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[SMM Tin Futures Review: The Most-Traded SHFE Tin Contract Fluctuated at Highs Amid Mixed Factors, Downstream Enterprises Remained Cautious and Watchful]

South Korea’s Ministry of Climate and Environment announced on the 28th that it will strengthen the operation of future waste-resource hub collection centers to expand the supply of end-of-life electric vehicle batteries to private companies. The ministry plans to increase the annual volume of batteries supplied to the private sector — including those provided free of charge — to as many as 1,500 units by 2026. In 2025, the total number of used batteries supplied through private sales and free distribution is expected to reach 1,021 units, marking a 47% increase year on year.

[SMM Aluminum Alloy Daily Report] Today, SMM ADC12 prices were raised by 400 yuan/mt to 24,550 yuan/mt. However, the market exhibited an increasingly prominent "price without demand" characteristic, with downstream acceptance of high aluminum prices remaining low and trading activity sluggish. As a result, downstream stockpiling enthusiasm before the holiday was further dampened, and some enterprises have planned to enter holiday mode early, reflecting clear weakness on the demand side. Overall, current aluminum prices have strengthened significantly, supported by macro sentiment and geopolitical disruptions, driving up the price center of the secondary aluminum market. Prices are expected to hover at highs in the short term. However, caution is warranted against the risk of a retreat after a rapid rise, should market sentiment fade amid weak fundamental support.

[SMM Tin Noon Review: SHFE Tin Contracts See V-Shaped Movement Within Morning Range, Macro Volatility Leads to High-Level Consolidation]

[SMM Tin Futures Review: SHFE and LME Tin Futures Fluctuate Synchronously, Market Remains Cautious and Watchful Amid Highs]

[SMM Aluminum Alloy Daily Report] Aluminum prices surged significantly today, driven by event catalysts and capital flows, with A00 aluminum quoted at 24,260 yuan/mt, up 390 yuan/mt; SMM ADC12 was raised by 150 yuan/mt to 24,150 yuan/mt. As ADC12 showed relative resilience during the aluminum price correction earlier in the week, secondary aluminum enterprises adjusted prices cautiously in the morning, generally following the increase by 100-200 yuan/mt. However, after 11:00, as futures continued to climb, market participants' willingness to catch up strengthened, leading to an additional raise of 200-300 yuan/mt on top of the previous adjustments. In terms of trading performance, the "price without market" characteristic became more pronounced, with downstream players showing strong fear of high prices, resulting in sparse overall transactions. Affected by this, pre-holiday stockpiling enthusiasm was dampened again, and some enterprises already planned to enter holiday mode early, with subsequent demand expected to continue weakening.

CF Booth Ltd., a long-standing UK scrap metal recycler with decades of history, has been placed into administration amid market pressures and surging copper prices, temporarily idling its facility and raising concerns about small-to-mid-size recycling firms.

[SMM Tin Midday Review: SHFE Tin Consolidates Weakly After Earlier Rally, Spot Trades Sluggish Amid High Absolute Prices]

SungEel HiTech has been confirmed to be supplying recycled feedstock to LS L&F Battery Solution (LLBS), LS Group’s battery precursor (cathode precursor) subsidiary that opened last year. While LS is pushing to internalize key battery materials such as nickel sulfate, it has not yet reached full-scale mass production, and is therefore sourcing raw materials from SungEel HiTech. At its Saemangeum plant, LLBS is using recycled materials supplied by SungEel HiTech—rather than by its parent company, LS MnM—for trial production of precursors. LLBS is a joint venture established by LS and L&F, with equity stakes of 55% and 45%, respectively.

As copper prices exceed USD 13,000/tonne, major miners are adopting innovative extraction techniques like bio-leaching to tap waste stockpiles and low-grade sources, while M&A activity intensifies.

[SMM News] According to relevant reports, Yunnan Jiantao New Material Co., Ltd. has recently completed the core infrastructure construction, including the melting and casting plant and pretreatment plant, for its 600,000 mt per year green, low-carbon, high-precision aluminum plate/sheet and strip and 100,000 mt per year environmental protection recycled aluminum alloy ingot project, with a total investment of 6.6 billion yuan. To generate benefits as soon as possible, the company is advancing the project by combining equipment debugging with production line integration. The project is expected to be fully operational in 2026, with an annual output value exceeding 15 billion yuan.

SMM research indicates that South Korea has been facing a persistent shortage of domestic copper scrap supply. Local smelters, unable to compete with Chinese buyers on pricing, have increasingly turned to overseas scrap procurement. Meanwhile, traders and intermediaries connected to Chinese buyers are purchasing scrap at prices above what local smelters can afford and exporting it, worsening domestic outflows. The prices for No.1 and No.2 copper scrap in Korea are reportedly 3%–5% higher than comparable levels in the Chinese market.

[SMM Express] According to statistics from the Ministry of Public Security, the national motor vehicle ownership reached 469 million units in 2025, including 366 million cars; the number of motor vehicle drivers reached 559 million, including 525 million car drivers. In 2025, 35.35 million new motor vehicles were registered nationwide, and 20.51 million new drivers were licensed. According to calculations by the China Chamber of Commerce for Motorcycles, motorcycle ownership is approximately 100 million units. The number of new motor vehicle registrations has exceeded 30 million for 11 consecutive years, with 26.19 million new car registrations. In 2025, 35.35 million new motor vehicles were registered nationwide, including 26.19 million new car registrations. The number of new motor vehicle registrations has exceeded 30 million for 11 consecutive years. According to calculations by the China Chamber of Commerce for Motorcycles, approximately 8.9 million new motorcycles were registered, up 4.7% YoY; approximately 4.7 million new electric motorcycles were registered, up 11.9% YoY.

[SMM Tin Midday Review: SHFE Tin Hits New Highs and Fluctuates at Highs, High Prices Continue to Suppress Downstream Demand Release]