Chilean copper miner Antofagasta said production has resumed at its Los Pelambres copper mine, north of Santiago, after it was halted by heavy rains and a power outage. The London-listed miner on Friday maintained its full-year production expectations despite the brief disruption, saying there was no significant damage to equipment or critical infrastructure.

Namibia Critical Metals (NCM), listed on the Toronto Venture Exchange, said that the Joint Management Committee (JMC) responsible for the Lofdal heavy rare earth project in Namibia has approved the next stage of the definitive feasibility study, including an additional allocation of up to CAD 11 million in project funds to advance the completion of the study.

GO Silicon Steel Price Dynamics Shanghai B23R085 grade: 12,200-12,200 yuan/mt Wuhan 23RK085 grade: 11,600-11,600 yuan/mt This week, China's domestic grain-oriented silicon steel market showed overall regional divergence. Shanghai spot prices remained stable, while Wuhan market quotes weakened and declined. Steel mills held a strong intention to hold prices firm, raising the base price for GO silicon steel by 50 yuan/mt in August, with no significant change in ex-works policies. The supply-demand situation stayed generally stable. Steel mill production pace was steady, resource supply was orderly, and market circulation inventory remained within a reasonable range, though regional inventory digestion speed varied. Downstream end-users such as transformer enterprises were mainly purchasing as needed and making just-in-time procurement. The overall transaction pace was moderate, and market trading sentiment was cautious and rational. Shanghai traders insisted on stabilizing prices for shipments and adopted a wait-and-see attitude, while Wuhan merchants faced increasing pressure to sell, leading to a rise in small price concessions. Looking at the overall market fundamentals, bullish and bearish factors currently check each other. The cost side provided bottom support, coupled with the underpinning effect of steel mill pricing policies, limiting room for a deep decline. However, the demand side showed no clear improvement. Overall, the GO silicon steel market is expected to consolidate on a subdued note next week, with a slight downward bias. Some room for price reduction exists locally. The market remains dominated by just-in-time procurement and a wait-and-see approach to maintaining stability, making a one-sided price trend unlikely in the short term. Data Source Statement: Except for publicly available information, other data are derived from public information, market communication, and SMM's internal database models, processed by SMM. They are for reference only and do not constitute decision-making advice. Note: This article is original content belonging to this official account. For reprint, whitelisting, cooperation, and other requests, please contact us. Without permission, reproduction, modification, use, sale, transfer, display, translation, compilation, and dissemination of the above content, or disclosing it to or permitting its use by any third party in any other form, is prohibited. Otherwise, once discovered, Shanghai Metals Market will pursue legal liability for infringement, including but not limited to claiming contractual breach liability, restitution of unjust enrichment, and compensation for direct and indirect economic losses.

[SMM Analysis: June Aluminum Plate/Sheet, Strip Exports Hit New Monthly High for the Year; Transfer Order Recall and Potential Pullback Pressure in H2] In June 2026, China's exports of aluminum plate/sheet and strip reached 354,000 mt, up 10.6% MoM, setting a new monthly high for H1 2026. In H1, total exports amounted to 1.7891 million mt. By destination, Mexico topped the list with 45,300 mt, surging 46.4% MoM; US exports pulled back 29.2% MoM to 26,100 mt. By exporting province, Henan and Shandong together accounted for over 43%, continuing to lead the nation. In terms of product mix, exports of 0.2-0.28 mm aluminum alloy sheet (mainly can stock) reached 153,700 mt, accounting for 43.5%, continuing to dominate the export market. Notably, the production line of a leading North American rolling mill began to resume in June, and transfer orders have been gradually recalled. The high export activity driven by the order transfer effect in H1 is expected to face significant pullback pressure in H2.

According to the Department of Industry and Information Technology of the autonomous region, the Ministry of Industry and Information Technology (MIIT) recently released a list of smart PV typical cases. The "Honyuan New Materials Smart PV Typical Case" from Honyuan New Materials (Baotou) Co., Ltd. was successfully selected, making it the only selected project in the region. With "N-type entire industry chain + digital intelligence empowerment" at its core, the case builds a fully digital system across the chain of "smart production—data hub—scenario application—smart O&M," creating a smart PV ecosystem that integrates green manufacturing, smart energy, and intelligent services. It achieves a full life-cycle closed loop from product manufacturing to energy services, providing a replicable and scalable demonstration model for the digital, intelligent, and high-quality development of the industry. Reportedly, the selection of these smart PV typical cases was jointly organized by MIIT, together with the Ministry of Housing and Urban-Rural Development, the Ministry of Transport, the Ministry of Agriculture and Rural Affairs, and the National Energy Administration—five departments in total—aiming to identify a group of smart PV typical cases featuring advanced technology, mature models, remarkable results, and value for nationwide replication and promotion. These cases represent the advanced level in China's smart PV, PV+ESS integration, and green and low-carbon application fields. Going forward, the Department of Industry and Information Technology of the autonomous region will strengthen the promotion and dissemination of the typical cases, accelerate the application of smart PV technologies, promote the deep integration of energy technologies with artificial intelligence, new materials, and advanced manufacturing technologies, and support the autonomous region's PV industry in quality improvement and upgrading.

SMM Cobalt Morning Briefing: The cobalt industry chain was generally in the doldrums this week. Refined cobalt prices drifted lower, affected by import data exceeding expectations, the demand off-season, and downstream summer breaks. Sellers and buyers of cobalt intermediate products had a wide psychological price spread, making it difficult to advance transactions, and prices remained temporarily stable. Market inquiries and transactions for cobalt sulphate, cobalt chloride, and Co3O4 were sluggish, with downstream users mainly pushing for lower prices and making just-in-time procurement. Cobalt powder prices continued to hit bottom, while cobalt carbonate was also under pressure.

The U.S. government will impose additional Section 301 tariffs on 60 economies, including South Korea, citing their failure to sufficiently adopt and enforce import bans on goods produced with forced labor. For non-exempt Korean products, additional tariffs will be imposed so that the combined rate of the existing most-favored-nation (MFN) tariff and the Section 301 tariff reaches 12.5%. The measure will take effect on July 24, U.S. Eastern Time. However, batteries and a broad range of key battery raw materials are included in the exemption list. According to the final product list released by the Office of the United States Trade Representative (USTR), lithium-ion batteries under HTSUS 8507.60.00 will not be subject to the additional Section 301 tariffs. Among lithium raw materials, lithium carbonate under 2836.91.00 and lithium oxides and hydroxides under 2825.20.00 are also exempt. Major nickel and cobalt raw materials used in the battery supply chain are also included in the exemption list. Exempt nickel products include ores and concentrates under 2604.00.00, mattes under 7501.10.00, oxides and hydroxides under 2825.40.00, nickel sulphate under 2833.24.00, and unwrought non-alloyed and alloyed nickel under 7502.10.00 and 7502.20.00. Exempt cobalt products include ores and concentrates under 2605.00.00, oxides and hydroxides under 2822.00.00, cobalt sulphate under 2833.29.10, cobalt carbonate under 2836.99.10, as well as cobalt mattes, intermediate products, powders, and unwrought metal.

Futures: Overnight, LME lead opened at $1,892/mt, swung wildly during Asian trading hours, touched a high of $1,910/mt entering European hours, before giving back all gains late in the session due to increased bearish positions, falling to a low of $1,886/mt, and ultimately settled at $1,887/mt, down 0.32%. Overnight, the most-traded SHFE lead 2609 contract opened high at 15,910 yuan/mt, then drifted lower on long liquidation, hitting a low of 15,755 yuan/mt late in the session before settling at 15,765 yuan/mt, down 0.88%. On the macro front: The US imposed tariffs of 10% to 12.5% on 60 economies to replace the expiring global import tariffs. The US Treasury: Despite narrowing US-Japan interest rate differentials, yen weakness persisted, and excessive yen volatility was unwelcome. The ECB left rates unchanged as expected but kept the door open for a September rate hike. The People's Bank of China: On July 24, it will conduct a 500 billion yuan MLF operation with a one-year tenor. MOFCOM: China and the US are soliciting opinions on tariff reduction arrangements and will push for implementation as soon as possible. The Ministry of Foreign Affairs: China consistently opposes the politicization and weaponization of technology, economic, and trade issues. Shanghai: Promote continuous deepening of reforms on the STAR Market and expand the application scope of the fifth set of listing standards on the STAR Market. Changxin Technology: to list on the STAR Market of the Shanghai Stock Exchange on July 27. Spot fundamentals: SHFE lead stopped falling and rebounded, boosting suppliers' willingness to sell. Quotations in Jiangsu, Zhejiang, Shanghai were limited, while primary lead smelters had ample EXW cargoes and offered mostly at discounts. Quotations from mainstream production areas were at discounts of 50-30 yuan/mt against SMM #1 lead average price, EXW. In the secondary lead sector, most smelters were in reduced or suspended production, leaving limited circulating supply. Some secondary refined lead was offered at premiums of 0-50 yuan/mt against SMM #1 lead, EXW, forming an inverted price structure versus primary lead. Downstream enterprises, making just-in-time procurement, favored primary lead. Warrant cargoes traded moderately, while EXW cargoes saw relatively improved transactions. Inventory: On July 23, LME lead inventory was unchanged from the previous day at 449,325 mt. As of July 23, SMM lead ingot social inventory across five locations totaled 62,400 mt, down 9,400 mt from July 16 and down 1,400 mt from July 20. Lead price forecast for today: As late July arrives, the July long-term contract for lead ingot is about to expire. Medium- to large-sized downstream enterprises are waiting for the new monthly long-term contract, reducing their procurement enthusiasm for lead ingot. Meanwhile, some downstream enterprises plan to suspend operations for a break due to high temperatures, further dampening lead ingot procurement demand. Next week, primary lead enterprises in central China are about to enter maintenance, while new secondary lead capacity in east China will ramp up, leaving mixed supply-side factors. If lead consumption remains sluggish, destocking of lead ingot social inventory will be difficult to sustain; subsequently, the possibility of renewed inventory buildup cannot be ruled out, which could weigh on the lead price trend.

According to foreign media reports, JSE-listed copper producer Copper 360 has reached a major milestone in its $50 million underground development program at the Rietberg mine in South Africa's Northern Cape. Underground excavation has successfully passed the halfway mark of its 544-meter development target, setting the company on track to intersect its primary ore body on the 300 Level within the next 90 days. This progress marks a strategic shift for the mine as it transitions from capital-intensive waste development into revenue-generating hard-rock mining. Reaching the ore block will provide an immediate feed of copper-bearing material directly to the upgraded Modular Flotation Plant 2 (MFP2). The alignment between underground production and processing capacity is expected to ramp run-of-mine output up to approximately 700 tonnes per day, fully utilizing the plant's installed capacity and delivering higher feed grades alongside improved recoveries. To secure long-term operational flexibility, the company plans to concurrently extend the underground haulage decline down to the 350 Level. This move will open additional mining areas and support a sustained long-term production profile beyond the initial ramp-up phase. Investors responded enthusiastically to the development, driving Copper 360’s shares up by more than 10% on the Johannesburg Stock Exchange following the operational update. The project reinforces the company's efforts to establish a fully integrated copper production footprint in the region.

[SMM Express] South Africa's mining production remained under pressure in May 2026 as weaker performances across key bulk commodities weighed on total output. Against this backdrop, chrome stood out as one of only two major commodities to record positive year-on-year production growth, highlighting its continued resilience amid a broader industry slowdown. Key reads from the disclosures: (i) Relative outperformance: Chrome was among only two commodities to post positive production growth in May, outperforming most of South Africa's mining sector. (ii) Structural demand support: Continued demand from China's stainless steel industry and ferrochrome sector remains supportive of chrome production. (iii) Industry resilience: Chrome producers have continued to expand output despite weaker mining conditions affecting several other commodities. (iv) Strategic importance: Chrome's stronger production performance further reinforces its role as one of South Africa's most resilient mining commodities and an increasingly important contributor to export earnings. Watchlist. Although chrome continues to outperform the broader mining sector, production momentum will depend on sustained Chinese demand, logistics efficiency across rail and ports, reliable power supply, and the pace of new UG2 chrome recovery capacity additions. Continued weakness in South Africa's overall mining industry could also weigh indirectly on future investment and operational activity.