[SMM Aluminum Express News] Indonesia's Ministry of Cooperatives and SMEs issued Permen UMKM No. 4/2025 on verification for priority mining license areas (WIUP) for metal minerals & coal. Criteria for SMEs (UKM): 1. Small: capital >Rp1–5B or sales >Rp2–15B/yr 2. Medium: capital >Rp5–10B or sales >Rp15–50B/yr 3. Operated ≥1 year 4. Has unit for micro/small enterprise economic development program 5. Submits commitment letter 6. Implements program ≤3 yrs after IUP Aims to empower capable local SMEs in mining via OSS system verification.

Today in North China, spot #1 copper cathode prices against the front-month contract were at a discount of 380-160 yuan/mt, with an average discount of 270 yuan/mt, unchanged from the previous trading day. Transaction prices ranged from 101,560 to 102,100 yuan/mt, with an average of 101,830 yuan/mt, up 735 yuan/mt from the previous trading day.

As of now, the FOB price of Indonesian MHP nickel is $15,015/mt Ni, and the FOB price of Indonesian MHP cobalt is $49,462/mt Co. The MHP payable indicator (against the SMM battery-grade nickel sulphate index) is 88-88.5, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 91. The FOB price of Indonesian high-grade nickel matte is $15,511/mt Ni.

[SMM Aluminum Morning Meeting Minutes: Overall Warm Macro Front Contends with Inventory Buildup Reality, Aluminum Prices Under Pressure and Fluctuating in the Short Term] In summary, aluminum prices are expected to continue their fluctuating trend under pressure in the short term, constrained above by the reality of inventory buildup and supported below by macro expectations. They are anticipated to remain in the doldrums with limited room for a rebound.

[SMM Nickel Flash] February 11 — Supply side, amid the impact of nickel ore quota news, futures rose again, supporting firm market quotations. Demand side, against a backdrop of bullish sentiment, there was some restocking activity, but overall market liquidity remained weak. In summary, the pattern of poor market liquidity before the holiday remained unchanged; driven by futures and macro sentiment, high-grade NPI prices rose slightly.

[SMM Nickel Flash] February 11 - SMM 10-12% high-grade NPI average price was 1,043 yuan/mtu (ex-factory, tax included), up 2 yuan/mtu MoM from the previous working day. The high-grade NPI market sentiment factor was 1.95, down 0.03 MoM; the upstream sentiment factor was 2.72, down 0.03 MoM; and the downstream sentiment factor was 1.17, down 0.03 MoM.

According to Eramet's press release, PT Weda Bay Nickel (WBN) has received an initial notification from Indonesian authorities for a 2026 production and sales quota of just 12 Mwmt, a drastic reduction compared to the 32 Mwmt initially granted for 2025 and its later upward revision to 42 Mwmt. This significantly lower volume reflects the government's tightening of the Work Plan and Budget (RKAB) policy to manage market balance and sustainable resources. While WBN is currently adjusting its operations to minimize the impact on North Maluku's economy, the company plans to apply for an early revision to a higher volume to meet the high demand from smelters and HPAL facilities at the IWIP industrial park.

[SMM Magnesium News] Gansu lists magnesium-based new materials as a strategic emerging industry. Its government work report proposes building a processing base for strategic mineral resources like magnesium, accelerating full-chain development of Pingliang’s 700-million-ton magnesite dolomite and boosting industry with new energy advantages. Pingliang actively responds, planning a 10-billion-yuan magnesium-based new materials cluster. In 2026, it will speed up transfer of magnesite dolomite exploration rights and pilot project construction. Kongtong District, with rich resources, closely cooperates with China Minmetals to promote magnesium smelting and alloy projects. Currently, its explored magnesite dolomite resources exceed 700 million tons.

SMM reported on February 11: According to official news from Nandan Nanfang Nonferrous Metals Co., Ltd., a public tender for 100 mt of bismuth ingots, specification: 99.99%; execution standard: GB/T915-2010, started today. The settlement method required payment before delivery: a 10% deposit of the total value was to be prepaid within two working days after winning the bid, and the balance was to be paid in full within two working days after signing the contract. Business contacts: Bu Yongyang 18607782963, Cen Zhanming 18607830420. The tender currently required direct quotation on the platform. Users could search for the "Nanfang Nonferrous Metals Group" official account on WeChat, log in to the Nanfang Nonferrous Bulk Materials Sales Platform → User Login → to submit a quote. The bidding deadline was 16:00 on February 12, 2026. This bidding sale did not set a reserve price. If the bidding price deviated significantly from market transactions, Nandan Nanfang Nonferrous Metals Co., Ltd. reserved the right to cancel the bidding. This tender could test the trading activity of bismuth ingots in the market, and SMM would follow up with reports.

On February 11, the SMM battery-grade nickel sulphate index price was 31,628 yuan/mt, with the quotation range for battery-grade nickel sulphate at 31,400-32,500 yuan/mt, and the average price remained unchanged from the previous day.