According to reports, on the 26th, the Executive Management Committee of Brazil’s Foreign Trade Chamber (Gecex) decided to implement a four-month zero-tariff policy on 191 electronic and information technology products for which import duties had previously been increased, in order to reduce industrial costs and ensure supply in China. According to Brazil’s Ministry of Development, Industry, Trade and Services, the tariff reduction covered products including smartphones, computer equipment, and electronic components. In early February this year, the Brazilian government raised import tariffs on more than 1,200 electronic products, significantly affecting the mobile phone industry, household appliances, and medical equipment; in late February, it adjusted its tariff policy and applied zero tariffs to 105 of those items.

[Multiple Bearish Factors Stall the Uptrend; China’s Tantalum Market Undergoes Short-Term Adjustment While Medium and Long-Term Support Remains Solid] Recently, the sustained upward momentum in China’s tantalum products market came to a halt, with the overall market entering a phase of temporary consolidation and adjustment. Upward momentum slowed markedly in the short term, mainly due to three core factors: the transmission of macro sentiment, changes in circulating supply, and weakening raw material costs.

As a niche yet high-strategic rare metal, hafnium (Hf, atomic number 72) lags behind common metals like copper in public awareness, but its unique physicochemical properties make it irreplaceable for nuclear power, aerospace, semiconductors and other high-end fields. This concise breakdown covers its core traits, supply dynamics and critical applications to highlight its underrecognized role in advanced manufacturing. I. Core Properties A silver-gray, high-melting-point transition metal, hafnium exists solely as a zirconium-associated metal—no independent ore deposits. The near-identical atomic radius and chemical properties of zirconium and hafnium make separation/purification highly challenging, the root of its scarcity.Key strengths for harsh industrial use: 2233℃ melting point, exceptional high-temperature oxidation/structural stability Strong room-temperature plasticity, balanced strength and toughness Superior corrosion resistance (insoluble in dilute acids/alkalis, soluble only in hydrofluoric acid/aqua regia) ~600x higher thermal neutron absorption than zirconium (ideal for nuclear reactor control) High dielectric constant of hafnium oxide (critical for advanced semiconductors) Carbides/nitrides (melting point >2900℃) for ultra-high-temperature ceramics and hard alloys II. Supply & Scarcity Resources: Extremely scarce (crustal abundance ~3 ppm), exclusively tied to zirconium ores. Global resources concentrated in Australia, South Africa, the U.S. and Brazil; China faces low hafnium content in domestic zirconium ores, leading to high external dependence. Supply: Production hinges on zirconium smelting, with zirconium-hafnium separation as a core technical barrier. Only a handful of global players produce high-purity (nuclear/electronic-grade) hafnium at scale, forming an oligopoly. Annual output is ~hundreds of tons, with ultra-low supply elasticity—supply disruptions trigger sharp price swings. Ⅲ. Irreplaceable Core Applications Demand is rigid (no cost-effective substitutes) across high-end sectors: Nuclear Industry: Preferred material for pressurized water reactor control rods, regulating reaction rates and ensuring safety. Driven by global nuclear power revival, demand is steadily growing. Aerospace: Key nickel-based single-crystal superalloy additive, boosting high-temperature creep strength and lifespan for aero-engine turbine blades, combustors and rocket nozzles. Semiconductors: High-purity electronic-grade hafnium oxide overcomes silicon dioxide’s miniaturization limits, reducing leakage current and enabling advanced-node chip production—a key growth driver. Other High-End Fields: Used in cutting tool coatings, special electronic components, corrosion-resistant materials and emerging hydrogen storage research, with expanding use cases. Ⅳ. Conclusion Hafnium is a "scarce niche metal with rigid high-end demand," holding irreplaceable strategic value in China’s key industries (nuclear power, aerospace, semiconductors). The global market remains in long-term tight supply-demand balance, and its strategic and market value will rise alongside global advanced manufacturing upgrades.

SMM March 13: This week, China’s domestic tungsten market exhibited high-level oscillations with intensified supply-demand competition. Multiple mines put products up for auction during the week, but transactions were bleak.As of March 13, tungsten prices remained largely stable, yet market sentiment became extremely divided.

New Zealand recycling technology company Mint Innovation has partnered with electronics manufacturers to recover copper from electronic waste and reuse it in the production of specific electronic components. The initiative demonstrates the potential of closed-loop recycling within the electronics industry while reducing reliance on primary copper mining. Industry observers believe similar models could gradually expand across global electronics supply chains in the coming years.

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.

SMM7月14日讯： 金属市场方面: 截至午间收盘，内盘基本金属近全线下行，沪铝跌1.76%，沪铜跌0.15%，沪镍跌0.18%。沪铅跌0.29%、沪锌跌0.89%，沪锡涨0.37%。 此外，铸造铝主连期货跌1.35%，氧化铝主连跌1.14%。碳酸锂涨3.43%，工业硅跌0.12%。多晶硅跌0.82%。 黑色系多飘绿，铁矿微涨，螺纹、热卷分别跌0.22%、0.18%。不锈钢跌0.43%。双焦方面：焦煤跌0.16%，焦炭涨0.66%。 外盘金属方面，截至11:40分，LME金属涨跌互现，伦铝跌0.94%。伦镍涨0.18%。伦锌跌0.07%。伦锡涨0.36%。伦铅跌0.3%。伦铜涨0.33%。 贵金属方面，截至11:40分，COMEX黄金涨0.23%，COMEX白银涨0.58%；国内方面，沪金涨0.66%；沪银涨2.01%，盘中刷新历史新高至9267元/千克。全球最大黄金上市交易基金(ETF)--SPDR Gold Trust公布，截至周五(7月11日)，其黄金持仓量为947.64吨，减少1.16吨，或0.12%。前一交易日为948.8吨。美国商品期货交易委员会（CFTC）周五公布的报告显示，截至7月8日当周，黄金投机客减持COMEX黄金期货和期权净多头头寸1,855手，至134,842手。 截至午间收盘，欧线集运主力合约跌0.33%，报2010点。 截至7月14日11:40分，部分期货午间行情: 》7月14日SMM金属现货价格 现货及基本面 铜： 截至7月14日周一，SMM全国主流地区铜库存环比上周四增加0.39万吨至14.76万吨；相比上周四库存的变化，各地区库存除了上海地区外其他地区普遍增加...... 》点击查看详情 宏观面 国内方面: 【海关总署：上半年我国货物贸易进出口同比增长2.9% “新三样”产品增长12.7%】 国务院新闻办公室今日上午10时举行新闻发布会，请海关总署副署长王令浚等介绍2025年上半年进出口情况，并答记者问。Wang Lingjun introduced: Since the beginning of this year, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, China has adhered to the general principle of pursuing progress while ensuring stability, remained steadfast in managing its own affairs, unswervingly expanded high-standard opening up, and focused on stabilizing employment, enterprises, markets, and expectations while effectively responding to external shocks. The national economy has maintained overall stability with progress, and China's foreign trade has withstood pressures, sustained momentum, and demonstrated vitality amid complex environments. According to customs statistics, in the first half of this year, China's import and export of goods totaled 21.79 trillion yuan, up 2.9% YoY. Among these, exports reached 13 trillion yuan, increasing by 7.2%, while imports stood at 8.79 trillion yuan, down 2.7%. Specific features are highlighted in five aspects: 1) Steady growth in foreign trade scale. In H1, China's import and export scale exceeded 20 trillion yuan, reaching a record high for the same period. From a quarterly perspective, Q2 imports and exports grew 4.5% YoY, accelerating by 3.2 percentage points compared to Q1, marking seven consecutive quarters of YoY growth. 2) Diversification of foreign trade partners. 3) Optimized and upgraded export momentum. In H1, China's machinery and equipment exports reached 7.8 trillion yuan, up 9.5%, accounting for 60% of total exports—a 1.2 percentage point increase compared to the same period last year. High-end equipment closely related to new quality productive forces grew by over 20%, while "new three" products representing green and low-carbon sectors increased by 12.7%. 4) Expanding domestic demand stabilized imports. With policies like "implementing major national strategies" and "large-scale equipment upgrades" taking effect, imports turned positive in Q2. In H1, China's imports of machinery equipment for petrochemical and textile sectors achieved double-digit growth, key parts like electronic components grew rapidly, and imports of crude oil, metal ores, and other critical raw materials increased. 5) Vitality of foreign trade entities continued to release. 》Click for details [PBOC injects 119.7 billion yuan net liquidity today] The People's Bank of China conducted 226.2 billion yuan in 7-day reverse repo operations today at an unchanged interest rate of 1.40%. With 106.5 billion yuan in 7-day reverse repos maturing, the net injection reached 119.7 billion yuan. ► On July 14, the central parity rate of the yuan in the interbank foreign exchange market was 7.1491 yuan per US dollar. US dollar update: As of 11:40, the US dollar index rose 0.09% to 97.96. US President Trump announced in a letter to the European Commission that a 30% tariff will be imposed on all European goods starting August 1. Several EU analysts have stated that announcing tariff hikes is a negotiating tactic employed by Trump. The market is currently awaiting the US inflation data for June, which will be released on Tuesday, to gain more clues about the US Fed's path for interest rate hikes. According to media reports on Friday, Austan Goolsbee, President of the Federal Reserve Bank of Chicago, said that Trump's new tariffs could spark fresh concerns about inflation, which might force the US Fed to remain on the sidelines. In other currencies: The euro fell to a three-week low on Monday, and the Mexican peso also came under pressure after US President Trump threatened to impose a 30% tariff on imports from the US's two largest trading partners starting August 1. Trump sent letters to European Commission President Ursula von der Leyen and Mexican President Andrés Manuel López Obrador on Saturday, announcing the new tariffs. In response, the EU and Mexico called the tariffs unfair and disruptive. The EU said it would suspend retaliatory measures against US tariffs until early August while continuing to urge a negotiated solution. During the Asian morning session, the foreign exchange market's reaction to Trump's latest tariff threats was largely mediocre, with only the euro falling to a roughly three-week low. The market has become increasingly insensitive to Trump's series of tariff threats. His recent stirring up of global trade turmoil has hardly been able to stop the US stock market from repeatedly hitting new highs, and has only slightly boosted the US dollar. Taylor Nugent, a senior economist at National Australia Bank, said it was difficult to attribute the market's mediocre reaction in the past week to either increased resilience or self-delusion. However, negotiations are still ongoing, and the recent key substantive progress was that the July 9 deadline for reciprocal tariffs had arrived without any tariff rate increases, making it difficult for the market to price in a series of major news items that were said to determine the tariff levels on August 1. Data: Today, data such as China's M2 money supply annual growth rate for June (time uncertain from July 14 to 17), China's total social financing for the year to date in June (time uncertain from July 14 to 17), and China's new yuan-denominated loans for the year to date in June (time uncertain from July 14 to 17) will be released. In addition, it is worth noting that the State Council Information Office will hold a press conference on financial statistics for the first half of 2025; the National Energy Administration will release data on total electricity consumption around the 15th of each month; and US President Trump plans to make a "major announcement" on Russia. Crude oil: Both crude oil futures rose slightly. As of 11:40, US crude oil was up 0.13%, and Brent crude oil was up 0.16%. Concerns that further US sanctions on Russia could affect global supply have supported oil prices, but increased production by Saudi Arabia and ongoing tariff uncertainties have limited the gains in oil prices. 国际能源署(IEA)称，沙特6月石油日产量超出目标43万桶，达到980万桶/日，而根据OPEC 配额该国的产量目标应为937万桶/日。沙特能源部周五表示，沙特完全遵守了OPEC 的自愿产量目标，并补充称，沙特6月的市场原油供应量为935.2万桶/日，符合配额要求。 美国能源服务公司贝克休斯(Baker Hughes)周五在其备受关注的报告中表示，美国能源公司本周连续第11周削减石油和天然气钻机数量，为2020年7月以来首次。数据显示，截至7月11日当周，未来产量的先行指标--美国石油和天然气钻机总数减少2座至537座，为2021年10月以来最低水平。（文华综合） 现货市场一览: ► 周末全国主流地区铜库存增加0.39万吨【SMM周度数据】 ► 铜价回落且月差收窄，下游采购积极性上升【SMM华南铜现货】 ► 交割日临近 市场氛围表现安静【SMM华北铜现货】 ► 上海锌：现货成交一般 升水继续走低【SMM午评】 ► 宁波锌：下游订单走弱 成交表现平淡【SMM午评】 ► 【SMM铁矿石航运】全球铁矿石发运量和到港量同步小幅下滑6% ► 【SMM钢材航运】上周中国出口钢材总量环比上升28% ► 【SMM煤焦航运】上周焦煤到港213.36万吨 环比+40.05万吨 ► 需求减弱但下游囤货意愿增强 光伏玻璃7月冷修产能再增【SMM分析】 其他金属现货午评稍后更新，敬请刷新查看~

The Launch Meeting for the Special Project on Improving the Quality and Reliability of New Energy Vehicles (NEVs) in China, organized by the China Association of Automobile Manufacturers (CAAM), was held in Beijing. The meeting attracted over 100 representatives and experts from China's automotive T10 enterprises, mainstream vehicle manufacturers in the industry, as well as enterprises specializing in core components such as batteries, motors, and electronic control systems, intelligent vision, and key electronic components, along with industry service organizations. The meeting called upon relevant parties in the NEV industry chain to take proactive actions, particularly T10+ vehicle manufacturers, core system assembly enterprises, key component and module enterprises, and related organizations, to accelerate the establishment of a quality and reliability innovation and development system. It urged them to learn from advanced experiences, strengthen cutting-edge basic research, and strive to promote higher-quality development of the NEV industry and expedite the construction of China as a strong automotive nation.

[Launch Meeting for Special Work on Construction Project for Improving Quality and Reliability of NEVs in China Held in Beijing] The China Association of Automobile Manufacturers (CAAM) organized and held the "Launch Meeting for Special Work on Construction Project for Improving Quality and Reliability of NEVs in China" in Beijing. More than 100 representatives and experts from China's automotive T10 enterprises, mainstream complete vehicle enterprises in the industry, enterprises specializing in core components such as batteries, motors, and electronic controllers, enterprises specializing in intelligent vision and key electronic components, as well as industry service institutions attended the meeting. The meeting called upon relevant parties in the NEV industry chain, particularly T10+ complete vehicle enterprises, core system assembly enterprises, key component and module enterprises, and related units, to take proactive actions and accelerate the establishment of an innovation and development system for quality and reliability. It also urged them to learn from advanced experiences in quality and reliability, strengthen relevant cutting-edge basic research, and strive to promote higher-quality development of the NEV industry and accelerate the construction of China as a strong automotive nation.