【SMM Tungsten Analysis】 SMM News, August 14: The global tungsten industrial chain remained in a stalemate this week. Divergent inventory‑building strategies across upstream and downstream segments

Data released Friday by South Korea's Ministry of Science and ICT showed that, driven by sustained global investment in AI, the country's July exports of information and communication technology (ICT) products surged 140.6% YoY. July ICT export value reached $53.4 billion, up from $22.2 billion a year earlier. The ministry said this was the highest July figure on record. South Korea's July ICT imports rose 37.3% YoY to $18.3 billion, resulting in a trade surplus of $35.1 billion. By product, driven by strong demand for AI-related chips, semiconductor exports soared 178.8% YoY to $41 billion, extending their growth streak to 17 consecutive months. Exports of computers and communications equipment soared 353.9% YoY to $4.9 billion, and mobile phone exports rose 62.6% YoY to $1.6 billion. By destination, combined exports to China and Hong Kong surged 194.7% YoY. Exports to the US jumped 187% YoY, exports to Vietnam rose 115.7% YoY, exports to the EU grew 202% YoY, and exports to India increased 128.2% YoY.

August 13, 2026 For Citi, silver remains the classic hedge against gold. In a recent client note, the analysts confirm their optimistic price targets of US$75 per ounce over the next zero to three months and US$90 over the next six to twelve months – based on the current price of around US$65. Investment flows are overtaking industrial demand as a price driver Citi expects investor demand to continue to recover and to have a greater impact on price trends in future than industrial demand. Two macro factors are particularly crucial in this regard: a possible easing of tensions in the Strait of Hormuz and a less restrictive stance by the US Federal Reserve. Whilst higher real yields and a strong US dollar have recently weighed on silver , the bank estimates that these factors are likely to ease between September and December. In this environment, silver – with its typically higher beta – should follow the trend set by gold and react particularly sensitively to any geopolitical de-escalation. At the same time, the focus is shifting in the short term from industry towards capital flows. In the solar sector, a structural slowdown is emerging due to material savings and the rise of the more efficient back-contact cell technology (BC). BC technology could become the standard by 2028. Indian tailwind meets structural market deficit The silver market continues to receive strong support from India, where a local premium of around 7 per cent highlights the high level of demand. Citi expects an additional surge in demand here ahead of the upcoming festival and wedding season in the fourth quarter. Despite the headwinds from the solar sector, the bank expects the global silver market to remain in deficit until at least 2027. Key growth drivers such as artificial intelligence, 5G and electric mobility are largely offsetting the weaker demand from the solar sector. For investors, this results in an attractive mix of macroeconomic recovery, rising investor demand and a persistent structural shortfall. Source： https://goldinvest.de/en/is-a-silver-rally-on-the-cards-citi-confirms-target-of-ususd90

On its Q1 FY27 earnings call on August 4, India's Jindal Stainless (JSL) said reduced EU import quotas, not CBAM, are what will make its Europe volumes look smaller, adding it is confident of filling its quota allocation. On CBAM readiness, JSL said it has internationally accredited verifiers in place and is waiting on the EU to appoint verifiers, noting its scrap-based route — scrap feed is about 85-90% at Hisar and 70-75% at Jajpur, over 90% sourced from India and Southeast Asia. Exports are roughly 10-11% of volume, with Europe 30-40% and Europe plus the US around 60%; JSL is diversifying into Japan, South Korea and Brazil. India's anti-dumping public hearing is set for September 9, while the QCO suspension is expected to run to March 2027.

On its Q1 FY27 earnings call on August 4, India's Jindal Stainless (JSL) said its Indonesian RKEF nickel pig iron business remained EBITDA-positive for a second consecutive quarter, though management stressed the business is inherently volatile given nickel price swings and that its primary purpose is securing raw material availability rather than earnings. The comment came in response to an analyst question on Indonesia's revised nickel ore benchmark pricing and its margin impact. MD Abhyuday Jindal called peer moves into Indonesia a welcome development, citing SAIL's MoU with an Indonesian state entity for its Salem plant and POSCO's similar investment, arguing they validate JSL's own move years earlier given Indonesia's repeated signals on restricting nickel ore and NPI exports.

On its Q1 FY27 earnings call on August 4, India's Jindal Stainless (JSL) said its recently commissioned 1.2 million t/yr stainless steel melt shop in Indonesia has begun ramping up after clearing local approvals and certifications, with sales volumes to start flowing gradually. Management targets 70-80% utilisation in the first year of operation. Separately, JSL confirmed the Indonesian entity PTGMI moves from subsidiary to associate effective July 1, 2026, as JSL gave up its right to appoint a board majority — control was retained only through the construction phase; earnings will now be equity-accounted rather than line-by-line consolidated. Management stressed slab availability into India and guidance are unchanged, and that it retains flexibility to import HR coil instead of slab.

On its Q1 FY27 (Apr-Jun 2026) earnings call held August 4, India's Jindal Stainless (JSL) said consolidated revenue, EBITDA and PAT rose 10.5%, 1.4% and 7.7% YoY, but finished goods sales volume fell 7.3% YoY. Management attributed this to a severe industrial gas shortage in the first weeks of April 2026 — propane and LPG restrictions forced open-market buying at up to 3x pre-conflict prices — plus Middle East logistics disruption. Capacity utilisation ended Q1 at 69-70%, with grade mix at 35% 200-series, 47% 300-series and 18% 400-series. Management said production is now back to pre-conflict levels, aided by switching the Jajpur plant to piped natural gas, and kept H1 guidance of INR18,000-20,000/t EBITDA unchanged. SMM notes demand was described as never a constraint.

[SMM Analysis: High Copper Prices Weigh on Demand as Payable for Copper Scrap Diverge]No.1 and No.2 copper materials came under greater pressure. Smelter maintenance, seasonal weakness in downstream demand and historically high copper prices led buyers to reduce procurement volumes and focus mainly on immediate production needs. By mid-August, No.1 copper payabilities had eased to around 96%-97%, while US No.2 copper materials traded near 95.5% and European No.2 copper materials around 94.5%-95%

[SMM Analysis: High Copper Prices Curb Demand, Copper Scrap Payable Indicators Diverge] No.1 and No.2 copper were affected by maintenance at some smelters, the consumption off-season, and high copper prices, which slowed down procurement demand and caused transaction payable indicators to pull back somewhat. As of mid-August, the payable indicator for No.1 copper transactions pulled back to around 96%-97%, with US No.2 copper at about 95.5% and European No.2 copper mainly at 94.5%-95%. In contrast, given still-tight supply and strong direct substitution properties for copper cathode, bare bright copper found notable downside support, and its quoted payable indicator held at a high of 98.5%-99% without visible loosening.

[Indonesia] While wire rod and billet prices have shown slightly increase movement, HRC prices have remained largely stagnant, holding steady at around 510 USD/ton FOB. This can be attributed to a scarcity of bids and generally weak demand, as buyers increasingly look toward alternative suppliers in India, China, and Vietnam, where offers are more price-competitive. Despite this pressure, Indonesian mills remain reluctant to lower their prices further, constrained by persistently high production costs and other cost-related pressures.