SMM, August 14: In H1, Pr-Nd prices rose significantly, and the results of the 10 companies related to the rare earth industry chain that had already reported rose to varying degrees. Boosted by the substantial rise in spot prices of minor metals such as germanium, tantalum, and indium this year, the semi-annual results of rare and dispersed metal companies such as Yunnan Germanium also showed notable growth. On the other hand, the AI computing power hardware expansion narrative continued to gain traction, and the market focused on expected incremental demand for rare and dispersed metals from optical modules and semiconductor targets. Combined with some market funds positioning early in the minor metals sector, the minor metals industry bucked the trend on August 14. As of the close on August 14, the minor metals sector was up 2.02%. Among individual stocks: China Rare Earth hit limit up, while China Rare Nonferrous, Shenghe Resources, Orient Tantalum, Huaxi Nonferrous, China Northern Rare Earth, and Xiamen Tungsten led gains. Spot Market Germanium According to SMM price data, on August 14, the average price of germanium ingot was 24,500 yuan/kg, unchanged from the previous trading day. Compared with the average price of 13,500 yuan/kg on December 31, 2025, the 24,500 yuan/kg average price of germanium ingot has risen 81.48% year to date. This year's rise in germanium ingot prices was mainly supported by tight supply, while overall stable demand from end-use industries provided demand-side support for firm germanium prices. Looking ahead, whether germanium prices can extend their gains will depend on the intensity of the tug-of-war between upstream and downstream and marginal changes in supply-demand fundamentals. Tantalum On August 14, the price of SMM tantalum ingot (Ta≥99.95%) was 6,200-6,300 yuan/kg, with an average price of 6,250 yuan/kg. Compared with the average price of 2,980 yuan/kg on December 31, 2025, the average price of 6,250 yuan/kg has risen 109.73% year to date. Tantalum prices have been supported by demand from emerging fields such as AI servers, but traditional downstream demand has been relatively weak, capping upside room to some extent. Looking ahead, as there has been no significant shift in the supply-demand pattern, tantalum ingot prices are expected to remain stable. Indium On August 14, the average price of refined indium was 5,450 yuan/kg, unchanged from the previous trading day. Compared with the average price of 2,825 yuan/kg on December 31, 2025, the average price of 5,450 yuan/kg has risen by 2,625 yuan/kg year to date, up 92.92%. In the medium and long term, as domestic substitution of indium phosphide is realized at an accelerating pace, profit distribution in China's indium industry chain is expected to shift upward. Pr-Nd oxide Pr-Nd oxide posted a significant gain in H1 this year, boosting earnings of related enterprises along the rare earth industry chain. A review of Pr-Nd oxide's H1 price performance shows: On June 30, the average price of Pr-Nd oxide was 742,500 yuan/mt, up 136,000 yuan/mt from 606,500 yuan/mt on December 31, 2025, an H1 gain of 22.42%. Meanwhile, its daily average price in H1 this year was 740,530.17 yuan/mt, up 3,095,771.8 yuan/mt YoY from 430,952.99 yuan/mt in H1 2025, a YoY gain of 71.84%. On August 14, the average price of Pr-Nd oxide was 722,000 yuan/mt, up 0.98% from the previous trading day. Boosted by the recovery in Pr-Nd oxide futures prices, low-priced supply in the market tightened, suppliers slightly raised their offers, and this lifted Pr-Nd oxide prices somewhat. In the near term, as market trading activity gradually recovers, Pr-Nd product prices are expected to stop falling and rise. Recommended reading:

[SMM Flash] Platinum prices remained under pressure on August 14, with the metal approaching the initial downside target of $1,685/oz as bearish momentum continued to dominate. Prices stabilised around $1,715/oz, prompting some sideways movement, although the broader technical picture remained weak. The market is currently trading below the key $1,785/oz resistance level, which continues to cap any recovery attempts. A sustained move below this resistance could increase the likelihood of further declines towards the next target near $1,642/oz. For August 14, the expected trading range was $1,650–$1,740/oz, with the near-term outlook remaining bearish. The price direction will likely depend on whether platinum can regain momentum above the $1,785/oz resistance or continues to trade below this level

Southern Palladium's JSE-listed share price surged 27.8% to R23.01 on 11 August 2026, up from a prior close of R18.00, after the company confirmed that South Africa's Department of Mineral and Petroleum Resources had granted the mining right for its flagship Bengwenyama project on the Eastern Limb of the Bushveld Complex in Limpopo. The approval, dated 7 August, marks the conclusion of a regulatory process that began when the mining right application was lodged and accepted in October 2023 — nearly three years of engagement compressed into a single-day market repricing once the outcome became public. The company had requested trading halts on both the JSE and the ASX on 6 August while it assessed the terms of the grant before making an orderly disclosure. The mining right has been granted for an initial 30-year period, with Southern Palladium entitled to apply for renewal thereafter. Company leadership described the approval as a pivotal step in moving Bengwenyama from studies toward execution. For SMM's chrome coverage specifically, the milestone matters beyond the platinum group metals headline: Bengwenyama is explicitly structured as a PGM-chrome co-product project, with chrome positioned to contribute close to a third of the project's total revenue at full production once developed. Having now cleared its largest regulatory hurdle, Bengwenyama's path toward a final investment decision — and toward becoming a genuine new source of South African chrome concentrate — is measurably shorter than it was a week ago, though completion of the DFS, project financing and further permitting still stand between the mining right and construction.

The dry-basis, tax-inclusive EXW price of iron ore concentrates in East Liaoning edged down to 860 yuan/mt. According to feedback from mines and beneficiation plants, the local price spread between domestic and imported ore is around 60 yuan/mt, while local steel mills generally have a relatively strong desire to bargain down prices and expect to narrow the spread to around 20 yuan/mt. Local mines and beneficiation plants are mostly selling as usual at steel mills' purchase prices. However, iron ore futures recently drifted higher, and the price spread between domestic and imported ore may continue to narrow. Local iron ore concentrate prices are expected to have limited downside room.

[SMM Spot Titanium Report: Titanium Industry Chain in the Doldrums Overall, September-October Peak Season May Become a Key Variable] SMM, August 14:

[Flat Products]Today some HRC and other flat-product export prices rose 1-2 USD/tonne day on day, with HRC transaction prices at 484-487 USD/tonne. Market participants report that the enquiry atmosphere for hot-rolled coil is rather quiet, while cold-rolled and coated grades are performing somewhat better, with low prices releasing some business. [Billet]Today billet export FOB prices ran steady to firm, rising 1 USD/tonne, with Jiangyin port offers at 449-454 USD/tonne. According to market feedback, the basis is currently at a reasonable level, many domestic traders were covering short positions, and export business improved. [Rebar]Today rebar export offers at Tianjin port were steady, with overall transaction prices at 472-477 USD/tonne. According to exporters, overseas enquiries were fair in the morning session, but futures fell back in the afternoon and market sentiment returned to cautious watching, with no clear pick-up in volume

[Shanghai Refined Zinc Market] This week, SHFE zinc futures prices consolidated at highs, with the overall center up notably WoW. In the off-season, overall orders at downstream enterprises remained poor, and amid persistent fear of high prices, overall zinc ingot purchasing interest during the week was weak. Overall spot trading during the week was sluggish; traders had difficulty selling, and spot premiums fell during the week.

[Ningbo Refined Zinc Market] This week, the Ningbo market had ample overall spot supply, traders' selling quotations were relatively stable, and overall spot premiums changed little. Demand side, orders at downstream alloy plants had yet to improve significantly, spot zinc ingot purchases were mainly based on rigid demand, and market transactions were moderate. Ningbo spot premiums are expected to continue consolidating next week.

[Imported Zinc Concentrate Market] Recently, offers in the imported zinc concentrate market increased somewhat. Trader quotes generally held around -$120 to -$130/dmt. However, because smelters prioritized domestic zinc concentrate purchases, overall transactions for imported concentrates remained relatively limited, and overall imported TCs continued to decline.

[Domestic Zinc Concentrate Market] Recently, domestic mine disruptions persisted. Smelters actively purchased domestic zinc concentrates; the overall tight supply-demand situation remained unchanged, and TCs in many parts of China continued to decline. According to market sources, domestic smelters continued competing for ore, and in some regions, delivered TCs for high-grade zinc concentrate were heard falling below -2,000 yuan/mt in metal content.