Recent news from Bloomberg, citing sources within the Indonesia Nickel Miners Association (APNI), indicate that Indonesia could be steering toward a major turn in the global nickel supply chain. The government is reportedly weighing a plan to slash the approved nickel ore production quota, known as RKAB, for 2026 to around 250 million tons, which would represent a drop of roughly 34% compared to 2025 levels. If finalized, the move would signal a notable shift in policy from the world’s top nickel producer, with the clear intent of tightening supply and supporting nickel prices, which have remained under pressure. Whether such a reduction is practically feasible, however, remains an open question.

SMM Analysis: According to data from the General Administration of Customs, China imported 58,300 mt of copper anode (HS code: 74020000) in November 2025, up 5.60% MoM but down 16.47% YoY...

Recycling Industry Events This Week (December. 1-5)

Dalian iron ore futures weakened slightly today, with the main contract I2605 eventually closing at 778.5, a marginal decrease of 0.26% compared to the previous working day.

Recycling Industry Events This Week (November. 24-28)

The global photovoltaic (PV) industry is currently on the eve of a cyclical adjustment. According to SMM forecasts, after global new PV installations peak at 520.6 GW in 2025, they are expected to decline to 474 GW in 2026. Against this macroeconomic backdrop, the core driving logic of the European PV market has shifted: the market focus is moving from singular capacity growth to grid operational safety, structural adjustments in trade flows, and the establishment of supply chain compliance.

This week, the price of cobalt sulfate experienced a slight increase, while the price of nickel sulfate saw a minor decrease, and the price of lithium carbonate oscillated.

This week, cobalt sulphate prices rose slightly, nickel sulphate prices dropped slightly, and lithium carbonate prices fluctuated. The price per % lithium for LFP black mass fluctuated along with lithium chemicals this week, and demand declined at the current stage as most enterprises had engaged in large-scale purchases last week. Meanwhile, due to continued volatility in lithium carbonate prices this week, a price spread emerged between upstream and downstream quotations.

【SMM Analysis】The European Union’s Carbon Border Adjustment Mechanism (EU’s CBAM) took a decisive step from its pilot phase towards actual enforcement in December 2025, only a month before it becomes effective January 2026. The aluminium sector, with a total trade value of USD 448 billion in 2024, faces CBAM's carbon-accounting requirements alongside five other high-carbon sectors. Changes look to favour low-carbon production through responsible sourcing of raw materials and energy usage, as well as rewarding countries taking initiatives to implement equivalents to CBAM. On the flip side, CBAM imposes higher costs on trading partners of aluminium products with high-carbon emission. This series of policies will likely raise aluminium products prices for consumers in the EU in the short-term, and reshape aluminium’s trade flow for years to come. This article will cover CBAM basics and frameworks, incorporate the newest updates of the December 17 package and provide aluminium sector-specific implications and outlooks.

Last week, steel prices strengthened amid speculation over events such as production restrictions and coking coal imports. Meanwhile, the much-discussed export license issue in the market has been partially absorbed, with the trading atmosphere recovering mid-week. According to the SMM survey, as of now, the licenses have increased the complexity of export procedures but have not yet imposed substantive restrictions on customers' exports. Additionally, overall market expectations for definitive ticket inspections remain low. Therefore, it is comprehensively estimated that the subsequent impact on purchase orders will be relatively small. However, the final outcome still needs to be assessed after the situation becomes clear on January 1. As of last Friday, China's export offers stood at $460-465/mt for HRC and $437-445/mt for billets.