According to China Customs data, China imported 2.7616 million tonnes (gross weight) of zinc concentrate during January–June 2026, up 8.98% year on year, with overall imports posting modest growth compared with the same period last year.

In H1, focusing on "extreme operations," Southwest Aluminum coordinated capacity release, cost control, and quality improvement, with production up 10.5% YoY. Cumulative cost reductions exceeded 100 million yuan, and the comprehensive finished-product rate steadily improved, delivering a solid midterm report. From January to June, Southwest Aluminum's comprehensive finished-product rate exceeded the plan by 0.75 percentage points, while the Class A product rate surpassed the plan by 1.92 percentage points.

[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.

[Bigger Logistics Reset Underway — Afrexim Loan, China-Backed Mega Financing and Reopened Mozambique Rail Line Reinforce Zimbabwe's Chrome Export Corridor] 1. NRZ is finalizing a US$115 million loan from Afreximbank to rehabilitate rail infrastructure and refurbish locomotives, announced in early June. 2. Government is exploring mineral-backed financing with China — including talks with China Railway — for an estimated US$34 billion national transport-and-logistics modernization plan, modelled on the DRC's Sicomines resource-for-infrastructure deal; Finance Minister Mthuli Ncube confirmed the discussions at the World Economic Forum in Dalian last month. 3. The Mozambique–Zimbabwe rail line has reopened after a four-month closure, alongside ongoing NRZ recapitalization under a three-phase turnaround strategy — measures that directly cut chrome and ferrochrome export lead times to Asian, European and American stainless-steel mills. 4. The Chamber of Mines of Zimbabwe has singled out Zimasco and Afrochine (Tsingshan) to lead ferrochrome production growth, with both operators already running material volumes through the Maputo-bound rail network.

Beijing time July 21, Vale released its operational performance report for Q2 2026. The report shows: Production: In Q2 2026, iron ore production totaled 84.3 million mt, up 1% YoY (700,000 mt), driven by record production at S11D and the growth from the Capanema project and the Vargem Grande 1 (VGR1) project. Iron ore pellet production totaled 7.3 million mt, down 7% YoY (500,000 mt), related to the temporary suspension of operations at the Oman plant for part of the quarter. In the iron ore business, improved performance across multiple operations drove the highest Q2 production since 2018. Iron ore sales: In Q2 2026, iron ore sales reached 79.7 million mt, up 3% YoY (2.4 million mt), supported by inventory sales and production growth.

[SMM Analysis: VC Supply-Demand Tight Balance to Persist in Short Term; HSC 60,000 mt Project Adjustment May Reshape Industry's Long-Term Competitive Landscape] On July 11, 2026, HSC New Energy Materials issued an announcement, making a major adjustment to the construction plan for the 60,000 mt vinylene carbonate (VC) project in Yunmeng, Hubei: The original phased construction plan for 30,000 mt in Phase I and 30,000 mt in Phase II was canceled and changed to a one-time overall construction of 60,000 mt VC capacity. The total project investment remains unchanged at 1.6 billion yuan, and the construction site, investment entity, and overall time to reach full production remain unchanged.

[SMM Cobalt-Lithium Morning Briefing: This week, prices in the new energy industry chain continued to diverge. The lithium industry chain was generally weak. The transaction center of lithium ore shifted lower alongside lithium chemical prices, and lithium carbonate fell to around 150,000 yuan/mt. Downstream firms bought the dip at low price levels, but upstream producers held prices firm and held back from selling, intensifying the market tug-of-war. Lithium hydroxide transaction prices declined in tandem, and overall trading remained sluggish. In the cobalt industry chain, demand was weak. Refined cobalt, cobalt sulphate, and cobalt chloride all lacked effective transaction support, while prices of intermediate products and Co3O4 temporarily held steady. Nickel sulphate inventory continued to decline, but downstream stockpiling willingness was insufficient, and prices still faced pressure.]

[SMM Analysis] Separator Market Prices Remain Stable Overall

Overall, the supply-demand fundamentals of the prebaked anode market are expected to remain stable in H2, but against the backdrop of continuous new capacity release, industry competition may intensify, and price trends will be more influenced by cost-side disruptions and downstream procurement pace.

JSW Steel reported consolidated crude steel production of 6.59 million tonnes for the June quarter, up 3% year-on-year. This includes 6.35 million tonnes from Indian operations and 240,000 tonnes from its Ohio plant. A lengthy maintenance shutdown of Blast Furnace 3 at Vijayanagar limited overall growth. Excluding this, production grew around 15%, driven by full ramp-up of JVML and improved utilization at Dolvi. Domestic operations maintained 94% capacity utilization during the quarter. The quarterly comparison excludes Bhushan Power and Steel, transferred to JSW-JFE Steel in March 2026.