[SMM Steel] MMK Metalurji, a subsidiary of Magnitogorsk Iron and Steel Works, has suspended production at facilities in Kocaeli and Iskenderun following worker strikes over delayed wage payments. Employees halted operations after agreed salary increases were not reflected in payrolls. Negotiations are ongoing, with the disruption potentially impacting Turkey’s flat steel supply.

Policy & Trends: India has exempted three types of stainless steel flat products from BIS certification until Sep 2026, easing import barriers. Japan’s Metal One fully acquired Thailand’s PSCTH to boost high-end exports. In Taiwan, China, traders tentatively raised 304 prices by NT$2,000/ton following mill hikes, though holiday trading remains quiet. Market Drivers: 304 spot prices hold at 14,350–14,400 RMB/ton, with Indonesia FOB at $2,082.5/ton. While Middle East tensions keep logistics and fuel surcharges high, providing a strong price floor, weak downstream demand is keeping the market in a narrow range-bound pattern for now.

Recently, Chengxin Lithium Group Co., Ltd. (002240.SZ) disclosed on the investor interaction platform that pre-construction preparations for the Murong Lithium Mine, located in Yajiang County, Sichuan Province, had been largely completed, and large-scale construction is expected to begin soon. This progress marked the entry of this lithium industry giant into the substantive development stage of “the largest hard-rock single lithium deposit proven in Asia to date.” The value of the Murong Lithium Mine was first reflected in its remarkable resource endowment. According to data from the Sichuan Mineral Resources and Reserves Review Center, the mine had identified cumulative ore resources of about 61.095 million mt, with lithium oxide (Li₂O) resources as high as 989,600 mt and an average grade of 1.62%. This resource scale made it indisputably the largest hard-rock single lithium mine in Asia, and its grade also ranked among the highest in Sichuan. The mine is located in the well-known Jiajika lithium-beryllium ore district, which forms part of the Songpan-Ganzi-West Kunlun giant lithium metallogenic belt spanning Sichuan, Qinghai, and other provinces and regions, and is known as the “Asian Lithium Belt.” The entire Jiajika ore field had identified total lithium oxide resources exceeding 2 million mt, making it one of the most concentrated regions for hard-rock lithium resources in China and even globally. The Murong Lithium Mine was designed for a production scale of 3 million mt/year, and its mining license is valid until September 5, 2048, providing assurance for long-term and stable mining operations. According to the company’s latest disclosure, the Murong Lithium Mine project had obtained project approval from the Sichuan Provincial National Development and Reform Commission (NDRC), as well as key approvals from departments including natural resources, ecology and environment, and emergency management covering land-use pre-examination, environmental impact assessment, and safety facilities design. Various pre-construction preparations had been largely completed. This means the project is expected to enter the stage of large-scale mine infrastructure and beneficiation plant construction soon. After the project is completed and put into operation, its annual raw ore processing capacity of 3 million mt will translate into considerable production of lithium concentrates, providing stable and high-quality raw material support for the company’s downstream lithium chemicals production sites in Deyang and Suining, Sichuan, as well as Indonesia.

On Feb 24, 2026, China placed 20 Japanese firms, including Subaru, on an export control watchlist for unverifiable end-use of dual-use items. This signals tighter controls on critical minerals and tech amid geopolitical and supply chain shifts. The analysis examines the firms' supply chain roles and the long-term industrial implications.

On February 24, 2026, China's Ministry of Commerce issued Announcement No. 12 of 2026, adding 20 Japanese entities, including Subaru Corporation, to the export control "watch list" on the grounds of "inability to verify the end-users and end-uses of dual-use items." This move marks the first time since January 2026 that China has explicitly implemented such list-based management measures targeting Japanese enterprises, signaling a shift toward more precise, systematic, and in-depth development of export controls in the fields of critical minerals and high-tech materials. This article will conduct an in-depth analysis of the core backgrounds of these 20 enterprises, reveal their deep-seated connections with supply chains of critical materials such as rare earths, and explore the potential impact of this measure on the future global industrial landscape.

【SMM Steel】Switzerland is seeking an exemption from EU's planned steel import protections. Officials held a special meeting with EU reps in Brussels last week. Switzerland says its steel does not cause overcapacity and is key for regional supply chains and Europe's industrial ecosystem. It also wants exemptions for certain manganese/silicon-based ferroalloy imports and raised concerns about potential EU scrap aluminum export restrictions.

1. The continuous rise in upstream NAND prices has prompted storage producers to strengthen cost control efforts, with most finished product prices breaking through previous highs. 2. AI storage demand is being reassessed, with U.S. chip stocks such as Micron, SanDisk, and Seagate hitting new highs overnight. 3. Samsung and SK Hynix are cutting NAND flash production to improve profitability. 4. Lee Jae-myung stated that U.S. tariffs on chips could lead to inflation in the United States. 5. Elon Musk announced that Tesla has restarted the Dojo 3 chip project, which will be used for AI computing in space. 6. TSMC is increasing investment in advanced packaging, as Apple's A20 chip may adopt WMCM.

On Tuesday, January 13, local time, the Chicago Mercantile Exchange (CME) announced on its official website that it plans to launch a 100-ounce silver futures contract on February 9, 2026, to meet record retail demand. CME's official website has also updated the webpage for this new contract, with the code "SIC" on the Globex electronic trading system, and it is marked as "Launching on February 9." The page also states that the contract is "subject to regulatory review." The overview reads, "Today, the robust silver market is more accessible than ever. SIC offers a low-cost, easy-to-use entry point, allowing you to trade a full silver position with less capital. Trading is available nearly 24 hours a day, five days a week." CME stated in the description that this new contract enables traders to "control more resources with fewer resources," "avoid strict geographic requirements and expensive borrowing costs," and "achieve highly predictable risk management by understanding trading costs." Compared with SIC, the contract size of the CME Silver Futures (SIH), i.e., the value of one contract, is 5,000 troy ounces ; even the relatively small E-mini Silver (QIH) and Micro Silver (SILH) require 2,500 ounces and 1,000 ounces , respectively. Contract Specifications for CME Silver Futures (SIH) Jin Hennig, Managing Director and Global Head of Metals at CME Group, wrote in the press release: "Against the backdrop of geopolitical uncertainty and the energy transition, silver is becoming increasingly attractive to retail investors seeking diversification and broader exposure to metals." Hennig stated, "The 100-ounce silver futures will enhance accessibility for more participants, enabling them to benefit from the liquidity and efficiency offered by our futures markets." JB Mackenzie, Vice President and General Manager of Futures and International Business at Robinhood Markets, said that this new futures contract aligns with their philosophy of building a trading platform, providing customers with a way to participate in silver trading with less capital. Robinhood Markets operates the trading software Robinhood, which is highly regarded by US retail investors. The platform once sparked a meme stock investment frenzy in the US stock market and is known as the "stronghold of US retail investors." Mackenzie added, "This contract makes participating in the silver market easier and offers traders greater flexibility." Isaac Cahana, CEO of the futures trading platform Plus500US, stated: "Amid strong silver demand, we are pleased to see CME expanding its small-sized contract offerings.""This new contract will enable our global clients to seize silver opportunities in a more flexible and cost-effective manner." According to CME data, in 2025, driven by retail demand, the trading volume of CME metal futures reached a record high. Among them, the daily average trading volume of micro gold futures reached 301,000 contracts, and the aforementioned micro silver futures reached 48,000 contracts, both setting annual records. The statement specifically mentioned that the 1-ounce gold futures contract launched on January 13, 2025, also accumulated over 6 million trades.

Recently, the results of the "2025 Outstanding Cases of Urban and Rural Water Environment Governance" collection campaign were officially announced. This event was jointly organized by the Ecological Municipal Construction Professional Committee of the China Municipal Engineering Association and the ANSO Alliance for Environmental Technology and Industry. The "Guangxi Steel 3800mm Wide and Heavy Plate Production Turbid Circulating Water Rapid Purification Project," submitted by Zhongjian Huanneng (300425) Technology Co., Ltd., was successfully selected. Through the innovative application of rare-earth disk separation and purification technology, the project demonstrated remarkable comprehensive benefits, standing out among numerous entries nationwide and becoming a benchmark example in the field of wastewater treatment within the steel industry.

Amid the AI boom, supplies of certain AI chip modules have become tight. Storage producer Transcend informed its customers in a letter dated December 2 that it had again received notifications from two major NAND flash suppliers, Samsung and SanDisk, regarding delayed shipments. The company also stated that it had not received any new chips since October, and its chip allocation for the current quarter was significantly reduced. Transcend explained that major cloud service providers are expanding their data center deployments, driving up chip demand, while key producers are prioritizing supplies for certain customers, worsening market availability and stimulating price increases. Due to the sharp decline in NAND flash supply, Transcend mentioned in the letter that costs surged by 50% to 100% last week, and the upward price trend continues, describing the increase as quite unusual. Supply is also expected to decrease significantly over the next two to three weeks.