Affected by the supply-demand relationship, MHP and high-grade nickel matte nickel prices rose this week

In the fields of precious and rare metals, compared with well-known categories such as gold, silver, and platinum-group metals, osmium has always remained a niche yet highly distinctive presence. With its unmatched physicochemical properties, it has become an indispensable key material in high-end industry and scientific research. Even though it receives limited market attention, it still possesses irreplaceable value. This article will provide a comprehensive breakdown of osmium metal, covering its basic properties, resource supply, application scenarios, and market characteristics, to offer a full understanding of this “king of density.” I. First Encounter with Osmium: A Hardcore Outlier Among the Platinum-Group Metals Osmium, with the chemical symbol Os and atomic number 76, belongs to the platinum-group metals. It is a Group VIII transition metal on the periodic table and also one of the rarest metals found in nature. As one of the six major members of the platinum-group metal family, osmium has no independent ore deposits and is commonly associated with platinum, iridium, ruthenium, rhodium, and palladium. It can only be recovered through purification during platinum ore smelting and cannot be extracted through standalone large-scale mining. This inherent characteristic directly defines its scarcity. Osmium’s physicochemical properties are truly unique in the world of metals, with highly recognizable core characteristics: first, it has the highest density in the world. Under standard conditions at 20°C, its density reaches 22.59 g/cm³, far exceeding that of gold (19.32 g/cm³) and platinum (21.45 g/cm³). It is currently the densest naturally occurring metal known, and at the same volume, it weighs far more than various conventional precious metals. Second, it demonstrates excellent high-temperature resistance, with a melting point of 3,033°C and a boiling point exceeding 5,000°C. It remains highly stable in high-temperature environments and can adapt to various industrial and scientific applications under extreme heat. Third, it has outstanding hardness and strong corrosion resistance. With a Mohs hardness of 7, it is hard, durable, and wear-resistant, and is difficult to corrode under conventional acidic or alkaline conditions. However, its drawbacks are also quite evident: it is highly brittle and has extremely poor plasticity, making it impossible to process through conventional mechanical methods, so it is mostly used in powder or alloy form. A key safety precaution must be emphasized here: when osmium metal is heated in air to above 100°C, it slowly oxidizes to form osmium tetroxide (OsO₄). This substance is highly irritating, highly volatile, and somewhat toxic. Therefore, the entire process involving osmium, including production smelting, storage and transportation, and deep processing, must be carried out under the protection of inert gas and in strict compliance with operational standards. These exceptionally high compliance and control requirements further raise the barriers to osmium’s production and application. II. Extreme Scarcity: Osmium’s Resource Endowment and Supply Landscape Osmium is far rarer than commonly recognized precious metals such as gold and platinum, and it can be regarded as a “niche treasure” in the precious metals sector. Relevant data show that the average abundance of osmium in the Earth’s crust is only about 0.001 ppm, making it one of the least abundant stable elements in the crust. Globally, identified recoverable reserves are extremely limited, and resource distribution is highly concentrated, without the formation of widely distributed ore deposits. Supply side, the scarcity of osmium is even more pronounced. As there are no standalone mines, global osmium production is entirely dependent on platinum ore mining and smelting, with capacity remaining at an extremely low level year-round. Global annual production is about 1 mt (data from the International Platinum Group Metals Association), while China’s annual production is less than 100 kg, with supply far below that of other platinum group metals. From the global supply landscape, traditional major platinum group metal-producing countries such as South Africa and Russia control the vast majority of the world’s osmium resources and smelting capacity. Industry supply shows a highly monopolized pattern, with extremely low supply elasticity. Minor changes in mining progress, geopolitical conditions, environmental protection-related controls policies, and platinum group metal smelting capacity all directly affect global osmium supply. This dual characteristic of “inherent resource scarcity + constrained supply” has kept the osmium market in a long-term tight supply-demand balance and has also given it strong price resilience and fluctuation elasticity, securing a unique position in the rare metals market. 3. Exclusive to High-End, Cutting-Edge Applications: Core Application Scenarios of Osmium Although osmium has limited production and a relatively narrow range of applications, its exceptional physical and chemical properties have enabled it to take root precisely in high-end niche fields, making it an irreplaceable core material in many advanced applications. Downstream demand is concentrated and highly rigid, with no low-cost substitutes currently available. Its core applications are mainly concentrated in four major fields: 1. Special Hard Alloys: Core Raw Material for High-End Wear-Resistant Components Osmium-based alloys made by melting osmium with metals such as iridium and platinum combine ultra-high hardness, wear resistance, and corrosion resistance, making them key core materials for high-end precision instruments. These alloys are widely used in high-precision bearings for high-end watches and precision instruments, premium fountain pen nibs, professional turntable styluses, medical precision scalpels, and high-end wear-resistant mechanical components. They can significantly improve component service life and durability, making them suitable for long-term, high-load, high-wear operating environments, and they are core wear-resistant materials in the high-end manufacturing sector. 2. Industrial Catalysis: Dedicated High-Efficiency Additive for Fine Chemicals Osmium and its compounds have excellent catalytic activity and serve as dedicated catalysts in certain fine chemical and organic synthesis reactions. Especially in special chemical processes such as hydrogenation and oxidation reactions, they offer high catalytic efficiency and strong reaction selectivity, effectively optimizing process flows and improving product purity and yield. Although the unit consumption of osmium catalysts is extremely low, they are rigid process necessities and are difficult to replace with other common metal catalysts, resulting in relatively strong downstream demand stability. 3. Scientific Research and Detection: Essential Specialty Consumable for Laboratories Although osmium tetroxide is toxic, it has irreplaceable value in scientific research. It is a high-quality staining agent for biological samples and microscopic material sections under electron microscopes, significantly enhancing the clarity and contrast of observed samples, and is an indispensable experimental reagent in frontier research fields such as materials science and life sciences. Meanwhile, high-purity osmium powder was also widely used in high-end scientific research experiments and the R&D of specialized new materials, serving as a niche but essential consumable for major research institutes and high-end laboratories. 4. High-End Specialized Fields: Core Components for Military and Aerospace Applications Leveraging its core advantages of high density, high-temperature resistance, and high stability, osmium was also applied in specialized high-temperature components for aerospace and military applications, precision guidance components, as well as niche scenarios such as high-end electrical contacts and wear-resistant coatings. These applications were all concentrated in cutting-edge, high-precision sectors. Although the volume of each individual application was small, the product value-added was extremely high. Moreover, with the technological iteration and development of high-end manufacturing and the military and aerospace industries, related demand had the potential for steady growth. IV. Summary of the Core Characteristics of the Osmium Metal Market Overall, as a rare category among platinum group metals, osmium had highly distinctive core characteristics: extreme scarcity on the resource side, highly monopolized supply with insufficient elasticity; application-side concentration in high-precision, cutting-edge fields, with rigid and irreplaceable demand; and unique physicochemical properties, combining both advantages and application barriers. Unlike the market-driven fluctuation logic of conventional bulk commodities, the osmium market was significantly affected by factors such as supply-side changes, downstream demand from high-end industries, and compliance costs. The overall market size was small, and trading frequency was relatively low, placing it in the category of niche rare precious metals. Its core value always revolved around the two key points of “scarcity” and “irreplaceability,” making it an indispensable key metal material in high-end industrial and scientific research fields.

Silicon metal production in February was 275,700 mt, down 26.6% MoM and 5% YoY. In terms of daily output, the average daily production in February decreased by about 19% MoM from January.It is projected that silicon metal production in March will increase to over 340,000 mt MoM, with an average daily production increase of approximately 13% MoM.

According to SMM research, most galvanising enterprises resumed production between the tenth day (February 26) and the sixteenth day (March 4) of the first lunar month. Small and medium-sized enterprises generally resumed operations after the Lantern Festival (March 2), with an average holiday duration of around 21 days.

On June 13, at the 2025 SMM (13th) Minor Metal Industry Conference - Antimony Forum, hosted by Shandong Humon Smelting Co., Ltd. and SMM Information & Technology Co., Ltd., Yi Xiaobo, Senior Advisor/Senior Engineer at the National Power and ESS Battery Product Quality Supervision and Inspection Center, shared insights on "The Fundamentals of Supply and Demand in the Battery Market and the Application and Development of Antimony Metal in Lead-Antimony Alloy Plates for Batteries.

On June 13, at the 2025 SMM (13th) Minor Metal Industry Conference - Antimony Forum hosted by Shandong Humon Smelting Co., Ltd. and SMM Information & Technology Co., Ltd. (SMM) , Yi Xiaobo, Senior Advisor/Senior Engineer at the National Quality Supervision and Inspection Center for Power and Energy Storage Battery Products, shared insights on "The Fundamentals of Supply and Demand in the Battery Market and the Application and Development of Antimony Metal in Lead-Antimony Alloy Plates for Batteries." I. Analysis of the Lead-Acid Battery Application Market 1. Total Production 2. Proportion of Main Products ►Power Type: Electric two-wheelers, electric three-wheelers, electric four-wheelers; Top-tier enterprises: Tianneng, Chilwee, Xupai, Jingjiu, Suzhong, Huoju. ►Starting Type: Cars, agricultural vehicles, motorcycles, ships, diesel locomotives; Top-tier enterprises: Camel, Fengfan, Leoch, Jujiang, GS Yuasa. ►Standby Power Type: Electric power, telecommunications, UPS, data centers; Top-tier enterprises: Narada, Leoch, Shuangdeng, Sacred Sun, Ruida, Vision. ►Energy Storage Type: ESS power stations, industrial and commercial ESS, household ESS; Top-tier enterprises: Narada, Leoch, Shuangdeng, Sacred Sun, Huafu. 3. Market Situation In recent years, with the continuous emergence and application of various new-type batteries, the traditional lead-acid battery market has faced severe challenges. Overall Situation: Lithium batteries have rapidly occupied the high ground; sodium-ion batteries are poised for takeoff; other new-type power supplies are eagerly awaiting their turn. Automotive Market As of 2024, the domestic automobile ownership stood at approximately 353 million units, with NEVs accounting for 8.9%; globally, automobile ownership reached 1.6 billion units, with NEVs accounting for 3%. ►Market Analysis Ø The market demand growth rate for internal combustion engine vehicles will decline over the next three years. Ø Extended-range and plug-in electric vehicles have become the mainstream in NEV development. Ø Currently, 98% of internal combustion engine vehicles, except for parked heavy trucks, use lead batteries. Ø Lithium batteries dominate in NEVs, with lead batteries serving as a supplement. Ø The development of vehicle electrification and intelligent driving over the next three to five years will have a significant impact on the traditional lead-acid battery market. Ø Demand characteristics: Safety, starting capability, charging acceptance, vibration resistance, low-temperature resistance, high-temperature resistance, lifespan, and price. Ø Sodium-ion batteries are beginning to penetrate the market. Electric Two-Wheelers In 2024, the total domestic sales of electric two-wheelers reached approximately 49.5 million units, representing an 11.6% YoY decline compared to the previous year, while overseas sales totaled around 18.77 million units, showing a 24.8% YoY increase. By the end of December 2024, the ownership of electric two-wheelers in the Chinese market was approximately 400 million units. ►Market Analysis Ø Currently, lead-acid batteries hold a market share exceeding 87%, lithium batteries account for around 11%, and sodium-ion batteries make up less than 2%. Ø The trend still favors lead-acid batteries, as there is a demand for batteries with higher safety than lithium batteries, and sodium-ion batteries are emerging as a strong contender. Electric Three-Wheelers and Low-Speed Electric Four-Wheelers By the end of 2024, the market ownership of electric three-wheelers nationwide was approximately 70 million units. In 2024, the sales of low-speed electric four-wheelers in China were about 302,000 units, representing an 8.5% YoY decline. The market is expected to continue declining in 2025, with future development depending on policies and relevant standards. ►Market Analysis Ø Lead-acid batteries account for approximately 60% of the market for electric three-wheelers and low-speed electric four-wheelers, with lithium batteries gradually increasing their share to 40%, and sodium-ion batteries accounting for 0.5%. Ø For other electric vehicles, including electric forklifts, electric logistics vehicles, electric flatbed trucks, and tourist sightseeing vehicles, lithium batteries account for about 80% of the market, lead-acid batteries for about 20%, and sodium-ion batteries for 0.3%. II. Application of Antimony Metal in Lead-Acid Batteries 1. The Importance of Antimony Metal Rare Metal: Antimony has an extremely low abundance in the Earth's crust, at only two parts per ten million. It is primarily found in the sulphide mineral stibnite (Sb2S3). As of 2024, global antimony reserves reached 2.255 million mt, with China holding 670,000 mt, accounting for 29.7% and ranking first in the world. Strategic Metal: Known as the "vitamin" of industry, antimony plays an indispensable role in new energy and military industries. 2. Main Uses of Antimony Metal ►Flame Retardants: Antimony trioxide, when combined with halogenated flame retardants, becomes an irreplaceable flame-retardant material widely used in industries such as plastics, rubber, textiles, and chemical fibers. ►PV Power Generation: PV Glass: Antimony compounds and sodium pyroantimonate are used as glass refining agents to improve transparency. Monocrystalline Silicon Panels: Doping with antimony increases oxygen precipitation rates, improves crystal quality, and enhances photoelectric conversion efficiency. ►Lead-Acid Batteries: Grid alloys, parts, and additives (antimony trioxide). ►Semiconductor Materials: High-purity antimony and its compounds are used as dopants in n-type silicon wafers with ultra-high conductivity (for diodes, infrared detectors, Hall elements, etc.). ►Glass Ceramics: Porcelain: As a hardness and wear-resistance agent for glazes. Glass: As a coloring agent, strength enhancer, and heat-resistant agent. ►Strategic Military Applications: Nuclear weapons, rockets, missile shells, bullets, flares, gun barrels, night vision goggles, infrared sensors, precision optics, laser sights, etc. ► Alloy materials: Enhancers and corrosion inhibitors for bearings, gears, chemical pipelines, cable sheathing, etc. ► Chemical materials: Stabilizers and catalysts for polyester compounds and polyethylene terephthalate. 3. Production and price of antimony metal ► Limited production: In 2024, China's antimony metal production was 72,000 mt, a 10.3% YoY decrease, with a capacity utilisation rate of 33%, constrained by insufficient raw material supply. The demand in 2024 was 97,100 mt, mainly driven by the expansion of PV systems and flame-retardant materials, which increased the demand for antimony metal. ► Significant increase in antimony imports: According to customs statistics, China's imports of antimony ore and concentrate were 51,080.2 mt in 2024, a 46.0% YoY increase. ► Price increase: The intensified supply-demand imbalance drove up prices. ► Development trends: A. The state intensifies industry regulation and export controls; B. The supply of antimony resources may continue to tighten; C. The demand for downstream applications is increasingly robust; D. Technology reshapes the value chain, with application scenarios shifting towards high-end (PV, military, battery); E. The supply-demand gap for antimony will widen in 2025; F. Prices may continue to rise; G. Antimony recycling technology improves, with an increase in recycling rates. 4. Application of antimony metal in lead-acid batteries ► Application history a. In 1859, Frenchman Gaston Plante invented the lead-acid battery (two lead plates immersed in dilute sulphuric acid could generate an electric current). b. In 1881, Frenchman Camille Faure invented the pasted plate (a rechargeable lead-acid battery with lead oxide coated on the lead plates). c. In 1882, Englishman Sellon invented the lead-antimony alloy grid (with 5%-7% antimony content, enhancing plate strength, conductivity, and lifespan). d. 1950s-1970s: Lead-antimony-arsenic alloy (with 3%-5% antimony content, addressing water loss and self-discharge issues). e. 1980s-1990s: Lead-antimony-arsenic-tin alloy (with 1.5%-2% antimony content, addressing water loss, internal resistance, and self-discharge issues). f. 1990s onwards: Application of valve-regulated batteries (gradually replacing lead-antimony alloy grids); lead-antimony-arsenic-tin-copper-selenium(sulphur) alloy (with 0.5%-1% antimony content, addressing water loss, self-discharge, and corrosion issues). ► Current application status a. Lead-antimony grids: Flooded battery grids (for automotive, agricultural vehicle starting batteries, forklift traction batteries, electric three-wheeler power batteries, and motorcycle starting batteries). b. Applications of lead parts: terminal posts, terminals, busbars, and connecting strips. c. Lead-calcium grid plate: Antimony trioxide (an additive for positive active material, addressing the passivation issue of deep-cycle plates, i.e., solving the "antimony-free effect" of plates). ‌‌►Usage volume a. Antimony ingot: Approximately 10,000 mt per year; b. Antimony trioxide: Approximately 2,000 mt per year. ‌‌►Future usage trends a. The usage of antimony ingot will gradually decrease (forklift batteries and electric three-wheeler batteries are gradually being replaced by lithium-ion batteries and sodium-ion batteries). b. The usage of antimony trioxide will remain basically unchanged. 》Click to view the special report on the 2025 SMM (13th) Minor Metals Industry Conference

SMM data shows that the most-traded SS contract continued to fluctuate at lows this week. As of 10:30 on June 6, the SS2507 contract was quoted at 12,700 yuan/mt, unchanged WoW. From a macro perspective, domestic policies have continued to exert influence, injecting liquidity into the market. In May, the People's Bank of China (PBOC) announced a 0.5 percentage point cut in the reserve requirement ratio (RRR), releasing 1 trillion yuan in long-term funds, and supplemented short-term liquidity through reverse repo operations totaling 700 billion yuan. On June 5, the PBOC conducted an unprecedented 1 trillion yuan in outright reverse repo operations, further stabilizing market expectations. Internationally, US trade policies and economic data have disrupted the market. Starting from June 4, the US increased tariffs on steel and aluminum imports from 25% to 50%, mainly affecting major exporters to the US such as Mexico and Canada. Given the limited direct exports of Chinese stainless steel to the US, the impact is expected to be relatively small. Additionally, a surge in initial jobless claims in the US in early May has heightened market concerns about an economic downturn, significantly increasing expectations for US Fed interest rate cuts this year. Returning to the fundamentals, the stainless steel market has entered the traditional consumption off-season, with sluggish transactions and downstream buyers only making just-in-time procurement. Currently, stainless steel enterprises are generally facing losses due to cost inversion. Despite news of production cuts from multiple steel mills, the supply scale remains at historically high levels for the same period due to the high production base in the early stage, and the supply-demand imbalance in the market persists. Against this backdrop, social inventory of stainless steel remains high, and traders face significant pressure to sell, making price cuts and sales promotions commonplace. Overall, although SS futures prices have reached historical lows and cost support provides a certain floor for prices, the fundamentals are unlikely to support a price rebound amid limited production cuts by steel mills and persistently weak demand. It is expected that in the short term, the SS futures market will continue to fluctuate at lows.

[SMM Data: Electrolyte Production Rose Slightly MoM in May] Electrolyte production in May 2025 increased 1% MoM, and is expected to decrease 1% MoM in June.

SMM data shows that the most-traded SS contract surged and strengthened this week. As of 10:30 a.m. on May 16, the SS2507 contract was quoted at 12,995 yuan/mt, up 285 yuan/mt WoW. After the US and China reached a 90-day tariff buffer period in the Geneva negotiations, the stainless steel market was significantly less affected by macro factors, gradually returning to the logic dominated by fundamentals. However, this week, a series of economic events in the US once again triggered market volatility. Moody's downgraded the US sovereign credit rating to Aa1, explicitly pointing out the risks of fiscal deficit expansion and a heavier debt interest burden, directly sparking market concerns about the sustainability of US debt. Meanwhile, the auction of 20-year US Treasury bonds was cold, with a winning bid rate of 5.047% and a bid-to-cover ratio of only 2.46, the lowest since February, pushing the yield on 30-year US Treasury bonds above 5%. In addition, the Trump tax cut bill was passed in the House of Representatives, expected to increase the fiscal deficit by $3.3 trillion over the next decade, further exacerbating the selling pressure on US debt and causing the three major US stock indices to fall more than 1.4% in a single day. Affected by the weakening US dollar, the futures market for gold and non-ferrous metals strengthened. Against this backdrop, the stainless steel futures market also ended its downward trend and rebounded. From a fundamental perspective, as the macro-positive factors that previously supported the stainless steel market gradually faded, the weakness in downstream end-use consumption became increasingly apparent. The market has gradually entered the traditional consumption off-season. The frequent arbitrage operations between futures and spot markets conducted by traders previously have led to an abundant supply of low-priced warrant goods in the market, meeting some demand on a temporary basis. At the same time, stainless steel producers have limited production cuts, with production remaining at a high level, leading to a continued loose supply in the market. Under the dual pressures of weak demand and supply surplus, market participants' confidence is significantly lacking, and a wait-and-see sentiment prevails. Considering the market performance this week, as the influence of macro factors gradually diminishes, the stainless steel market is accelerating its transition into the traditional consumption off-season. The current market is characterized by a prominent supply-demand imbalance, with the supply side maintaining a loose pattern and production remaining high on the one hand, and the demand side remaining weak on the other hand. The temporary satisfaction of market demand by previously low-priced goods is difficult to sustain. Although stainless steel futures prices are at a relatively low level and the price of high-grade NPI is approaching the cost line of smelters, in the absence of effective demand improvement, the market lacks strong drivers for an upside. It is expected that in the short term, stainless steel futures will mainly move in a volatile pattern, with limited upside room.

SMM, May 19, 2025 The most-traded SHFE lead 2506 contract opened at 16,925 yuan/mt during the day. It rose slightly in early trading, touching a high of 16,985 yuan/mt. However, due to the lingering uncertainties in tariff negotiations and the sluggish spot trades of domestic lead ingots, bearish sentiment prevailed. In the afternoon, SHFE lead prices fluctuated downward, reaching a low of 16,835 yuan/mt at the close, and eventually closed at 16,860 yuan/mt, down 0.06%, with an open interest of 27,388. Recently, macro sentiment has been unstable, exerting a significant impact on non-ferrous metal prices. Additionally, the import window for crude lead has opened to some extent, with some producers having purchased corresponding supplies. Given the limited production enthusiasm of downstream battery producers, caution is advised regarding the drag on lead prices from potential inventory buildup pressure in the lead ingot market. 》Subscribe to view SMM metal spot historical prices