[Sibanye-Stillwater Targets 75% Chrome Output Growth by 2033]

[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.

[Silicon metal buying-selling game intensifies; focus on changes in supply-side operating rates]: The most-traded silicon metal 2609 futures contract has been hovering below 8,500 yuan/mt for a month. Enterprise pressure has increased, and a small number of silicon enterprises plan to undergo rotational maintenance or halt production. Marginal supply cuts have emerged, but the impact is limited and not enough to reverse the current pessimistic market sentiment. The intensity of the silicon metal buying-selling game has increased, but prices remain on the low side of the range. On the supply side, Sichuan-Yunnan silicon enterprises have just resumed production for a short time during the rainy season, so any production halts are sporadic. Recent supply reductions have mainly come from northern production regions. Watch for changes in supply-side operating rates going forward.

[Secondary Aluminum and Aluminum Scrap Weekly Review: Cost Support and Weak Demand in a Tug-of-War; Short-Term ADC12 Prices Maintain Sideways Movement] This week, ADC12 prices continued to move sideways. As of today, the SMM ADC12 quotation was adjusted down by 100 yuan/mt from last Thursday to 24,000 yuan/mt. During the week, cost support from aluminum scrap remained, and enterprises showed little willingness to voluntarily cut prices. However, constrained by weak off-season demand, prices lacked upward momentum. The overall market exhibited a tug-of-war pattern characterized by "selling at stable prices and transacting based on orders.