCAPE 1. Background & Context India’s transition towards clean energy, electric mobility, and advanced manufacturing is driving an unprecedented demand for critical minerals such as lithium, cobalt, nickel, rare earth elements, and platinum group metals. However, India remains highly import dependent (over 80–90%) for several critical minerals (Ministry of Mines, NITI Aayog), making supply chains vulnerable to geopolitical disruptions and price volatility. Recognizing this, the Government of India has launched the National Critical Mineral Mission (NCMM) to strengthen domestic capabilities across the value chain: from exploration and mining to processing and recycling. While mining is inherently capital-intensive and long-gestation, recycling of critical minerals offers a near-term, scalable, and sustainable pathway with significant economic and environmental benefits: Import Substitution: Estimates suggest recycling could contribute a meaningful share ( 30-40% ) of future demand, subject to collection efficiency and technology scale-up (NITI Aayog, CII) Carbon Emission Reduction: Recycling critical minerals can reduce emissions by 30–70% compared to primary mining, particularly for metals like aluminum, nickel, and cobalt (Global Studies) Energy Savings: Secondary production of metals can save up to 60–90% of energy compared to virgin extraction (IEA) Livelihood Generation: A formalized recycling ecosystem can generate large-scale employment , particularly by integrating India’s informal sector, which currently handles 80–90% of waste collection Climate & Net-Zero Goals: Recycling will play a critical role in supporting India’s commitment to net-zero emissions by 2070 and achieving 500 GW of non-fossil fuel capacity by 2030 In this context, there is a strong need for a multi-stakeholder policy dialogue to align government vision, technological capabilities, and industry realities, and to accelerate the development of a robust recycling ecosystem under NCMM. 2. Objective This conference is designed as a high-level stakeholder consultation platform to deliberate on the role of recycling within India’s critical mineral strategy and to identify actionable interventions across policy, technology, and market development. Key Objectives: Assess the role of recycling in achieving supply security under NCMM Evaluate the effectiveness of existing and proposed policy and incentive frameworks Identify gaps in regulatory frameworks and institutional coordination Examine challenges in technology development, commercialization, and scaling Capture industry perspectives on market mechanisms, feedstock availability, and financing Assess the current black mass landscape in India and pathways for domestic value recovery Develop a roadmap for building a resilient and competitive critical mineral recycling ecosystem 3. Conference Structure The conference is structured across three key pillars: 4. Expected Outcomes Development of a “ Conference Recommendations Report ” for submission to relevant ministries Identification of priority policy interventions to strengthen recycling under NCMM Recommendations on technology scaling, funding mechanisms, and industry support Actionable inputs for improving feedstock availability, market development, and regulatory alignment 5. Conclusion As India positions itself as a global leader in clean energy and advanced manufacturing, critical mineral security will be a defining factor in sustaining this growth. Recycling presents a strategic opportunity to complement primary resource development while advancing sustainability and circular economy objectives. This consultation aims to catalyze policy action, technological innovation, and industry alignment, enabling India to build a resilient, self-reliant, and circular critical mineral ecosystem.

In May 2026, the European Union adopted a series of restrictive measures against China in the new energy sector, several of which are directly related to the photovoltaic and energy storage supply chains. In this situation, how will the European's solar market goes...?

This week, ternary cathode material prices declined. On the raw material front, nickel sulfate and cobalt sulfate showed slight downward movements, manganese sulfate edged up, while lithium carbonate and lithium hydroxide saw significant pullbacks. In terms of transaction sentiment, after a month of sustained increases, the price correction for ternary cathode materials created pricing opportunities for manufacturers, and some battery cell manufacturers carried out restocking . On payables, the overall EV market continued to maintain existing payable levels , and June payables are expected to remain stable. On the consumer market front, due to relatively high spot contract transaction volumes and significant price volatility, some manufacturers expect upward adjustments to nickel sulfate payables in cathode materials next month . This is mainly driven by persistently high nickel sulfate production costs, upstream producers pushing prices higher due to cost pressures, with prices gradually transmitting downstream . On the demand side, the domestic EV market is currently in a phase of concentrated stockpiling for new models, with orders rebounding notably. The overseas market is also strong, driven by robust European vehicle sales and stockpiling for new product launches by some brands, collectively boosting orders for domestic cathode manufacturers. Overall demand in the consumer market remains relatively subdued, more reflected as need-based restocking by manufacturers. Overall, the ternary market is expected to maintain relatively high demand levels in June .

[SMM Analysis]: Copper-related Policy Shifts Across the Americas: Copper is no longer merely an industrial metal — it is rapidly emerging as a strategic resource. From mining policy reforms in Chile and Peru, to the U.S. Section 232 investigation and the strengthening of North American critical minerals strategies, copper policies across the Americas in 2025–2026 are set to exert profound influence over global copper supply-demand balances, smelting dynamics, and copper price volatility.

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.

As a core vital raw material for manganese hydrometallurgy, sulfuric acid dominates production costs and process selection across the entire product chain. Major manganese products, including electrolytic manganese, diversified manganese sulfate, and electrolytic manganese dioxide (EMD), adopt distinct production processes with varied acid consumption structures.

[SMM Steel] EU carbon allowance (EUA Dec-2026) prices remained at €74-77/t in early May, similar to late-April levels, with April average prices at €74.04/t, up 5.7% from March. The market was influenced by Middle East tensions, energy price volatility, and EU ETS policy revisions. The European Commission proposed updated EU ETS benchmarks for 2026-2030, with free allowances expected to cover around 75% of industrial emissions and potentially save industries €4 billion in carbon costs. Reuters surveys also showed analysts lowering 2026 carbon price forecasts to €80.61/t from €92.65/t previously.

Given the high reliance of the Copperbelt’s mineral processing and logistics on critical consumables supplied via the Middle East, SMM conducted a 17-day field investigation across the Copperbelt to assess the short-term stability of the copper supply chain and the impact of regional infrastructure bottlenecks, engaging with 25 stakeholders in Zambia and DRC and covering the entire value chain, ranging from mining, smelting, refining to downstream logistics and infrastructure investment.