[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.

Recently, the team led by Meng Qingbo at the Institute of Physics, Chinese Academy of Sciences, once again set a new record in new-type thin-film PV copper-zinc-tin-sulfur-selenium (CZTSSe) technology, raising the battery’s certified efficiency to 16.6%, marking the technology’s official crossing of the critical threshold for industrialisation from 15 to 16. Composed of common, low-cost elements such as copper, zinc, and tin, CZTSSe materials not only avoid reliance on rare metals but also offer strong resistance to space radiation. At present, the team has also completed the development of high performance flexible batteries and modules, and this technology is expected to achieve large-scale application in fields such as low-Earth-orbit satellite internet, space-based energy bases, and aerospace equipment in the future. This progress not only established China’s internationally leading position in this field, but also opened up strategic, high-value-added application prospects for tin metal in new energy and deep-space exploration.

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.

In early February, the rhenium market showed a diverging trend of cooling trading activity alongside rising prices. Affected by a mix of factors, supply-demand dynamics in the market have become increasingly competitive, market participants have grown more cautious, and the overall market has displayed distinct phased characteristics. In terms of trading activity, market liquidity for rhenium weakened notably in early February compared with late January, mainly driven by sentiment spillover from the gold and silver markets. Recent price volatility in gold and silver has fostered a wait-and-see mood across the precious metals sector, which indirectly spread to scattered rare metals such as rhenium and slowed overall trading pace. Most market activity consisted of inquiries, with many investors remaining cautious; actual transactions were limited, supported only by small-volume rigid orders. Meanwhile, mild selling by retail investors emerged, reflecting uncertainty over the short-term outlook and further dampening trading sentiment. On the price front, despite weaker trading, rhenium prices remained firm and trended steadily higher, driven primarily by tight supply at the raw material upstream. Ammonium rhenate, the key feedstock for rhenium production, stayed in short supply with prices rising continuously, sharply pushing up raw material costs for downstream smelters. Supported by cost pass-through, end-product prices such as rhenium pellets also moved higher. However, as ammonium rhenate prices kept climbing, downstream smelters faced intense cost pressure. Some producers reported that price adjustments for finished products could not keep up with raw material inflation, squeezing profit margins, and a number of processors planned to raise the proportion of scrap recycling. Looking ahead, the supply picture for ammonium rhenate may see marginal improvement. Attracted by expanding profit margins, many copper‑molybdenum smelters have begun considering recovering ammonium rhenate via smelting by‑processing, which would help ease tight supply to some extent. That said, rhenium is a scattered rare metal present at very low concentrations in copper‑molybdenum ores, and recovery involves technical barriers. Even with increased recovery efforts, output will remain limited, implying a persistent supply deficit in the ammonium rhenate market. In terms of market expectations, the recent failed bidding for 3 tonnes of ammonium rhenate for Sinopec’s catalyst demand indirectly reflected producers’ optimistic outlook. Suppliers widely expect further upside for ammonium rhenate prices and were unwilling to sell in large quantities at current levels, resulting in the unsuccessful tender. Overall, rhenium prices are expected to stay firm in the short term, supported by tight raw material supply and producer reluctance to sell. Over the longer term, rising recovery from copper‑molybdenum smelters may alleviate supply pressure, but a supply gap will persist. The rhenium market is likely to remain high and volatile, with industry profit distribution continuing to shift alongside changes in supply and demand.

[SMM Flash: US Critical Metals Reaches Second Underwriting Agreement] US Critical Metals has entered into a securities purchase agreement with an undisclosed institutional investor, planning to raise $50 million through a private investment in public equity (PIPE) transaction. Under the agreement, Critical Metals will issue a total of 1.47 million shares of common stock and pre-funded warrants to purchase approximately 1.56 million shares of securities. The company stated that the net proceeds from the offering will be used to fund the development of its Tanbreez rare earth ore mine in Greenland, which has estimated ore reserves of 4.7 billion mt. The previous week, Critical Metals signed a ten-year underwriting agreement with US rare earth processor REalloys, committing to supply 15% of the total rare earth products from Tanbreez. In August this year, Critical Metals had already reached an underwriting agreement with Ucore Rare Metals, agreeing to purchase 10% of the rare earth products from Tanbreez's production, bringing the total underwriting volume to 25%.

On June 13, at the 2025 SMM (13th) Minor Metal Industry Conference - Rare and Scattered Metals Forum (Indium, Germanium, Gallium, Bismuth, Selenium, Tellurium), hosted by Shandong Humon Smelting Co., Ltd. and SMM Information & Technology Co., Ltd., Long Wensheng, General Manager of Changsha Aochang Nonferrous Metals Co., Ltd., elaborated on "The Current Application Status and Future Prospects of Minor Metal Selenium.

On June 12, at the 2025 SMM (13th) Minor Metal Industry Conference - Main Forum, hosted by Shandong Humon Smelting Co., Ltd. and SMM Information & Technology Co., Ltd., Zhao Wuzhuang, former Deputy Director of the Policy Research Office of the China Nonferrous Metals Industry Association, shared the topic of "Export Controls on Dual-Use Items" with the attendees. He stated that in the past two years, the Chinese government, in accordance with international legal documents such as the conventions on the prohibition of nuclear proliferation and weapons of mass destruction, as well as the management catalog of dual-use items established by these conventions, has introduced measures to strengthen export controls on rare and scattered metals such as indium, germanium, and gallium. As of now, China has implemented export controls on 15 nonferrous metals classified as dual-use items, including four rare and scattered metals (indium, gallium, germanium, and tellurium), four rare metals (tungsten, molybdenum, antimony, and bismuth), and seven rare earth metals (samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium).

[SMM Analysis: Can Anode-Free Sodium-Ion Battery Cells Become a New Breakthrough for the Next Generation of Sodium-Ion Batteries?] SMM reported on June 13: At a time when the field of energy storage is constantly pursuing innovation and breakthroughs, anode-free sodium-ion battery cells, as an emerging technology, are gradually emerging and attracting widespread attention. With their unique design concepts and potential advantages, they offer new ideas for addressing the many issues faced by traditional batteries, but they also come with a series of challenges that need to be overcome urgently...

[SMM Lead Market Flash] A medium-sized lead smelter in Yunnan is expected to undergo routine maintenance in mid-June, with a maintenance cycle expected to last 30-40 days. As a result, its lead production in June is expected to decline by nearly 2,000 mt due to this maintenance. Silver production is expected to continue at normal levels, while maintenance in the precious and rare metals workshop may be postponed to July.

On May 16, at the 2025 SMM (6th) Silver Industry Chain Innovation Conference , hosted by SMM Information & Technology Co., Ltd. (SMM), co-organized by Ningbo Haoshun Precious Metals Co., Ltd. and Quanda New Materials (Ningbo) Co., Ltd., and strongly supported by sponsors including Fujian Zijin Precious Metals Materials Co., Ltd., Huizhou Yian Precious Metals Co., Ltd., Jiangsu Jiangshan Pharmaceutical Co., Ltd., Zhengzhou Jinquan Mining and Metallurgical Equipment Co., Ltd., Hunan Shengyin New Materials Co., Ltd., Zhejiang Weida Precious Metals Powder Materials Co., Ltd., Guangxi Zhongma Zhonglianjin Cross-border E-commerce Co., Ltd., Suzhou Xinghan New Materials Technology Co., Ltd., Yongxing Zhongsheng Environmental Protection Technology Co., Ltd., IKOI S.p.A, Hunan Zhengming Environmental Protection Co., Ltd., Kunshan Hongfutai Environmental Protection Technology Co., Ltd., and Shandong Humon Smelting Co., Ltd., SMM silver analyst Wang Huilin discussed the topic of "Evolution of Silver Supply and Demand and Price Outlook." 1. Current Status of Silver Mine and Refined Silver Supply In 2024, global silver-bearing mineral reserves totaled 640,000 mt in metal content. Silver associated with polymetallic ores accounts for more than two-thirds of the world's silver mineral resources. The self-sufficiency rate of domestic silver concentrates is approximately 50%, with imported silver concentrate processing trade being the main trade mode. In 2024, the total imports of silver concentrates reached nearly 1.68 million mt, with silver mine resources in South America being the primary source of domestic silver concentrate imports. Distribution of Domestic Refined Silver Production In 2024, SMM 1# silver production exceeded 17,000 mt, with large-scale silver smelting capacity concentrated in Henan, Yunnan, Shandong, and other regions. SMM 1# silver production is expected to continue to record positive growth in 2025. The main sources of mineral silver supply are by-products associated with lead concentrates and copper concentrates. ►SMM Analysis • Normalization of lead smelting losses, prioritization of by-product revenue Lead smelters prioritize high silver-content raw materials for comprehensive recovery to increase profit output and offset losses from lead treatment charges (TC). • Decline in silver recovery from imported copper ores The continuous decline in imported copper ore TC in 2025 has affected the supply of copper smelting raw materials, with the main YoY decline in refined silver production in the first half of 2025 coming from precious and rare metal recovery in copper smelters. Distribution of Recycled Silver Recovery Capacity According to SMM estimates, with the construction of new silver recovery capacity, the estimated annual production of recycled silver in 2025 has exceeded 5,000 mt. ►SMM Analysis • Traditional recycled silver recovery capacity: Distributed in Hunan, Zhejiang, and Guangdong, with raw materials mainly consisting of metallurgical slag and other electronic and electrical materials. • High-value precious and rare metal recovery capacity: Recovery of catalysts and various silver-based new materials containing platinum, rhodium, palladium, etc., with comprehensive recovery of multiple precious and rare metals. • Emerging recycled silver recovery capacity: Able to rely on the rapid development of the PV industry chain, with a focus on solar cells, silver paste, wiping cloths, etc. The increase in recycled silver from the PV industry component recycling market brings long-term supply pressure. It analyzed this from the perspectives of the expected market size and growth rate of PV silver recycling from 2022-2050, as well as the estimated proportion of waste component sources. 2. Industrial Demand and Future Trends of Silver The two end-use sectors with the most significant growth in silver end-use consumption are PV and NEVs. The analysis incorporates data on PV installed capacity and projections from 2010-2030, solar cell production and projections from 2020-2030, the expected share of different solar cell technologies from 2024-2030, and NEV sales data from 2015-2025E. ►SMM Analysis Despite the current technological trends of silver reduction and substitution, the silver paste consumption per GW for mainstream Topcon solar cells remains at 11-13 mt/GW. Therefore, it is estimated that silver consumption from domestic solar cell production will exceed 6,000 mt in 2025. Silver's industrial demand has a wide range of end-use applications, with consumption demand outside of PV and NEVs remaining relatively stable. The industrial demand for silver is gradually increasing, with global industrial demand accounting for approximately 62% of total demand in 2025. Among the global silver consumption demand, China is the major silver consumer. In 2025, domestic silver consumption demand is expected to reach approximately 19,000 mt, accounting for over 40% of global consumption demand. 3. Current Development Status of Silver Nitrate, Silver Powder, and Silver Paste in China 3.1 Silver Nitrate Market - Changes in Domestic Silver Nitrate Capacity and Expectations for New Projects ►SMM Analysis Ø The rigid demand for silver nitrate driven by PV installations and other new energy sectors is the primary factor driving the expansion of silver nitrate capacity. Ø With qualifications prioritized, after the concentrated release of capacity, the commissioning progress of newly approved projects has slowed down. Following the rapid expansion of silver nitrate capacity, industry competition has intensified, and operating rates have declined. ►SMM Analysis Ø The growth in silver nitrate production is correlated with the expansion of downstream silver powder and silver paste. However, the growth in silver nitrate production has not kept pace with the progress of capacity investment, leading to a decline in the industry's overall operating rate. 3.2 Silver Powder Market - Domestic Demand for Silver Powder In 2022, silver powder localisation occurred, and the demand for imported silver powder weakened. ►SMM Analysis Ø The substitution process of domestically produced silver powder has accelerated. Imported silver powder still holds certain advantages in technical parameters, with Japan's DOWA being the world's largest supplier of silver powder for PV silver paste. Ø The import of domestic high-end silver powder products still primarily comes from Japan, the US, and South Korea. Domestic silver powder capacity is mainly distributed in regions such as Hunan, Jiangsu, and Hubei. In 2025, there are still expectations for the expansion of domestic silver powder capacity, with an increase close to 20%, primarily driven by new projects in Hunan and Hubei. Monthly Supply-Demand Balance of Silver Paste Estimated Based on Solar Cell Production • Produce based on sales, with short inventory cycles and high long-term storage costs. •The formulation of silver paste needs to be customized according to user requirements, typically containing 90-92% silver, with the remaining portion consisting of organic carriers, glass oxides, and a small amount of other additives. 4. Silver Supply-Demand Balance and Price Outlook Supply-Demand Balance Table for Silver Ingots (Domestic) China has consistently been a silver exporter. In 2024, the net exports of unwrought silver with a purity of ≥99.99% from China were 3,982 mt. From January to November 2025, the exports of unwrought silver with a purity of ≥99.99% from China were 3,606 mt. Supply and Demand in the Silver Spot Market – SMMTD Premiums and Discounts Data Points Medium and long-term silver prices are expected to fluctuate upward, with bullish factors outweighing bearish ones. 》Click to view the special report on the 2025 SMM (6th) Silver Industry Chain Innovation Conference