ADC12 원가 지지 지속, 명절 전 수요 소폭 개선 [알루미늄 스크랩 및 재생 알루미늄 주간 리뷰]

The price of tantalum ore has been on an upward trend recently. According to market feedback, affected by the convening of industry conferences, upstream miners have a strong reluctance to sell, and actively hold back tantalum ore to reduce external supply. The tightening of supply at the mine end supports the strengthening of prices.

Zimbabwe will no longer issue mining licenses for isolated, single-mineral operations, Vice President Dr Constantino Chiwenga announced at the Zimbabwe-China Business Forum last week. Future mining investments will be required to demonstrate the capacity to identify, separate and process the full range of minerals embedded in a deposit, not just the primary target mineral, with operations unable to do so barred from operating in the country. Chiwenga framed the move as part of Zimbabwe's broader push to retain more value from its mineral resources rather than exporting them in raw form. For Zimbabwe's chrome sector, the policy lands directly on the country's geology. Chrome deposits along the Great Dyke frequently occur alongside platinum-group metals, nickel and other minerals in the same host rock, the same setting that has already driven the PGM-chrome co-production model at operations such as Zimplats, Mimosa, Unki and Karo. A chrome-focused mining investment with no capacity to also identify and process any co-located PGMs or other minerals would fall squarely into the category of operation the government says it will no longer license, effectively pushing new chrome projects toward integrated, multi-mineral processing from the outset rather than single-commodity extraction. The policy adds a further layer to Zimbabwe's chrome beneficiation drive, which has already moved from banning raw ore exports in February 2026 to signaling a possible extension of that ban to chrome concentrate. Where those earlier measures targeted what happens to chrome after it leaves the ground, this policy shapes what a mining operation must be capable of processing before it can be licensed in the first place, raising the entry bar for new chrome investment in the country. It also raises immediate questions for the many small-scale and artisanal chrome miners already navigating a separate regularization deadline: whether the new licensing standard applies only to new applications or could eventually be extended to existing single-mineral operations remains unclear, as does whether "beneficiation capacity" means processing the primary mineral into a refined product or specifically extends to separating out secondary minerals present in the same ore body. Zimbabwe's government has not yet published implementing regulations clarifying how the policy will be applied to chrome projects specifically.

[SMM 주간 리뷰: 폴리실리콘 고가 거래 소량 발생; 중앙집중식 모듈 가격 하락폭 확대] 이번 주 중국 모듈 가격은 구조적 차별화를 보였으며, 분산형 모듈은 하락을 멈추고 안정세를 보인 반면 중앙집중식 모듈은 하락폭이 확대되었다. 분산형 측면에서는 기업 가이던스 가격이 변동 없이 유지되었고, 모든 규격의 평균 거래 가격도 이번 주 기본적으로 보합세를 보였으며, HJT 모듈만 0.0005위안/W 소폭 하락했다. 비용 및 업계 자율 규제의 지지를 받아 모듈 가격은 급락할 여지가 크지 않아 단기적으로는 횡보할 것으로 예상된다. 다만 저효율 모듈이 최근 빠르게 출하되기 시작하면서 일반 모듈의 가격 방어 능력에 일부 영향을 미치고 있다는 점에 주목할 필요가 있다. 중앙집중식 수요 측면에서는 한계 개선이 지속되었다. 최근 인도량이 계속 증가했고, 일부 대형 프로젝트의 입찰이 앞당겨졌으며, 설치 및 주문이 모두 증가했다. 그럼에도 불구하고 가격은 여전히 상승 동력을 얻지 못했고, 세 가지 규격의 하락폭은 이번 주 실제로 0.004위안/W로 확대되었다.