Yunnan Copper Technology Selling 30 Metric Tons of High-Purity Selenium Ingots

[SMM Analysis] Phased Trade Recovery Proves Unsustainable, Stainless Steel Inventory Ends Destocking and Edges Higher SMM, June 4 – This week, social inventory of stainless steel ended its previous streak of destocking, posting a slight buildup. Total inventory at the two major hubs, Wuxi and Foshan, edged higher, rising from 936,300 mt on May 28, 2026 to 940,400 mt on June 4, up 0.44% WoW, marking a shift from destocking to accumulation. This week, SS futures staged a phase rally driven by macro tailwinds. The short-term strengthening of the futures market once boosted trading sentiment and triggered a phased recovery in spot transactions. However, the rally lacked sustainability; after futures pulled back, spot transactions quickly returned to mediocre levels. The market has now officially entered the traditional consumption off-season, and downstream end-use purchasing demand is gradually weakening. Even as steel mills proactively offered price concessions to sell and accelerated goods circulation, end-user purchasing willingness has yet to see a material improvement. Meanwhile, overall production schedules at steel mills remain high, and the support from raw material costs for spot prices continues to weaken. The supply-demand easing pattern is becoming increasingly prominent, and multiple factors jointly pushed inventory to shift from decline to growth this week. Overall, the weakening of end-use demand during the off-season, combined with high production schedules at mills, was the core reason for the slight inventory buildup this week. Relying solely on short-term impulse rallies in futures to provide phased boosts to spot shipments cannot reverse the trend of inventory accumulation. On the supply side, there are currently no large-scale production cut measures implemented at steel mills; high production schedules are expected to persist in the near term, keeping market supply releases ample. Currently, market trading sentiment is cautious; industry participants' confidence in the market outlook is gradually declining, and they are adopting a wait-and-see operation...

[Tungsten News Flash] SMM June 5: On May 29 local time, the DRC Council of Ministers reviewed and approved a special decree, officially incorporating six mineral categories—lithium, tantalum, niobium, tungsten, uranium, and rare earths—into the national strategic minerals list. According to the relevant provisions of the DRC's current Mining Code, strategic minerals are subject to a royalty rate of 10%, while the base royalty rate for ordinary non-ferrous metals is 3.5%. After the new policy takes effect, the royalty costs for local mining enterprises involved in newly designated strategic minerals such as lithium and tungsten will increase to nearly three times the original level. This expansion of the catalog is a significant implementation measure by the country to optimize critical minerals revenue distribution and strengthen control over domestic strategic resources. The policy will be officially implemented through a cabinet enforcement decree.

[SMM Tungsten Express] APT CIF Rotterdam offers held steady at $3,000-3,200/mtu this week, up $50 from last week. Transactions remain light, but the rebound in Chinese tungsten prices has boosted European sentiment, with holders maintaining firm offers and few low-priced sources available. Prices are expected to consolidate at high levels in the near term. Indian scrap drill tips FOB rose 9.52% to $110-120/kg, driven by the rally in China.