Russia plans to mine cobalt deposits at the bottom of the Pacific Ocean

[SMM Tungsten Flash] This week, APT CIF Rotterdam offers remained stable at $3,000-3,200/mtu, with European raw material prices generally steady. In the scrap market, Indian tungsten scrap drill bits FOB were quoted at $130-140/kg, up 17.39% from last week. Driven by higher Chinese tungsten prices, Indian scrap traders have collectively raised their offers. Coupled with low inventory levels, overseas scrap transactions have been active recently, with market sentiment turning optimistic.

[SMM Analysis] Slight Stainless Steel Inventory Destocking Amid Weak Off-Season Demand and Proactive Clearing by Traders SMM, June 11 – This week, stainless steel social inventories extended the previous destocking trend, with total inventory pulling back slightly again. Total inventory in the two core markets of Wuxi and Foshan declined from 940,400 mt on June 4, 2026, to 932,900 mt on June 11, down 0.8% WoW. Under the off-season conditions, inventories continued to show a slight destocking trend. This week, macro headwinds outside China continued to intensify, and SS futures declined in successive sessions, dragging stainless steel spot prices down in tandem. Overall market pessimism deepened. On top of this, the industry formally entered the traditional consumption off-season. Wait-and-see sentiment among downstream end-users stayed high, actual just-in-time procurement was relatively weak, and overall transactions in the spot market remained sluggish. The demand side would have created inventory buildup pressure. However, the supply side and the circulation sector provided a strong offset, effectively neutralizing the inventory accumulation risk caused by weak off-season demand. On one hand, multiple stainless steel mills gradually implemented production cuts and maintenance during the month, leading to downward adjustments in production schedules. On the other hand, the persistent decline in futures heightened industry concerns about the near-term outlook. Traders widely held pessimistic expectations, and the market mainly operated with an approach of proactive selling and reducing their own inventories. Price concessions to clear inventory were common, accelerating the turnover of spot goods in the market. Amid the opposing tug-of-war between supply and demand, stainless steel social inventories pulled back slightly further this week. On the whole, weak just-in-time demand during the off-season and persistently sluggish transactions were potential bearish factors for inventory buildup, while the marginal supply contraction from steel mill maintenance and traders' concentrated proactive inventory clearing were the factors behind this week's ...

[SMM Magnesium Market Analysis: Magnesium Alloy Extensively Applied in Emergency Equipment, Supporting Modernization of the Emergency System under the 15th Five-Year Plan] As the “15th Five-Year Plan for Modernizing the Emergency System” advances, China’s emergency industry is accelerating its upgrade toward lightweight, intelligent, and combat-ready capabilities. Magnesium alloy, with its outstanding comprehensive properties, has fully penetrated multiple emergency equipment scenarios by leveraging its light weight and high strength, corrosion and shock resistance, excellent heat dissipation and electromagnetic shielding, and green recyclability, becoming a core new material that underpins the construction of a modern emergency system.