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SMM to Host SMM (11th) Annual Nickel Conference 2026 - Ni Cr Mn Stainless Steel Event , Shanghai, Nov. 12–13
Introduction [Shanghai, China] - Building on the success of its previous 10 sessions, the SMM (11th) Annual Nickel Conference 2026 - Ni Cr Mn Stainless Steel Event will be held in Shanghai this November 12-13. [Scale] - Over 300+ delegates and 40+ speakers from 20+ countries will attend. [Agenda] - https://ni-cr-stainlesssteelapac.metal.com/home?fromId=265accf08c&from=58 Background: In 2026, the stainless steel market emerged from a trough. Driven by China’s anti-involution policies and expectations of nickel raw material shortages under Indonesian policies, the industry broke free from a three-year downturn, with prices rising rapidly. Stainless steel enterprises adjusted their nickel raw material ratios, leveraging the economic advantages of stainless steel scrap to expand its substitution share and gradually escape losses. However, the industry remained constrained by factors such as compliance restrictions on stainless steel scrap tax invoices and declining NPI grades, while demand for nickel replenishment further boosted the use of high-grade nickel, making structural issues increasingly prominent. On the raw material side, the nickel industry chain underwent a fundamental pattern shift in 2026, with industry logic moving from oversupply to a long-term tight balance constrained by resources and power. Market divergence intensified, and fluctuations across the industry chain became pronounced. The tightening of Indonesia’s RKAB quotas, the HPM policy driving up ore prices, and the crowding out of power supply by aluminum reversed the growth trajectory of smelting costs and supply in both China and Indonesia. Nickel prices rose in a stepwise manner in H1, with supply-demand and cost factors providing strong price support. The global ferrochrome market continued its trend of shifting eastward. China’s ferrochrome production grew steadily, maintaining the top position globally, while South Africa resumed production comprehensively with policy support. Multiple growth drivers pushed ferrochrome supply toward a surplus. The chrome ore market, supported by Middle East conflicts, saw short-term sharp price spikes; high imports pushed port ore inventory above 5 million mt, leaving spot cargo in clear surplus and prices on a downward trajectory. Increased policy uncertainty around South African mining pushed the ferrochrome market into a new cycle of supply-demand pattern adjustment. The manganese industry chain experienced significant divergence in 2026, with industry dynamics shifting from a single supply-demand game to a split pattern driven by dual demand from stainless steel and lithium batteries. Manganese ore capacity remained ample throughout the year, while production cuts in smelting and high raw material prices formed strong cost support, limiting the room for deep price declines. On the demand side, differentiation was evident: SiMn continued to replace EMM; trends in lithium-battery manganese materials diverged, with manganese sulphate receiving periodic market support while Mn3O4 terminal demand weakened under pressure. Multiple factors drove structural fluctuations, making Q4 a critical planning window for enterprise purchasing and production schedules. Currently, global nickel, ferrochrome, manganese, and stainless steel markets are intertwined with multiple variables including mining policies, energy, and downstream demand, resulting in notably wider price fluctuations. Q4 coincides with a critical period for enterprises formulating their production, procurement, and hedging plans for the following year. SMM will hold the SMM (11th) Annual Nickel Conference 2026 - Ni Cr Mn Stainless Steel Event in Shanghai from November 12-13, 2026, inviting global stakeholders in the nickel, chromium, manganese and stainless steel industry to deeply explore hot topics such as the latest market policies, global market development, and hedging strategies with derivatives. This industry conference will bring together practitioners from the entire industry chain including miners, smelters, stainless steel mills and traders to conduct in-depth discussions on core topics such as Indonesian policies, nickel, chromium and manganese market price trends, raw material substitution, and medium and long-term supply-demand, breaking down upstream and downstream information barriers and providing reference for industry business decisions. Highlights: Co-located with Commodity Week, Comprehensive Coverage of Non-Ferrous Metals, Energy, Chemicals and Other Diverse Sectors 10+ International Associations Engaging in In-Depth Discussions on Policies, Methods and Market Global experts from 20+ countries/regions are brought together to adopt an international perspective and explore global opportunities. The latest strategies combine physical and futures markets to unlock new approaches to hedging. Exclusive 1-on-1 meeting platform: chat online and meet offline directly. Government & Policy Authorities & Industry Association: National Economic Council Republic of Indonesia | Asosiasi Penambang Nikel Indonesia (APNI) | Forum Industri Nikel Indonesia (FINI) | Indian Stainless Steel Development Association (ISSDA) | International Nickel Study Group | Nickel Institute | Shanghai OTC Commodity Derivatives Association | Internation Manangese Institute (IMnI) Agenda: Time Agenda 08:30-9:30 Sign in 9:30 - 9:40 Opening Ceremony 9:40 - 10:00 [Keynote Speech] Understanding Indonesia's Nickel Policy Shifts: Ensuring Orderly Market Development 10:00 - 10:30 [Keynote Speech] The New Global Nickel Landscape: Indonesia’s HPM Policy Revisions and the Reshaping of Price Benchmarks 10:30 - 10:50 [Keynote Speech] Indonesia's NPI New Export Policy and Protection of Smelter Interests 10:50- 11:00 Coffee Break 11:00 - 11:30 [Keynote Speech] The Global Landscape of Nickel 11:30- 12:00 [Keynote Speech] How NPI Calendar Spread Contracts Are Driving the Derivatives Trading Space 12:00 - 13:30 Lunch 13:30 - 14:20 [Panel Discussion] Who will Control the Pricing Power in the Global Nickel Market Amid Policy Shifts? 14:20 - 14:40 [Keynote Speech] Global Nickel Market Outlook 14:40 - 15:00 [Keynote Speech] Give Full Play to the Functions of the Futures Market and Promote the High-quality Development and Internationalization of the Nickel Industry 15:00 - 15:20 [Keynote Speech] Sustainability Requirements and Standards for the Nickel Industry 15:20- 15:40 Coffee Break 15:40 - 16:40 [Panel Discussion] Exchange-Traded Derivatives Trading Pathways-How to Rebuild Risk Management Systems amid Geopolitical Disturbances and Enhance Contract Pricing Value 16:40 - 17:00 Logistics and Supply Chain Collaboration Help the Industry Develop Efficiently 18.00-20.00 Banquet Dinner 09:00 -09:15 [Keynote Speech] The Nickel Ore Equation: Indonesia's Policy Stack, the HPM Gap, and the Making of a Structural Tight Balance 09:15 - 09:30 [Keynote Speech] Competitiveness and Pricing Logic of NPI Under the Adjustment of Stainless Steel Raw Material Structure 09:30-09:45 [Keynote Speech] Short-term Cost Support and Long-term Supply Release: Outlook for the Nickel Intermediate and Nickel Sulfate Market 09:45 - 10:00 [Keynote Speech] Cost Support and the Shifting Center of Gravity for Nickel Prices Amid Oversupply 10:00-10:15 [Keynote Speech] Analysis of Supply and Demand Game of Global Molybdenum Market and Mid- to Long-term Market Forecast 10:15-10:30 [Keynote Speech] Africa's Chromium Industry: Policy and Development Insights 10:30- 10:50 Coffee Break 10:50 - 11:20 [Keynote Speech] China Ferrochrome Supply-Demand Balance and Outlook 11:20-11:40 [Keynote Speech] Development Status of China's Stainless Steel Industry 11:40 - 12:00 [Keynote Speech] Global Stainless Trade Under Policy: From CBAM to Quotas, a Two-Front View of Europe and Southeast Asia 12:00 - 13:30 Lunch 13:30 - 13:50 [Keynote Speech] Trends, Challenges, and Future Outlook of Demand and Supply in the Japanese Stainless Steel Industry 13:50 - 14:10 Driving the Next Stainless Steel Growth Cycle: India’s Infrastructure Boom, Decarbonization, and Global Supply Chain Synergies 14:10 - 14:30 [Keynote Speech] European Stainless Steel Market Development and Trade Flow Analysis 14:30 - 14:50 [Keynote Speech] New Energy Batteries – Emerging Opportunities for Stainless Steel 14:50 - 15:10 [Keynote Speech] New Applications and Developments in the Stainless Steel Market 15:10-15:30 [Keynote Speech] Current Development and Industrial Distribution of the High-End Stainless Steel Fastener Industry Conference Ends
Sep 20, 2026 10:33 (GMT+8)
SMM to Host  SMM (11th) Annual Nickel Conference 2026 - Ni Cr Mn Stainless Steel Event , Shanghai, Nov. 12–13
Huawei Pursues Africa Green‑Mining Partnerships and Holds Business Talks with ZESCO at SMM ACM 2026
Huawei Pursues Africa Green‑Mining Partnerships and Holds Business Talks with ZESCO at SMM ACM 2026
The SMM Africa Critical Minerals Conference 2026 (ACM2026) , hosted by Shanghai Metals Market (SMM), wrapped up with great success in Lusaka, Zambia on September 15‑16. Focusing on the development of strategic minerals such as copper, cobalt, lithium, and tin in Africa, local deep-processing transformation, green mine construction and energy infrastructure upgrading, this premium event has brought together 400+ industry representatives from Chinese and African government agencies, top miners, commodity traders, investors, and technical service providers to jointly explore high-quality development paths for Africa's critical minerals industry chain. Huawei presented its mine microgrid solution at this conference. Joseph Yao, President of Mining Micro-Grid Business at Huawei Digital Power , delivered a keynote speech titled "Eco‑Partnerships for Green African Mines: Huawei's Mine Microgrid Practices under the IPP‑PPA Model". Huawei's delegation also held business talks with ZESCO, Zambia's national power utility, covering mine energy supply, new‑energy deployment and collaborative power‑infrastructure build‑out. As the global energy transition continues to advance, the new energy industry is steadily boosting demand for critical minerals such as copper and cobalt. Africa is rich in strategic mineral resources and is accelerating its upgrade from exporting mineral raw materials to a high-value-added industry chain encompassing local smelting and deep processing. Mines, as power-intensive sites, require stable and low-cost green power supply, which has become a core factor constraining the implementation of mining projects and the release of capacity in Africa. Leveraging the IPP-PPA (independent power producer investment + long-term power purchase agreement) cooperation model, distributed new energy microgrids can provide reliable power nearby for open-pit mines and smelter sites, helping mines reduce electricity costs and carbon emissions, and supporting the implementation of Zambia's strategy for local copper ore processing. (Joseph Yao, President of Mining Micro-Grid Business at Huawei Digital Power) Joseph Yao shared an overview of Huawei and its Digital Energy business, introducing Huawei as a leading provider of ICT infrastructure and smart terminals, a technology-driven enterprise with operations across many countries worldwide, focusing on core business segments such as smart PV and grid-forming ESS. He noted that Africa's mining sector is generally plagued by power shortages. High diesel costs erode mine profit margins, unstable power supplies risk production disruptions, while ESG requirements also impose constraints on mineral exports. He proposed a three-step path for the sustainable development of African mining: Firstly, supply green electricity to mines through digital energy infrastructure to reduce carbon emissions; Secondly, electrification transition of mining equipment; Thirdly, reshape production processes through AI platforms and intelligent management systems, optimize equipment scheduling, and improve mine capacity and production efficiency. He also highlighted Huawei's mine microgrid system. Rather than a standalone piece of equipment, it is a complete energy solution integrating photovoltaic‑storage systems, intelligent dispatching, diesel backup power supplies, control systems and management software. It breaks the conventional single‑power‑source model to enable energy self‑sufficiency and efficient energy management at mining sites. Citing the large‑scale microgrid project for Saudi Arabia's Red Sea Global as a case study, he explained that this city‑level microgrid achieved major technical breakthroughs underpinned by Huawei's robust in‑house R&D capabilities and power‑simulation laboratories. Huawei possesses independent R&D capacity for core power‑electronic components such as IGBTs, and delivers one‑stop services covering design, simulation and project delivery. Together with ecosystem partners, it also provides full‑lifecycle engineering consultation and on‑site implementation support. The successful delivery of this project has laid a solid foundation for microgrid deployment in mining scenarios. He specifically addressed the widespread funding pain points confronting African mining projects. Under the IPP‑PPA ecosystem model, domestic and international investors can be brought in to finance mine‑energy projects. Mining companies, as power purchasers, sign long‑term power‑purchase agreements to secure stable mine operations, while investors obtain steady returns, forming a sustainable commercial closed‑loop. In his speech, Joseph cited several African mine microgrid implementation cases. Among them, after the completion of the Kamoa-Kakula mining microgrid project in the DRC, green electricity will replace a large amount of diesel power generation, significantly reducing mine electricity costs and carbon emissions, and delivering a good return on investment. For this Chinese-funded miner's copper mine project in the DRC, microgrid upgrades sharply reduced electricity costs and significantly improved the mine's capacity utilization rate, verifying the practical value of green electricity microgrids in African mine scenarios. He summarized Huawei's three core capabilities: a globalized business platform, end-to-end one-stop microgrid solutions, and a diverse ecosystem partner system that includes investors, EPCs, and design consulting agencies. He added that Huawei is looking forward to establishing partnership with more investors to develop energy projects across Zambia and wider Africa, secure power supplies for critical‑mineral industries including copper and lithium, jointly foster green mines in Africa, and build a low‑carbon and sustainable industrial future. During the conference, the Huawei delegation held a business meeting with representatives from Zambia's national power utility ZESCO. Against the backdrop of accelerating green transformation in African mining and continuously growing power demand in mining areas, the two sides exchanged views on topics of common concern such as power infrastructure construction and new energy support, and expressed their intention to jointly explore potential areas for cooperation. Africa's mineral industry is at a critical window for industry chain upgrading. Huawei, drawing on its technological strengths in new energy and smart power, will partner with IPP investors, local power authorities and mining operators to build an open‑cooperation ecosystem. Leveraging its proven mine microgrid solutions, Huawei aims to deliver green, reliable power supplies for African mining and smelting projects, advance the low‑carbon transition of Africa’s critical minerals industry, and deepen practical China‑Africa cooperation across the mining and energy sectors.
12 hours ago
[SMM Analysis] China Sulphur and Sulphuric Acid Import and Export Data for August
[SMM Analysis] China Sulphur and Sulphuric Acid Import and Export Data for August
In August 2026, China's total monthly sulphur imports were 272,323.414 mt in physical content, down 29.34% MoM and down 65.03% YoY, with the main import sources being the UAE, South Korea, Canada, Japan, Kazakhstan, Vietnam, Singapore, and the Philippines. China's total monthly sulphur exports were 48 mt in physical content, down 96.34% MoM and up 26.32% YoY, with the main export destinations being Indonesia and South Korea. China's total monthly sulphuric acid imports were 9,938.436 mt in physical content, up 831.85% MoM and up 1,051.37% YoY, with the main import sources being South Korea, Taiwan, China, Germany, and the US. China's total monthly sulphuric acid exports were 2,474.46 mt in physical content, up 153.47% MoM and down 99.43% YoY, with the main export destinations being Angola, Ghana, Cambodia, Hong Kong, China, Vietnam, Singapore, Malaysia, and Tanzania. China Sulfur Imports China Sulfuric Acid Exports
Sep 20, 2026 11:07 (GMT+8)
DRC Establishes US-DRC Special Working Group to Accelerate Strategic Minerals Partnership
According to foreign media reports, Kinshasa, September 11 — The DRC Cabinet approved the establishment of a DRC-US working group to accelerate the implementation of the bilateral strategic minerals partnership agreement and attract Western investment into the country's copper and cobalt industries. The DRC is the world's largest cobalt producer and the second-largest copper producer and exporter. The two countries signed a minerals cooperation agreement last December, marking the latest move by the country to broaden financing channels and strengthen cooperation with the US. Under the current cooperation framework, Virtus Minerals has already secured US-backed mining investment and is facilitating expanded copper mine cooperation between Gecamines, Mercuria, and Glencore, helping mineral products reach Western markets. The working group was originally scheduled to launch in February this year but was delayed by administrative obstacles, and its members and key projects have not yet been disclosed. The Cabinet meeting also approved a $24.8 billion fiscal budget for 2027, a 12% increase over this year's revised spending, with infrastructure, security, and economic diversification as priority areas.
Sep 21, 2026 10:00 (GMT+8)
Goldman keeps $5,400 gold forecast intact despite Fed hike
Goldman Sachs kept its end-2027 gold forecast at $5,400 an ounce despite this week's Fed hike, saying tighter policy will slow the rally but not derail it. Gold ticked above $4,355 on Friday on a softer dollar and lower oil prices. Goldman Sachs holding its end-2027 gold forecast at $5,400 an ounce despite this week's rate hike is the more notable signal here, since it suggests the bank sees the Fed's tightening path as a headwind that slows gold's rally rather than one that reverses it. That view sits against a backdrop where higher rates would typically curb demand for a non-yielding asset by increasing the appeal of yield-bearing alternatives, yet gold has still edged higher on Friday, helped by a softer dollar and a 1% pullback in oil prices. With 16 of 18 Fed policymakers now pointing to at least one more hike this year, the near-term path for real yields remains a genuine headwind, but Goldman's unchanged long-term call implies the bank sees that pressure as manageable within its broader bullish thesis, likely underpinned by continued central bank buying and ongoing Middle East risk. --- Goldman says the Fed's hike slows gold's rally, but the bank isn't backing off its $5,400 call. Summary: Goldman Sachs kept its end-2027 gold price forecast unchanged at $5,400 per troy ounce despite this week's Federal Reserve rate hike, saying tighter policy ( Goldman ditches one and done call, now sees a second Fed hike in October ) is likely to slow bullion's rally but not derail it Gold rose slightly on Friday to trade above $4,355 an ounce, supported by a 1% fall in oil prices and a subdued US dollar The Fed raised interest rates on Wednesday and signalled further hikes ahead, with updated projections showing 16 of 18 policymakers expecting at least one more quarter-point increase by year end A weaker dollar makes dollar-priced commodities cheaper for holders of other currencies, while higher rates typically curb gold demand by boosting the appeal of yield-bearing assets Market participants remain focused on developments in the Middle East and the broader path for global monetary policy Goldman Sachs kept its end-2027 gold price forecast unchanged at $5,400 per troy ounce on Friday, even after this week's Federal Reserve rate hike, saying tighter monetary policy is likely to slow bullion's rally rather than derail it. The bank's unchanged call comes despite a backdrop that would typically weigh on gold, since higher interest rates increase the appeal of yield-bearing assets and can curb demand for a non-yielding metal, even one traditionally viewed as an inflation hedge. Gold itself ticked higher on Friday, trading above $4,355 an ounce, as lower oil prices and a subdued US dollar offered support. Oil fell around 1% on the day, while the dollar remained soft after retreating from recent highs, a combination that makes dollar-priced commodities less expensive for holders of other currencies and has provided a modest tailwind for bullion. The move comes just two days after the Fed raised interest rates on Wednesday and flagged further hikes in the months ahead. Updated quarterly economic projections showed 16 of the Fed's 18 policymakers now anticipate at least one more quarter-percentage-point increase by the end of this year, a hawkish signal that has kept real yields and the dollar in focus for gold traders. Despite that backdrop, market participants have kept a close eye on developments in the Middle East alongside the broader path for global monetary policy, with geopolitical risk continuing to provide an offsetting source of support for the metal even as the rate outlook turns less accommodative. Source: https://investinglive.com/commodities/goldman-keeps-5-400-gold-forecast-intact-despite-fed-hike/
Sep 18, 2026 15:37 (GMT+8)

Latest News

2026 National Day Holiday Copper Processing Enterprise Shutdown Survey - Wire and Cable [SMM Analysis]
[SMM Analysis: 2026 National Day Holiday Survey on Copper Processing Enterprises' Shutdown Plans – Wire and Cable] The National Day holiday is just around the corner, and most wire and cable enterprises have completed their holiday shutdown and production plan arrangements for their workshops. SMM conducted a survey on the holiday arrangements of some copper wire and cable enterprises in the industry and compiled the results as follows...
8 hours ago
2026 National Day Holiday Survey on Copper Processing Enterprises' Shutdowns – Copper Cathode Rod [SMM Analysis]
9 hours ago
Sinomine's Kitumba Copper Mine in Zambia Begins Full-Line Trial Production
China Mining Resources Group (Sinomine Resource Group) announced that its Kitumba copper mine project in Zambia's Central Province has commenced full-line trial production, marking the transition of the project's mining and beneficiation facilities from construction into the production ramp-up stage.​ According to the company's latest announcement, production preparations for the mining and beneficiation facilities were completed on September 21, 2026, local time in Zambia, after which full-line ore feeding officially began. Copper concentrate is being produced during the trial-production phase.​ The company said it will determine whether the copper concentrate produced during this stage will be sold externally or retained as feedstock for the project's downstream smelting facilities, taking into account copper concentrate market conditions and progress on construction of the smelting project.​ Kitumba is being developed as an integrated mining, beneficiation and smelting project in the Mumbwa area of Zambia's Central Province. The project has a designed raw ore processing capacity of 3.5 million mt/year and cathode copper capacity of 35,000 mt/year. At full production, the project is expected to produce an average of approximately 33,000 mt/year of cathode copper and 55,000 mt/year of copper concentrate.​ The project has a designed operating life of 15 years, with total copper metal production estimated at approximately 570,200 mt over the operating period.​ Construction of Kitumba's smelting facilities remains underway. Sinomine expects production preparation or trial production for the smelting facilities to be completed in Q4 2026, with formal production scheduled to begin in Q1 2027.​ The commencement of full-line trial production marks a key step in the development of the Kitumba project as its mining and beneficiation facilities enter the operational ramp-up stage. Copper concentrate produced during the initial phase could either enter the market or be retained for downstream processing, depending on market conditions and progress at the smelting facilities. Attention will now turn to the pace of the project's ramp-up and progress toward the planned start of formal smelting operations in Q1 2027.
9 hours ago
Meridian Mining Completes Cabaçal Copper-Gold DFS, Targets 4.5 Mt/y Processing Expansion
Meridian Mining has completed a Definitive Feasibility Study (DFS) for its Cabaçal gold-copper-silver project in Mato Grosso, Brazil, outlining total life-of-mine copper production of approximately 180,634 mt as the company advances the project toward a final investment decision. The September 22 DFS outlines a 13.9-year mine life based on a conventional open-pit operation. Processing throughput is planned to initially reach 2.5 million mt/year before expanding to 4.5 million mt/year from Year 4. Average copper recovery over the life of the mine is estimated at 92.8%. Initial capital expenditure is estimated at US$322 million, including a 10% contingency, tax credits and pre-investment associated with the planned processing expansion. A further US$56 million of expansion capital is included in the project economics. The DFS estimates an after-tax NPV5 of US$2.09 billion and an IRR of approximately 108% under its base-case assumptions. The study supersedes Cabaçal's March 2025 Preliminary Feasibility Study and incorporates an updated and larger Mineral Reserve estimate, an optimized mine plan and improved metallurgical performance. Meridian said it has already started pre-construction investment on multiple fronts, with US$15.9 million in capital contracts committed. Documentation for the project's Installation Licence was submitted to Mato Grosso's environmental regulator in May 2026 and remains under review. The company is also progressing project financing as it works toward a final investment decision. Completion of the DFS advances Cabaçal toward the development stage and provides a clearer outlook for potential future copper supply from the project. The planned expansion of processing capacity to 4.5 million mt/year from Year 4, combined with estimated life-of-mine copper production of approximately 181,000 mt, establishes Cabaçal as a prospective new source of copper concentrate in Brazil. However, construction remains dependent on project financing, the required Installation Licence and a final investment decision.
9 hours ago
2026 National Day Holiday Survey on Copper Processing Enterprises' Shutdowns – Copper Cathode Rod [SMM Analysis]
9 hours ago
Capstone Copper Agrees to Sell Cozamin Mine to Luca Mining for Up to US$385 Million
Capstone Copper has entered into a definitive agreement to sell its Cozamin copper-silver-zinc-lead mine in Zacatecas, Mexico, to Luca Mining Corp. for total consideration of up to US$385 million, as the company moves to streamline its portfolio and focus capital on its copper growth projects.​ Under the agreement, Capstone will receive US$275 million in upfront cash, subject to customary closing adjustments, US$15 million in Luca Mining shares and US$35 million in deferred consideration payable on the first anniversary of closing. Capstone could receive a further US$60 million in contingent cash payments linked to average annual LME copper prices during 2027-2029.​ Capstone said the transaction will strengthen its balance sheet and provide additional financial flexibility to support its growth pipeline. President and CEO Cashel Meagher said the divestment will enable the company to redeploy capital into high-return growth projects while allowing management to focus on copper growth opportunities in Chile and the United States.​ Capstone will also retain exposure to potential exploration upside at Cozamin through its shareholding in Luca following completion of the transaction. Luca Mining currently owns two producing mines in Mexico, the Campo Morado and Tahuehueto operations.​ The transaction is expected to close in Q4 2026, subject to customary closing conditions and regulatory approvals, including stock exchange and Mexican National Antitrust Commission approval. The transaction is not subject to shareholder approval or financing conditions.​ The proposed sale reflects Capstone Copper's strategy to streamline its operating portfolio while directing additional financial resources toward its copper growth pipeline. Although the transaction does not represent an immediate change in Cozamin's copper production, the proceeds are expected to strengthen Capstone's balance sheet and provide greater financial flexibility as the company advances its growth projects. Completion of the transaction remains subject to regulatory and customary closing conditions.
9 hours ago
Shrinking Volume: Wolframite Concentrates Fall Nearly 5% in Less Than a Month, What's Next After Breaking Below the 400,000 Yuan Mark? [SMM Commentary]
9 hours ago
Stockpiling Divergence and Spreading Shutdowns: A Survey of Secondary Copper Rod Enterprises' Pre-Holiday Stockpiling Ahead of the National Day Holiday [SMM Analysis]
[SMM Analysis: Divergent Stockpiling and Spreading Production Halts: A Survey of Secondary Copper Rod Enterprises' Pre-Holiday Stockpiling Ahead of the National Day Holiday] With the National Day holiday approaching, SMM conducted a survey on pre-holiday stockpiling and production arrangements among 19 secondary copper rod enterprises across eight provinces and cities—Anhui, Hubei, Hebei, Tianjin, Guangdong, Jiangxi, Sichuan, and Henan—with a combined annual capacity of 2.19 million mt. The survey results show a stark "two extremes" pattern in the industry: nine enterprises are in a state of production halt, involving an annual capacity of 990,000 mt, accounting for about 45% of the total sample capacity; among the enterprises still operating, raw material stockpiling is generally cautious, with ten enterprises reporting zero raw material stockpiles, and the pre-holiday "stockpiling wave" did not materialize as expected. .....
10 hours ago
METLEN Invests €25M in Greek Recycled Aluminum Plant, Boosting Scrap Processing and Integration
[SMM Aluminum Express News] METLEN Energy & Metals will invest nearly €25 million in its EP.AL.ME. recycled aluminum operation in Greece, installing highly automated sorting, processing and melting equipment. The upgrade will allow EP.AL.ME., Greece’s largest independent recycled aluminum producer, to process more complex scrap streams, particularly post-consumer scrap recovered from end-of-life products that has previously been difficult to incorporate efficiently. The investment will more closely integrate EP.AL.ME. with METLEN’s Aluminium of Greece primary aluminum plant, with combined production expected to exceed 250,000 tonnes once the project is fully developed. EP.AL.ME. will act as the collection, sorting and scrap pre-processing hub, while Aluminium of Greece will incorporate recycled metal into higher-value aluminum products. METLEN said the integration should also improve margins at both operations.
10 hours ago
SHFE lead 2611 contract overbought pullback, closing down 0.58% [Lead Futures Brief Comment]
10 hours ago
Magnesium Ingot Prices Hold Steady and Consolidate; Pre-Holiday Restocking Winds Down, Trading Thins [SMM Magnesium Ingot Spot Report]
[Magnesium Ingot Prices Hold Steady and Consolidate, Pre-Holiday Restocking Winds Down with Cooling Transactions] Some producers have ended their hold on spot cargo prices and selling restraint, while some are advancing National Day futures sales, with the low price of 15,700 yuan/mt mostly being futures quotes. Pre-holiday restocking is in its final stage with transactions turning sluggish, trading activity cooling, and prices consolidating.
11 hours ago
LME Aluminum Inventory Declines 0.31% to 241,400 mt on September 23
[SMM Aluminum Flash] On September 23, LME aluminum inventory stood at 241,400 mt, down 750 mt from the previous day, a decrease of 0.31%. Over the past week, LME aluminum inventory decreased by 2,225.00 mt, a decline of 0.91%. Over the past month, LME aluminum inventory decreased by 5,550.00 mt, a decline of 2.25%.
11 hours ago
MMi Daily Iron Ore Report (September 23)
Today, the iron ore futures market traded in a narrow range. The DCE main contract I2701 closed at 712 yuan/mt, up 0.07% from the previous trading day. Spot prices rose by 0-3 yuan/mt compared with yesterday, with traders' quotations relatively firm; steel mills purchased on a need-to-buy basis, and spot market trading sentiment was sluggish.
11 hours ago
Azerbaijan Plans New 200,000 t/y Aluminum Smelter, Attracts Foreign Investors
[SMM Aluminum Express News] Azerbaijan is exploring a separate new primary aluminum smelter with capacity of around 200,000 tonnes/year, Economy Minister Mikayil Jabbarov said at a September 22 meeting chaired by President Ilham Aliyev. The project has attracted interest from foreign investors and forms part of Azerbaijan’s longer-term ambition to develop into a regional processing hub, supported by competitive energy prices, transport links and access to raw materials from Central Asia and the South Caucasus. The proposed 200,000 t/y smelter is separate from Azeraluminium’s existing expansion in Ganja, where electrolysis capacity is planned to increase from around 50,000 t/y to 100,000 t/y by 2030. Azerbaijan will also assess whether the Zaylik alunite deposit can provide a domestic raw-material base for the aluminum value chain. The 2027-2030 mining and metallurgy programme requires an estimated AZN 5.3 billion (US$3.12 billion) of investment, around 80% of which is expected from non-budget sources.
11 hours ago
SMM to Host  SMM (11th) Annual Nickel Conference 2026 - Ni Cr Mn Stainless Steel Event , Shanghai, Nov. 12–13
SMM to Host SMM (11th) Annual Nickel Conference 2026 - Ni Cr Mn Stainless Steel Event , Shanghai, Nov. 12–13
Introduction [Shanghai, China] - Building on the success of its previous 10 sessions, the SMM (11th) Annual Nickel Conference 2026 - Ni Cr Mn Stainless Steel Event will be held in Shanghai this November 12-13. [Scale] - Over 300+ delegates and 40+ speakers from 20+ countries will attend. [Agenda] - https://ni-cr-stainlesssteelapac.metal.com/home?fromId=265accf08c&from=58 Background: In 2026, the stainless steel market emerged from a trough. Driven by China’s anti-involution policies and expectations of nickel raw material shortages under Indonesian policies, the industry broke free from a three-year downturn, with prices rising rapidly. Stainless steel enterprises adjusted their nickel raw material ratios, leveraging the economic advantages of stainless steel scrap to expand its substitution share and gradually escape losses. However, the industry remained constrained by factors such as compliance restrictions on stainless steel scrap tax invoices and declining NPI grades, while demand for nickel replenishment further boosted the use of high-grade nickel, making structural issues increasingly prominent. On the raw material side, the nickel industry chain underwent a fundamental pattern shift in 2026, with industry logic moving from oversupply to a long-term tight balance constrained by resources and power. Market divergence intensified, and fluctuations across the industry chain became pronounced. The tightening of Indonesia’s RKAB quotas, the HPM policy driving up ore prices, and the crowding out of power supply by aluminum reversed the growth trajectory of smelting costs and supply in both China and Indonesia. Nickel prices rose in a stepwise manner in H1, with supply-demand and cost factors providing strong price support. The global ferrochrome market continued its trend of shifting eastward. China’s ferrochrome production grew steadily, maintaining the top position globally, while South Africa resumed production comprehensively with policy support. Multiple growth drivers pushed ferrochrome supply toward a surplus. The chrome ore market, supported by Middle East conflicts, saw short-term sharp price spikes; high imports pushed port ore inventory above 5 million mt, leaving spot cargo in clear surplus and prices on a downward trajectory. Increased policy uncertainty around South African mining pushed the ferrochrome market into a new cycle of supply-demand pattern adjustment. The manganese industry chain experienced significant divergence in 2026, with industry dynamics shifting from a single supply-demand game to a split pattern driven by dual demand from stainless steel and lithium batteries. Manganese ore capacity remained ample throughout the year, while production cuts in smelting and high raw material prices formed strong cost support, limiting the room for deep price declines. On the demand side, differentiation was evident: SiMn continued to replace EMM; trends in lithium-battery manganese materials diverged, with manganese sulphate receiving periodic market support while Mn3O4 terminal demand weakened under pressure. Multiple factors drove structural fluctuations, making Q4 a critical planning window for enterprise purchasing and production schedules. Currently, global nickel, ferrochrome, manganese, and stainless steel markets are intertwined with multiple variables including mining policies, energy, and downstream demand, resulting in notably wider price fluctuations. Q4 coincides with a critical period for enterprises formulating their production, procurement, and hedging plans for the following year. SMM will hold the SMM (11th) Annual Nickel Conference 2026 - Ni Cr Mn Stainless Steel Event in Shanghai from November 12-13, 2026, inviting global stakeholders in the nickel, chromium, manganese and stainless steel industry to deeply explore hot topics such as the latest market policies, global market development, and hedging strategies with derivatives. This industry conference will bring together practitioners from the entire industry chain including miners, smelters, stainless steel mills and traders to conduct in-depth discussions on core topics such as Indonesian policies, nickel, chromium and manganese market price trends, raw material substitution, and medium and long-term supply-demand, breaking down upstream and downstream information barriers and providing reference for industry business decisions. Highlights: Co-located with Commodity Week, Comprehensive Coverage of Non-Ferrous Metals, Energy, Chemicals and Other Diverse Sectors 10+ International Associations Engaging in In-Depth Discussions on Policies, Methods and Market Global experts from 20+ countries/regions are brought together to adopt an international perspective and explore global opportunities. The latest strategies combine physical and futures markets to unlock new approaches to hedging. Exclusive 1-on-1 meeting platform: chat online and meet offline directly. Government & Policy Authorities & Industry Association: National Economic Council Republic of Indonesia | Asosiasi Penambang Nikel Indonesia (APNI) | Forum Industri Nikel Indonesia (FINI) | Indian Stainless Steel Development Association (ISSDA) | International Nickel Study Group | Nickel Institute | Shanghai OTC Commodity Derivatives Association | Internation Manangese Institute (IMnI) Agenda: Time Agenda 08:30-9:30 Sign in 9:30 - 9:40 Opening Ceremony 9:40 - 10:00 [Keynote Speech] Understanding Indonesia's Nickel Policy Shifts: Ensuring Orderly Market Development 10:00 - 10:30 [Keynote Speech] The New Global Nickel Landscape: Indonesia’s HPM Policy Revisions and the Reshaping of Price Benchmarks 10:30 - 10:50 [Keynote Speech] Indonesia's NPI New Export Policy and Protection of Smelter Interests 10:50- 11:00 Coffee Break 11:00 - 11:30 [Keynote Speech] The Global Landscape of Nickel 11:30- 12:00 [Keynote Speech] How NPI Calendar Spread Contracts Are Driving the Derivatives Trading Space 12:00 - 13:30 Lunch 13:30 - 14:20 [Panel Discussion] Who will Control the Pricing Power in the Global Nickel Market Amid Policy Shifts? 14:20 - 14:40 [Keynote Speech] Global Nickel Market Outlook 14:40 - 15:00 [Keynote Speech] Give Full Play to the Functions of the Futures Market and Promote the High-quality Development and Internationalization of the Nickel Industry 15:00 - 15:20 [Keynote Speech] Sustainability Requirements and Standards for the Nickel Industry 15:20- 15:40 Coffee Break 15:40 - 16:40 [Panel Discussion] Exchange-Traded Derivatives Trading Pathways-How to Rebuild Risk Management Systems amid Geopolitical Disturbances and Enhance Contract Pricing Value 16:40 - 17:00 Logistics and Supply Chain Collaboration Help the Industry Develop Efficiently 18.00-20.00 Banquet Dinner 09:00 -09:15 [Keynote Speech] The Nickel Ore Equation: Indonesia's Policy Stack, the HPM Gap, and the Making of a Structural Tight Balance 09:15 - 09:30 [Keynote Speech] Competitiveness and Pricing Logic of NPI Under the Adjustment of Stainless Steel Raw Material Structure 09:30-09:45 [Keynote Speech] Short-term Cost Support and Long-term Supply Release: Outlook for the Nickel Intermediate and Nickel Sulfate Market 09:45 - 10:00 [Keynote Speech] Cost Support and the Shifting Center of Gravity for Nickel Prices Amid Oversupply 10:00-10:15 [Keynote Speech] Analysis of Supply and Demand Game of Global Molybdenum Market and Mid- to Long-term Market Forecast 10:15-10:30 [Keynote Speech] Africa's Chromium Industry: Policy and Development Insights 10:30- 10:50 Coffee Break 10:50 - 11:20 [Keynote Speech] China Ferrochrome Supply-Demand Balance and Outlook 11:20-11:40 [Keynote Speech] Development Status of China's Stainless Steel Industry 11:40 - 12:00 [Keynote Speech] Global Stainless Trade Under Policy: From CBAM to Quotas, a Two-Front View of Europe and Southeast Asia 12:00 - 13:30 Lunch 13:30 - 13:50 [Keynote Speech] Trends, Challenges, and Future Outlook of Demand and Supply in the Japanese Stainless Steel Industry 13:50 - 14:10 Driving the Next Stainless Steel Growth Cycle: India’s Infrastructure Boom, Decarbonization, and Global Supply Chain Synergies 14:10 - 14:30 [Keynote Speech] European Stainless Steel Market Development and Trade Flow Analysis 14:30 - 14:50 [Keynote Speech] New Energy Batteries – Emerging Opportunities for Stainless Steel 14:50 - 15:10 [Keynote Speech] New Applications and Developments in the Stainless Steel Market 15:10-15:30 [Keynote Speech] Current Development and Industrial Distribution of the High-End Stainless Steel Fastener Industry Conference Ends
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