[SMM Rare Earth Flash] A research team from Southern Illinois University in the US has discovered that algae can increase the concentration of rare earth elements by more than double, offering a new approach beyond chemical processes for green rare earth extraction and potentially helping the US strengthen its critical minerals supply chain. The researchers added rare earth-containing rock powder and microalgae to a simulated river system, and the experimental results showed that the algae could absorb and concentrate rare earth elements, which were then recovered through a patented process. This technology is expected to reduce reliance on chemical agents such as sulphuric acid, and can be applied to the recovery of rare earths from secondary resources such as coal ash, mine tailings, and electronic waste. The team is currently testing more algae species and plans to apply for funding from the US National Science Foundation to further advance the research.

U.S. President Donald Trump has signed an executive order authorizing restrictions on exports of critical minerals-bearing scrap, including electronic waste and used batteries, to strengthen domestic recycling and reduce reliance on foreign supply chains. The order directs the U.S. Department of Commerce to develop rules limiting exports of recoverable critical minerals, aiming to retain valuable materials such as lithium, tungsten and rare earths for domestic processing. The move forms part of the administration's broader strategy to bolster U.S. critical minerals security and support domestic recycling capacity.

[SMM Analysis: South Korea Plans Tighter Copper Scrap Export Declarations—Could Asian Trade Flows Shift?] South Korea plans to require export declarations for ferrous and non-ferrous scrap from 2027. The move targets misdeclaration rather than restricting legal trade. With China, Malaysia and Thailand taking 95.86% of 2025 exports, impacts should be limited for compliant high-grade cargoes but greater for mixed and complex scrap.

[SMM Rare Earth News] Canadian rare earth recycling company Cyclic Materials has reached a cooperation agreement with US electronic waste recycler ERI. Leveraging ERI’s nationwide recycling network and eight processing centers, the partnership will recover rare earth magnets and other critical minerals from electronic waste, building a circular supply chain for critical minerals in North America. Under the agreement, ERI is responsible for the collection and pre-processing of electronic waste, while Cyclic will recover high-purity rare earth oxides from NdFeB magnets and simultaneously extract key materials such as copper and aluminum at its plant in Arizona. The plant has an annual processing capacity of 25,000 mt. The two parties also plan to jointly bid on commercial and government recycling projects, expanding the layout of critical mineral circular utilization. Previously, Cyclic had signed a 10-year cooperation agreement with German magnetic material company VAC to recycle NdFeB scrap generated at its US plant, further strengthening the rare earth supply chain in North America.

Liaoning Tuofeng Environmental Protection Technology Co., Ltd. integrates technology R&D, equipment manufacturing, sales services, and overall solutions, and is committed to promoting the development of the circular economy and sustainable resource recycling.

The University of Edinburgh has licensed its Gold Copper Diamide Extraction process to Lithium Universe for cleaner recovery of gold and copper from electronic waste. The process uses organic compounds to selectively extract metals under milder, low-temperature conditions, offering a potential alternative to high-temperature smelting or aggressive leaching.

One and One Green Technologies is building an in-house laboratory to support the recycling of electronic waste, copper-bearing sludge, nickel sludge and metallurgical residues. The company expects the facility to improve quality control and strengthen its metal recovery operations. The move highlights growing investment in Southeast Asia’s recycling and urban-mining sector.

05 May 2026 Silver has exhibited even greater volatility than gold in Q1 2026. Prices briefly surged to around $120/oz on 29 January, roughly four times higher than a year earlier, before dropping sharply to the mid-$60s within days, easing further to around $61/oz by mid-March. The metal continues to display a strong sensitivity to moves in gold, and we expect that relationship to remain the dominant driver of direction. Industrial demand At January’s price spike, the key concern was that elevated prices could begin to undermine industrial usage. Given that roughly half of total silver demand comes from industrial applications, this remains the most critical component of the market. With prices having moderated, the risk to demand has eased somewhat. Even so, after peaking in 2024, industrial demand softened in 2025 and may edge slightly lower again in 2026. A large part of this dynamic is tied to the solar sector. Installation activity was brought forward ahead of changes to China’s power pricing regime, which is likely to weigh on deployment this year. At the same time, manufacturers continue to reduce the amount of silver used per unit through efficiency gains and material substitution. Industry estimates suggest that these technological improvements have cut silver intensity meaningfully, meaning that even where installations grow, silver demand does not necessarily follow. Despite these headwinds, the long-term backdrop remains supportive. Solar remains one of the cheapest sources of electricity, and structural demand for power continues to rise globally. However, growth is not unconstrained with grid bottlenecks and permitting delays continue to limit the pace of expansion in many regions. Geopolitics may also play a role. The conflict involving Iran could accelerate efforts in Europe and Asia to diversify energy sources and reduce reliance on imported hydrocarbons. While renewable supply chains carry their own risks, these are largely front-loaded in the build phase. Once operational, renewable assets provide domestically generated energy, which enhances energy security. As such, while our base case is for softer solar-related silver demand, there is scope for upside if policy shifts accelerate deployment. Beyond solar, demand linked to data infrastructure, electrification of transport, and investment in power networks should remain supportive. In addition, usage tied to ethylene oxide catalysts is expected to recover following last year’s decline. Figure 1: Industrial silver demand Source: Metals Focus, WisdomTree. 2026. (F) = Forecasts. Forecasts are not an indicator of future performance, and any investments are subject to risks and uncertainties. Investor demand Investor flows were a major feature of 2025. Exchange-traded products (ETPs) saw strong inflows from March through year-end, broadly tracking the rise in prices and reaching one of the highest annual totals on record in volume terms. That trend has reversed in 2026. Outflows have been notable, with investors taking profits even before prices reached their peak in late January. The shift in positioning helps explain the sharp price correction. As participation broadened and leveraged exposure increased into early 2026, the market became more susceptible to rapid deleveraging. When geopolitical tensions escalated, many investors reduced risk and raised cash, leading to a wave of long position closures rather than the build-up of new bearish bets. Physical investment trends have been more mixed. Demand for coins and bars rose strongly in 2025, supported not only by traditional markets such as India, Germany, and Australia, but also by a pickup in East Asia and the Middle East. In these regions, higher gold prices appear to have encouraged substitution into silver. In contrast, US demand weakened significantly, falling to its lowest level in many years. More recently, volatility has dampened appetite across Western markets, with investors taking a more cautious approach during February and March. Figure 2: Silver in Exchange-traded products Source: Bloomberg Finance L.P. September 2020 to April 2026. Historical performance is not an indication of future performance, and any investments may go down in value. Jewellery demand The sharp rise in prices through 2025 and early 2026 has weighed heavily on jewellery demand. Global fabrication fell by 8% in 2025, reflecting broad-based declines. India saw the most pronounced drop, as affordability pressures curtailed demand, while Europe was affected by weaker export activity linked to trade frictions. East Asia proved more resilient, with modest growth in China supported in part by substitution away from gold, and stronger export performance in Thailand. Looking ahead, continued price strength is likely to further suppress demand, while ongoing instability in the Middle East may also weigh on regional consumption. Recycling Higher prices encouraged an increase in recycling last year, with volumes reaching their highest level in over a decade. Gains were most evident in jewellery and silverware, where selling back into the market is more price sensitive. However, the response was not unlimited. Processing constraints within the refining system restricted the amount of material that could be brought back to market, particularly for higher-grade scrap. Industrial recycling moved in the opposite direction, declining due to weaker recovery rates from electronic waste. In 2026, recycling is expected to increase further, supported by a full year of elevated prices. Mine supply Global mine output rose by 3% in 2025, supported by stronger production in countries such as Peru and Russia. At the same time, production costs declined for a second consecutive year, boosting margins for primary silver producers. For 2026, supply is expected to remain broadly stable, with a marginal decline as gains in some regions are offset by weakness elsewhere, particularly in operations linked to lead and zinc mining. It is important to note that the majority of silver supply is produced as a secondary output from other metals, including gold, copper, lead, and zinc. As a result, silver supply is influenced not only by its own price but also by broader dynamics in base and precious metals markets. While higher prices and improved margins may incentivise increased activity, disruptions at both the mine and refining level, along with geopolitical complications, could limit supply growth in the near term. Market balance The silver market is expected to remain in deficit in 2026, with the shortfall broadly similar to that seen in 2025, though significantly smaller than in recent years. Weaker demand from industrial and jewellery segments has helped narrow the imbalance. At the same time, strong inflows into ETPs last year effectively absorbed available supply, tightening underlying conditions more than headline balances suggest. With investor demand likely to moderate this year, some of that pressure should ease, bringing the market closer to equilibrium. Figure 3: Silver market balance Source: Metals Focus, WisdomTree. 2025. (F) = Forecasts. Forecasts are not an indicator of future performance, and any investments are subject to risks and uncertainties. Price outlook We retain a positive outlook for gold and expect silver to move in the same direction. Even with softer demand across several segments, the strength of this relationship should provide support. Based on our modelling assumptions, and assuming gold rises by around 18% between Q1 2026 and Q1 2027, we estimate that silver could increase by roughly 24% over the same period. Much of this upside is driven by gold’s trajectory rather than silver-specific fundamentals. There are, however, constraints. Increased investment in mining capacity last year may translate into higher supply, limiting upside potential. In addition, while economic indicators such as PMIs 1 remain in expansionary territory, geopolitical uncertainty continues to weigh on the strength of the recovery. Figure 4: Forecast attribution Source: WisdomTree, Bloomberg. Forecasts are not an indicator of future performance, and any investments are subject to risks and uncertainties. Conclusion Silver’s outlook is shaped less by its own fundamentals and more by its relationship with gold. Although weaker industrial and jewellery demand, along with more moderate investment flows, may create near-term headwinds, these factors are unlikely to outweigh the support provided by a favourable macro backdrop for precious metals. With the market still in deficit and structural demand drivers intact, silver remains well positioned to participate in further upside, albeit with continued volatility. Source： https://www.wisdomtree.eu/en-gb/blog/2026-05-05/silver-surfing-on-golds-coattails

Korea Zinc is in talks with major U.S. technology companies to recover valuable metals from data-center electronic waste. The initiative aims to extract multiple metals including copper and other strategic materials. Analysts say the project reflects the growing importance of electronic waste recycling in global metal supply chains.

U.S. recycling firm Greenway Metal Recycling has expanded its electronics scrap recycling operations. The company is increasing the range of materials it accepts, including e-scrap containing copper and other metals. Analysts believe electronic waste will become an increasingly important source of secondary copper.