[SMM Tin Midday Review: Center of the Most-Traded SHFE Tin Contract Moved Lower, Trading Was Slightly Sluggish Amid Structural Divergence in End-Use Demand]

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 further highlights the scarcity of osmium. As there are no standalone mines, global osmium production is entirely dependent on platinum mining and smelting, with capacity remaining at an extremely low level for many years. 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 is therefore highly monopolized, with extremely low supply elasticity. Minor changes in mine development progress, geopolitical conditions, environmental protection-related control policies, and platinum group metal smelting capacity all directly affect global osmium supply. This dual attribute of “inherent resource scarcity + constrained supply” has kept the osmium market in a long-term tight supply-demand balance and given it strong price resilience and fluctuation elasticity, securing it a unique position in the rare metals market. III. Exclusive to Cutting-Edge Applications: Core Application Scenarios for Osmium Although osmium has limited production and a relatively narrow application scope, its exceptional physical and chemical properties have enabled it to establish a precise foothold in high-end niche fields, making it an irreplaceable core material in many cutting-edge applications. Downstream demand is concentrated and highly rigid, with no low-cost substitutes currently available. Its core applications are mainly concentrated in four major areas: 1 Special Hard Alloys: Core Raw Materials for High-End Wear-Resistant Components Osmium-based alloys produced by melting osmium with metals such as iridium and platinum combine ultra-high hardness, wear resistance, and corrosion resistance, making them key materials for high-end precision instruments. These alloys are widely used in high-precision bearings for high-end watches and precision instruments, nibs for premium fountain pens, styluses for professional record players, and medical precision scalpels and wear-resistant components for high-end machinery. They can significantly extend service life and durability, making them suitable for long-term, high-load, high-wear operating environments, and they are core wear-resistant materials in high-end manufacturing. 2 Industrial Catalysis: Highly Efficient Specialized Additives for Fine Chemicals Osmium and its compounds have excellent catalytic activity and serve as specialized catalysts in certain fine chemical and organic synthesis reactions. In particular, 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 a rigid process necessity and are difficult to replace with other common metal catalysts, resulting in relatively stable downstream demand. 3 Scientific Research and Detection: Essential Specialized Consumables 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, substantially improving sample clarity and contrast, and is an indispensable laboratory 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.

Aditya Birla Global Trading, an Indian commodities trading company, is reportedly resuming its iron ore operations as of March 2026. The move comes as several other traders exited the market due to low volatility, indicating the group's strategic focus on capturing upcoming shifts in the global iron ore supply-demand landscape.

Silver is once again at the center of global financial markets, with prices moving in the range of $80 to $90 per troy ounce. For many investors, this already sounds extreme. However, while the majority of investors focus primarily on price and charts, professional investors are looking at something entirely different: the structure of the market.

According to SMM, mainstream Indonesian stainless steel mills have raised their export quotations by a significant USD 50/mt today. Beyond the fundamental tightness in raw materials, this sharp upward adjustment is heavily driven by the lingering ripple effects of global geopolitical conflicts. The prolonged war has severely disrupted international supply chains, triggering a broad rally in safe-haven commodities and driving up global energy and shipping costs. This macroeconomic spillover has intensified cost-push inflation across the nickel and stainless steel industry chain, forcing mills to aggressively hike prices to hedge against surging comprehensive costs and mounting geopolitical uncertainties.

Global commodities trader Trafigura has signed a binding offtake agreement with Smackover Lithium. Under the agreement, Trafigura will purchase 8,000 tonnes of battery-grade lithium carbonate per year for a period of 10 years, totaling about 80,000 tonnes. The material will be supplied from the South West Arkansas Project in the United States, with deliveries expected to begin once the project reaches commercial production. The project targets annual production of 22,500 tonnes of battery-grade lithium carbonate and plans to make a final investment decision in 2026, with first production anticipated in 2028.

Precious metals are having a moment. Gold and silver surged to record highs in January, benefiting from an alignment of macroeconomic factors, evolving supply-demand dynamics, and renewed industrial demand.

According to SMM data, during the first week of the traditional "Golden March" peak season (March 2 - March 6, 2026), the most-traded stainless steel futures contract (SS2604) exhibited a strong, high-level oscillating trend. This was driven by the resonance of international geopolitical storms and the tone set by China's macroeconomic policies. By the close at 10:15 on March 6, the contract traded higher at 14,235 yuan/mt (approx. $2,063/mt), up 85 yuan/mt (approx. $12/mt) (+0.60%) from last Friday's close of 14,150 yuan/mt (approx. $2,051/mt). The market this week was characterized by "strong expectations but weak reality." A sudden global supply chain crisis and firm raw material costs provided a solid floor for market valuations. However, high spot inventories and the looming pressure of resumed production kept prices cautious when attempting upward breakouts. Macro-Economy: A "Super Macro Week" Defined by Geopolitics and Policy Support On the macroeconomic front, this was undeniably a "super macro week" with exceptionally strong signals from China and the global market. Internationally, a geopolitical "black swan" emerged as Iran claimed the Strait of Hormuz was closed and threatened to strike passing vessels. This extreme event immediately sparked fears of a global supply chain crisis and surging energy expectations. U.S. Federal Reserve officials subsequently voiced concerns over the war's spillover effects and a potential rebound in inflation, significantly cooling expectations for interest rate cuts. However, in the commodities market, trades driven by "inflation hedging" and "supply chain disruptions" boosted the overall premium of the base metals sector. In China, the government work report delivered at the "Two Sessions" set the 2026 economic growth target at 4.5%-5%. It explicitly proposed utilizing capacity regulations and standard-setting to deeply rectify "involutionary" (cut-throat) competition. This policy direction provides strong expectation-driven support for supply-side optimization in traditional Chinese manufacturing. Fundamentals: Inventories Near Peak, Clash of Supply and Demand Imminent Fundamentally, social inventories are showing early signs of peaking, though the market will soon face the test of surging supply. The latest SMM data shows social inventories at 1.0164 million mt this week, a marginal increase of just 300 mt from last week's 1.0161 million mt. The seasonal inventory accumulation around the Spring Festival fully aligns with industry patterns and remains within market expectations. Traders have not resorted to panic selling, keeping short-term inventory pressure manageable. However, a shift is brewing on the supply side. The output reduction caused by concentrated maintenance at Chinese steel mills in February is nearing its end. As mills enter a concentrated resumption phase in March, scheduled production is expected to rise sharply. This surge in supply will clash head-on with recovering demand during the "Golden March and Silver April" period, leading to a phased reshaping of the market's supply-demand dynamics. Costs: Robust Upward Resilience Sets a Solid Floor On the cost side, raw materials continued to show robust upward resilience, establishing a solid baseline for futures prices. Driven by the ongoing fallout from Indonesian nickel ore quotas and premium news, raw material prices rose across the board this week. As of March 6, high-grade nickel pig iron (NPI) quotes climbed to 1,088 yuan/mtu (approx. $158/mtu), and high-carbon ferrochrome prices were adjusted upwards to 8,600 yuan/50 mt (approx. $1,246/50 mt). Although mainstream steel mills currently show low acceptance of high NPI prices and remain cautious in procurement—resulting in sparse actual market transactions—the raw material sector has minimal room to yield on price, dominated by expectations of tight ore supply and bullish sentiment. The steady climb in spot costs has effectively capped the downside risk for stainless steel prices. Outlook and Strategy In conclusion, the stainless steel market this week sought a balance amid the fierce tug-of-war between "geopolitical premiums + cost support" and "million-ton inventories + production resumption expectations." The macroeconomic shifts triggered by the Strait of Hormuz crisis, coupled with China's "Two Sessions" mandate to curb cut-throat competition, have injected immense confidence into the bulls regarding macro sentiment. Looking ahead to next week, the market will deeply enter the reality-check phase of the "Golden March" peak season. The core focus will shift to the actual implementation of steel mill resumptions in March and the pace at which downstream end-users digest substantial orders. In the short term, futures prices are expected to maintain wide fluctuations at high levels, underpinned by the cost line. Industry clients are advised to closely monitor geopolitical developments and the pace of spot inventory destocking, while rationally utilizing futures tools to lock in production margins.

[French Lithium Company Launches Geothermal Well Testing at the Schwabwiller Site in Alsace] The first geothermal exploration well drilled by the French lithium company at the Schwabwiller site in the Grand Ried department of Alsace, France, has begun well testing. This phase will last 3–5 weeks and is intended to verify the resource’s potential for geothermal heating and lithium production. Drilling at the Schwabwiller site began in November 2025, with a target depth of approximately 2,400 meters. The project is expected to drill a pair of wells, with a bottom-hole spacing of about 1,000 meters. The drilling campaign is expected to take a total of seven months. If results are positive, the French lithium company’s project is expected to provide geothermal heating for enterprises, farms, and local communities in northern Alsace. In addition, extracting lithium from geothermal brine will produce lithium with a lower environmental footprint, with carbon dioxide emissions reduced by about 70% compared with lithium currently on the market. Source: https://www.thinkgeoenergy.com/ [Li-FT Power Strategic Assessment of the Yellowknife Lithium Carbonate Conversion Plant Project] The global lithium chemicals supply chain is at a crossroads, with traditional production models facing unprecedented pressure from accelerating electrification demand. The market landscape is increasingly tilting toward integrated producers, which can capture value across the full chain—from raw ore mining to refining and producing battery-grade lithium chemicals. This shift reflects a broader strategic realignment across the industry: enterprises are enhancing operational resilience through vertical integration rather than relying on fragmented commodity supply chains. Li-FT Power’s recently announced Yellowknife lithium carbonate conversion plant project is a representative case of this strategic evolution. The proposed facility targets annual production of 30,000 mt LCE, positioning the company within North America’s emerging battery materials ecosystem. This capacity scale reflects an intentional mid-end positioning, balancing capital efficiency with meaningful market participation. Source: https://discoveryalert.com.au/ [Zimbabwe Clarifies Why It Hastily Banned Exports of Some of Its Most Critical Minerals] Recently, Zimbabwe’s Minister of Mines, Polit Kambamura, reiterated this rationale, stating that miners’ under-reporting of declared volumes constitutes a serious problem that cannot be ignored. He noted that the issue has become so widespread that the government was forced to bring forward the disciplinary timetable by one year. The government had originally planned to begin imposing an export ban on lithium concentrates next year, but due to rising production and newly issued export permits, it moved to launch the ban as quickly as possible. At a press conference after a Cabinet meeting in the country’s capital, Harare, Kambamura told reporters: “The ban will remain in effect until the conditions proposed by the government or new expectations are met.” Source: https://africa.businessinsider.com/ [Rock Tech and Siemens Plan to Build a Lithium Converter in Canada] The lithium converter that Rock Tech Lithium is developing in Guben, eastern Germany, is intended to serve as a blueprint for building a similar facility in Canada in cooperation with Siemens. The project will use Siemens’ digital twin technology to digitally replicate, optimize, and scale up the plant’s design and operating processes. The lithium converter that Rock Tech is currently building in Guben, Germany, is designed for an annual output of 24,000 mt of battery-grade lithium hydroxide. The company said this will become the largest facility of its kind in Europe. It is expected to start operations in 2027. The target capacity is equivalent to about 30 Gwh of battery capacity, sufficient to meet demand for about 500,000 EV units per year. Rock Tech also plans to build a similar facility in Red Rock, Ontario, Canada. Siemens AG’s technology will be deployed for the plant’s construction and operations. The two companies have signed a non-binding memorandum of understanding to establish a long-term, multi-phase strategic partnership focused on developing modern lithium converter capacity. Source: https://www.electrive.com/

"Don't hoard goods." Recently, some industry insiders have suggested on social media that the commodity market can hardly improve amid oversupply, and it is not advisable to hoard goods.