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DRC Establishes US-DRC Special Working Group to Accelerate Strategic Minerals Partnership
According to foreign media reports, Kinshasa, September 11 — The DRC Cabinet approved the establishment of a DRC-US working group to accelerate the implementation of the bilateral strategic minerals partnership agreement and attract Western investment into the country's copper and cobalt industries. The DRC is the world's largest cobalt producer and the second-largest copper producer and exporter. The two countries signed a minerals cooperation agreement last December, marking the latest move by the country to broaden financing channels and strengthen cooperation with the US. Under the current cooperation framework, Virtus Minerals has already secured US-backed mining investment and is facilitating expanded copper mine cooperation between Gecamines, Mercuria, and Glencore, helping mineral products reach Western markets. The working group was originally scheduled to launch in February this year but was delayed by administrative obstacles, and its members and key projects have not yet been disclosed. The Cabinet meeting also approved a $24.8 billion fiscal budget for 2027, a 12% increase over this year's revised spending, with infrastructure, security, and economic diversification as priority areas.
Sep 21, 2026 10:00 (GMT+8)
[SMM Analysis] Chinese tungsten market sees broad-based decline amid weak supply and demand, with no upside in sight
[SMM Tungsten Analysis: Pre-Holiday Stockpiling Not Yet Realized, Chinese Market Continues to See Weak Supply and Demand] In the short term, the decline in domestic APT operating rates and the strong rigid constraints on mine-side supply still provide some support for tungsten upstream prices. However, downstream powder and cemented carbide enterprises are slow to digest previously high-priced inventory, and order recovery will take time, leaving prices lacking upward momentum.
Sep 18, 2026 17:13 (GMT+8)
Goldman keeps $5,400 gold forecast intact despite Fed hike
Goldman Sachs kept its end-2027 gold forecast at $5,400 an ounce despite this week's Fed hike, saying tighter policy will slow the rally but not derail it. Gold ticked above $4,355 on Friday on a softer dollar and lower oil prices. Goldman Sachs holding its end-2027 gold forecast at $5,400 an ounce despite this week's rate hike is the more notable signal here, since it suggests the bank sees the Fed's tightening path as a headwind that slows gold's rally rather than one that reverses it. That view sits against a backdrop where higher rates would typically curb demand for a non-yielding asset by increasing the appeal of yield-bearing alternatives, yet gold has still edged higher on Friday, helped by a softer dollar and a 1% pullback in oil prices. With 16 of 18 Fed policymakers now pointing to at least one more hike this year, the near-term path for real yields remains a genuine headwind, but Goldman's unchanged long-term call implies the bank sees that pressure as manageable within its broader bullish thesis, likely underpinned by continued central bank buying and ongoing Middle East risk. --- Goldman says the Fed's hike slows gold's rally, but the bank isn't backing off its $5,400 call. Summary: Goldman Sachs kept its end-2027 gold price forecast unchanged at $5,400 per troy ounce despite this week's Federal Reserve rate hike, saying tighter policy ( Goldman ditches one and done call, now sees a second Fed hike in October ) is likely to slow bullion's rally but not derail it Gold rose slightly on Friday to trade above $4,355 an ounce, supported by a 1% fall in oil prices and a subdued US dollar The Fed raised interest rates on Wednesday and signalled further hikes ahead, with updated projections showing 16 of 18 policymakers expecting at least one more quarter-point increase by year end A weaker dollar makes dollar-priced commodities cheaper for holders of other currencies, while higher rates typically curb gold demand by boosting the appeal of yield-bearing assets Market participants remain focused on developments in the Middle East and the broader path for global monetary policy Goldman Sachs kept its end-2027 gold price forecast unchanged at $5,400 per troy ounce on Friday, even after this week's Federal Reserve rate hike, saying tighter monetary policy is likely to slow bullion's rally rather than derail it. The bank's unchanged call comes despite a backdrop that would typically weigh on gold, since higher interest rates increase the appeal of yield-bearing assets and can curb demand for a non-yielding metal, even one traditionally viewed as an inflation hedge. Gold itself ticked higher on Friday, trading above $4,355 an ounce, as lower oil prices and a subdued US dollar offered support. Oil fell around 1% on the day, while the dollar remained soft after retreating from recent highs, a combination that makes dollar-priced commodities less expensive for holders of other currencies and has provided a modest tailwind for bullion. The move comes just two days after the Fed raised interest rates on Wednesday and flagged further hikes in the months ahead. Updated quarterly economic projections showed 16 of the Fed's 18 policymakers now anticipate at least one more quarter-percentage-point increase by the end of this year, a hawkish signal that has kept real yields and the dollar in focus for gold traders. Despite that backdrop, market participants have kept a close eye on developments in the Middle East alongside the broader path for global monetary policy, with geopolitical risk continuing to provide an offsetting source of support for the metal even as the rate outlook turns less accommodative. Source： https://investinglive.com/commodities/goldman-keeps-5-400-gold-forecast-intact-despite-fed-hike/
Sep 18, 2026 15:37 (GMT+8)
Latest News
Data: SHFE, DCE market movement (Sep 22)
2 hours ago
EGA to Pilot E40 Smelting Tech at Al Taweelah, Aiming for Higher Output and Lower Energy Use
3 hours ago
ADC12 Market Stable, Few Price Cuts Amid High Costs and Weak Demand Recovery
3 hours ago
[ADC12 Price Daily Commentary] Aluminum alloy futures consolidate and pull back, spot resilience emerges
[ADC12 Price Daily Review: Aluminum Alloy Futures Consolidate and Pull Back, Spot Resilience Emerges] Today, ADC12 market quotes were largely stable, with only a few enterprises lowering prices by 100 yuan/mt. Spot prices showed some resilience, and the SMM ADC12 price held steady at 24,500 yuan/mt from the previous trading day.
3 hours ago
August aluminum scrap imports recover MoM; multiple constraints suppress a sharp import rebound [SMM analysis]
According to data from the General Administration of Customs, China's aluminum scrap imports in August 2026 totaled 141,800 mt, up 18.60% MoM but down 17.67% YoY, ending a four-month decline since April. Cumulative imports from January to August 2026 reached approximately 1.243 million mt, down about 7.5% YoY, with the cumulative decline widening further from 6.1% in January-July. Overall, August imports recovered notably on a MoM basis, but the YoY decline remained close to 20%.
3 hours ago
Inventory Buildup Did Not Continue; Spot Aluminum Stabilizes and Improves [SMM South China Aluminum Spot Daily Review]
4 hours ago
EU Foil and CBAM: EU Foil imports fall 22.2%, while unit CBAM exposure edges higher under default values【SMM Analysis】
6 hours ago
SHFE Aluminum Futures Decline, Central China Market Sees Weak Transactions and Discounted Prices
Today, SHFE aluminum futures slightly declined compared to yesterday's morning session, prompting traders holding goods in the central China market to actively raise their quotes. However, limited by weak actual purchasing sentiment among buying traders and downstream processing enterprises, transactions were poor, with sellers' transaction prices significantly deviating from their quotes. Ultimately, the actual transaction price range in the central China market was around a discount of 70-90 yuan/mt against the SHFE aluminum October contract.
7 hours ago
Aluminum Prices Gain Phased Support as China-US Presidential Meeting Approaches and Destocking Accelerates [SMM Aluminum Morning Meeting Summary]
[Aluminum Prices Find Temporary Support as China-US Presidential Meeting Looms and Destocking Accelerates] Overall, aluminum prices are expected to consolidate at highs in the short term.
8 hours ago
Novelis Cuts 80 Jobs, Reduces Production at Ontario Plant Due to US Tariffs
[SMM Aluminum Express News] Novelis is reducing production and cutting around 80 jobs at its Kingston, Ontario aluminum plant, citing the cost of US Section 232 tariffs on Canadian aluminum entering the United States. The cuts affect roughly one-third of the plant’s workforce, comprising 10 salaried positions and temporary layoffs of around 70 hourly workers. The Kingston facility will remain operational at reduced volumes, with hourly workers potentially recalled if production increases.
8 hours ago
![Contract selling pressure released in stages; tightening aluminum scrap circulation supports raw material side [SMM cast aluminum alloy morning comment]](https://imgqn.smm.cn/usercenter/iCOMR20251217171653.jpg)
Contract selling pressure released in stages; tightening aluminum scrap circulation supports raw material side [SMM cast aluminum alloy morning comment]
8 hours ago
China's Aluminum Extrusion Exports Rise 9.7% YoY in August 2026, Top Markets Include Malaysia and Vietnam
21 hours ago
SHFE Aluminum Futures Warrants Down 13.11% in a Week, 35.04% in a Month
Sep 21, 2026 17:42 (GMT+8)
LME Aluminum Inventory Drops 0.16% to 242,200 mt on September 21
[SMM Aluminum Flash] On September 21, LME aluminum inventory stood at 242,200 mt, down 400 mt from the previous day, a decrease of 0.16%. Over the past week, LME aluminum inventory decreased by 1,650.00 mt, a decline of 0.68%. Over the past month, LME aluminum inventory decreased by 4,725.00 mt, a decline of 1.91%.
Sep 21, 2026 17:41 (GMT+8)
Aluminum Prices Stabilize; Pre-Holiday Market Sentiment Turns Bearish, Premiums Decline [SMM Spot Aluminum Midday Review]
Sep 21, 2026 17:35 (GMT+8)
SHFE Cast Aluminum Alloy Warrants Drop by 515 mt to 21,821 mt on Sept 21
[SMM Flash] SHFE data shows that on September 21, the total registered warrants for cast aluminum alloy stood at 21,821 mt, a decrease of 515 mt from the previous trading day. Specifically, the total registered volume in Shanghai was 1,477 mt, an increase of 0 mt from the previous trading day; in Guangdong, the total registered volume was 778 mt, a decrease of 59 mt; in Jiangsu, the total registered volume was 8,299 mt, a decrease of 90 mt; in Zhejiang, the total registered volume was 9,226 mt, a decrease of 154 mt; in Chongqing, the total registered volume was 1,892 mt, a decrease of 212 mt; and in Sichuan, the total registered volume was 149 mt, an increase of 0 mt.
Sep 21, 2026 16:48 (GMT+8)
Data: SHFE, DCE market movement (Sep 21)
The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 21 Sep , 2026
Sep 21, 2026 16:01 (GMT+8)
Alumina Deal at $354/mt or $357/mt FOB East Australia for Oct Shipment
Alumina transaction: On September 18, 2026, one alumina deal was concluded at $354/mt FOB East Australia for 30,000 mt, or $357/mt FOB East Australia for 45,000 mt, seller's option, October shipment.
Sep 21, 2026 15:24 (GMT+8)
ADC12 Market Prices Stable at 24,500 Yuan/mt; Tax Invoice Policies Impact Supply and Costs
[SMM Aluminum Alloy Flash] ADC12 market prices remained generally stable today, with SMM ADC12 prices holding steady at 24,500 yuan/mt from the previous trading day. Raw material prices saw limited fluctuations overall today, but as tax invoice policies are being enforced more strictly across multiple regions, enterprises face higher compliance requirements in procurement. The supply of invoiced aluminum scrap is relatively tight, keeping enterprises' comprehensive raw material procurement costs at elevated levels, with limited downside in the short term. Future price trends will require close attention to the progress of tax invoice policy implementation, changes in aluminum scrap supply, and downstream stockpiling ahead of the dual holidays.
Sep 21, 2026 13:49 (GMT+8)
Aluminum alloy futures retreat after rapid rise, spot quotes remain stable [ADC12 Price Daily Review]
[ADC12 Price Daily Commentary: Aluminum Alloy Futures Retreat after Rapid Rise, Spot Quotes Remain Stable] The most-traded AD2611 cast aluminum alloy contract opened at 23,765 yuan/mt today. After touching a high of 23,795 yuan/mt in early trading, it moved sideways at elevated levels, and closed at 23,670 yuan/mt at midday, the intraday low, down 60 yuan, or 0.25%, from yesterday's settlement price.
Sep 21, 2026 13:44 (GMT+8)
SMM to Host SMM (11th) Annual Nickel Conference 2026 - Ni Cr Mn Stainless Steel Event , Shanghai, Nov. 12–13
Introduction [Shanghai, China] - Building on the success of its previous 10 sessions, the SMM (11th) Annual Nickel Conference 2026 - Ni Cr Mn Stainless Steel Event will be held in Shanghai this November 12-13. [Scale] - Over 300+ delegates and 40+ speakers from 20+ countries will attend. [Agenda] - https://ni-cr-stainlesssteelapac.metal.com/home?fromId=265accf08c&from=58 Background: In 2026, the stainless steel market emerged from a trough. Driven by China’s anti-involution policies and expectations of nickel raw material shortages under Indonesian policies, the industry broke free from a three-year downturn, with prices rising rapidly. Stainless steel enterprises adjusted their nickel raw material ratios, leveraging the economic advantages of stainless steel scrap to expand its substitution share and gradually escape losses. However, the industry remained constrained by factors such as compliance restrictions on stainless steel scrap tax invoices and declining NPI grades, while demand for nickel replenishment further boosted the use of high-grade nickel, making structural issues increasingly prominent. On the raw material side, the nickel industry chain underwent a fundamental pattern shift in 2026, with industry logic moving from oversupply to a long-term tight balance constrained by resources and power. Market divergence intensified, and fluctuations across the industry chain became pronounced. The tightening of Indonesia’s RKAB quotas, the HPM policy driving up ore prices, and the crowding out of power supply by aluminum reversed the growth trajectory of smelting costs and supply in both China and Indonesia. Nickel prices rose in a stepwise manner in H1, with supply-demand and cost factors providing strong price support. The global ferrochrome market continued its trend of shifting eastward. China’s ferrochrome production grew steadily, maintaining the top position globally, while South Africa resumed production comprehensively with policy support. Multiple growth drivers pushed ferrochrome supply toward a surplus. The chrome ore market, supported by Middle East conflicts, saw short-term sharp price spikes; high imports pushed port ore inventory above 5 million mt, leaving spot cargo in clear surplus and prices on a downward trajectory. Increased policy uncertainty around South African mining pushed the ferrochrome market into a new cycle of supply-demand pattern adjustment. The manganese industry chain experienced significant divergence in 2026, with industry dynamics shifting from a single supply-demand game to a split pattern driven by dual demand from stainless steel and lithium batteries. Manganese ore capacity remained ample throughout the year, while production cuts in smelting and high raw material prices formed strong cost support, limiting the room for deep price declines. On the demand side, differentiation was evident: SiMn continued to replace EMM; trends in lithium-battery manganese materials diverged, with manganese sulphate receiving periodic market support while Mn3O4 terminal demand weakened under pressure. Multiple factors drove structural fluctuations, making Q4 a critical planning window for enterprise purchasing and production schedules. Currently, global nickel, ferrochrome, manganese, and stainless steel markets are intertwined with multiple variables including mining policies, energy, and downstream demand, resulting in notably wider price fluctuations. Q4 coincides with a critical period for enterprises formulating their production, procurement, and hedging plans for the following year. SMM will hold the SMM (11th) Annual Nickel Conference 2026 - Ni Cr Mn Stainless Steel Event in Shanghai from November 12-13, 2026, inviting global stakeholders in the nickel, chromium, manganese and stainless steel industry to deeply explore hot topics such as the latest market policies, global market development, and hedging strategies with derivatives. This industry conference will bring together practitioners from the entire industry chain including miners, smelters, stainless steel mills and traders to conduct in-depth discussions on core topics such as Indonesian policies, nickel, chromium and manganese market price trends, raw material substitution, and medium and long-term supply-demand, breaking down upstream and downstream information barriers and providing reference for industry business decisions. Highlights: Co-located with Commodity Week, Comprehensive Coverage of Non-Ferrous Metals, Energy, Chemicals and Other Diverse Sectors 10+ International Associations Engaging in In-Depth Discussions on Policies, Methods and Market Global experts from 20+ countries/regions are brought together to adopt an international perspective and explore global opportunities. The latest strategies combine physical and futures markets to unlock new approaches to hedging. Exclusive 1-on-1 meeting platform: chat online and meet offline directly. Government & Policy Authorities & Industry Association: National Economic Council Republic of Indonesia | Asosiasi Penambang Nikel Indonesia (APNI) | Forum Industri Nikel Indonesia (FINI) | Indian Stainless Steel Development Association (ISSDA) | International Nickel Study Group | Nickel Institute | Shanghai OTC Commodity Derivatives Association | Internation Manangese Institute (IMnI) Agenda: Time Agenda 08：30-9：30 Sign in 9:30 - 9:40 Opening Ceremony 9:40 - 10:00 [Keynote Speech] Understanding Indonesia's Nickel Policy Shifts: Ensuring Orderly Market Development 10:00 - 10:30 [Keynote Speech] The New Global Nickel Landscape: Indonesia’s HPM Policy Revisions and the Reshaping of Price Benchmarks 10:30 - 10:50 [Keynote Speech] Indonesia's NPI New Export Policy and Protection of Smelter Interests 10:50- 11:00 Coffee Break 11:00 - 11:30 [Keynote Speech] The Global Landscape of Nickel 11:30- 12:00 [Keynote Speech] How NPI Calendar Spread Contracts Are Driving the Derivatives Trading Space 12:00 - 13:30 Lunch 13:30 - 14:20 [Panel Discussion] Who will Control the Pricing Power in the Global Nickel Market Amid Policy Shifts? 14:20 - 14:40 [Keynote Speech] Global Nickel Market Outlook 14:40 - 15:00 [Keynote Speech] Give Full Play to the Functions of the Futures Market and Promote the High-quality Development and Internationalization of the Nickel Industry 15:00 - 15:20 [Keynote Speech] Sustainability Requirements and Standards for the Nickel Industry 15:20- 15:40 Coffee Break 15:40 - 16:40 [Panel Discussion] Exchange-Traded Derivatives Trading Pathways-How to Rebuild Risk Management Systems amid Geopolitical Disturbances and Enhance Contract Pricing Value 16:40 - 17:00 Logistics and Supply Chain Collaboration Help the Industry Develop Efficiently 18.00-20.00 Banquet Dinner 09:00 -09:15 [Keynote Speech] The Nickel Ore Equation: Indonesia's Policy Stack, the HPM Gap, and the Making of a Structural Tight Balance 09:15 - 09:30 [Keynote Speech] Competitiveness and Pricing Logic of NPI Under the Adjustment of Stainless Steel Raw Material Structure 09:30-09:45 [Keynote Speech] Short-term Cost Support and Long-term Supply Release: Outlook for the Nickel Intermediate and Nickel Sulfate Market 09:45 - 10:00 [Keynote Speech] Cost Support and the Shifting Center of Gravity for Nickel Prices Amid Oversupply 10:00-10:15 [Keynote Speech] Analysis of Supply and Demand Game of Global Molybdenum Market and Mid- to Long-term Market Forecast 10:15-10:30 [Keynote Speech] Africa's Chromium Industry: Policy and Development Insights 10:30- 10:50 Coffee Break 10:50 - 11:20 [Keynote Speech] China Ferrochrome Supply-Demand Balance and Outlook 11:20-11:40 [Keynote Speech] Development Status of China's Stainless Steel Industry 11:40 - 12:00 [Keynote Speech] Global Stainless Trade Under Policy: From CBAM to Quotas, a Two-Front View of Europe and Southeast Asia 12:00 - 13:30 Lunch 13:30 - 13:50 [Keynote Speech] Trends, Challenges, and Future Outlook of Demand and Supply in the Japanese Stainless Steel Industry 13:50 - 14:10 Driving the Next Stainless Steel Growth Cycle: India’s Infrastructure Boom, Decarbonization, and Global Supply Chain Synergies 14:10 - 14:30 [Keynote Speech] European Stainless Steel Market Development and Trade Flow Analysis 14:30 - 14:50 [Keynote Speech] New Energy Batteries – Emerging Opportunities for Stainless Steel 14:50 - 15:10 [Keynote Speech] New Applications and Developments in the Stainless Steel Market 15:10-15:30 [Keynote Speech] Current Development and Industrial Distribution of the High-End Stainless Steel Fastener Industry Conference Ends
Sep 20, 2026 10:33 (GMT+8)
![Canada Lifts Solar Trade Duties: Can Chinese Modules Win a Bigger Share? [SMM Analysis]](https://imgqn.smm.cn/usercenter/VqcvE20251217171739.jpg)
Canada Lifts Solar Trade Duties: Can Chinese Modules Win a Bigger Share? [SMM Analysis]
23 hours ago
![[SMM Analysis] Detailed Data on China's Sulphuric Acid Production in August](https://imgqn.smm.cn/usercenter/Fxolk20251217171712.jpg)
[SMM Analysis] Detailed Data on China's Sulphuric Acid Production in August
Sep 20, 2026 16:38 (GMT+8)
![[SMM Analysis] China Sulphur and Sulphuric Acid Import and Export Data for August](https://imgqn.smm.cn/usercenter/OsOmo20251217171709.jpg)
[SMM Analysis] China Sulphur and Sulphuric Acid Import and Export Data for August
Sep 20, 2026 11:07 (GMT+8)
DRC Establishes US-DRC Special Working Group to Accelerate Strategic Minerals Partnership
Sep 21, 2026 10:00 (GMT+8)
![[SMM Analysis] Chinese tungsten market sees broad-based decline amid weak supply and demand, with no upside in sight](https://imgqn.smm.cn/usercenter/bFzkj20251217171724.jpg)
[SMM Analysis] Chinese tungsten market sees broad-based decline amid weak supply and demand, with no upside in sight
Sep 18, 2026 17:13 (GMT+8)
Goldman keeps $5,400 gold forecast intact despite Fed hike
Sep 18, 2026 15:37 (GMT+8)
Latest News
Data: SHFE, DCE market movement (Sep 22)
2 hours ago
EGA to Pilot E40 Smelting Tech at Al Taweelah, Aiming for Higher Output and Lower Energy Use
3 hours ago
ADC12 Market Stable, Few Price Cuts Amid High Costs and Weak Demand Recovery
3 hours ago
[ADC12 Price Daily Commentary] Aluminum alloy futures consolidate and pull back, spot resilience emerges
3 hours ago
August aluminum scrap imports recover MoM; multiple constraints suppress a sharp import rebound [SMM analysis]
3 hours ago
Inventory Buildup Did Not Continue; Spot Aluminum Stabilizes and Improves [SMM South China Aluminum Spot Daily Review]
4 hours ago
EU Foil and CBAM: EU Foil imports fall 22.2%, while unit CBAM exposure edges higher under default values【SMM Analysis】
6 hours ago
SHFE Aluminum Futures Decline, Central China Market Sees Weak Transactions and Discounted Prices
7 hours ago
Aluminum Prices Gain Phased Support as China-US Presidential Meeting Approaches and Destocking Accelerates [SMM Aluminum Morning Meeting Summary]
8 hours ago
Novelis Cuts 80 Jobs, Reduces Production at Ontario Plant Due to US Tariffs
8 hours ago
Contract selling pressure released in stages; tightening aluminum scrap circulation supports raw material side [SMM cast aluminum alloy morning comment]
8 hours ago
China's Aluminum Extrusion Exports Rise 9.7% YoY in August 2026, Top Markets Include Malaysia and Vietnam
21 hours ago
SHFE Aluminum Futures Warrants Down 13.11% in a Week, 35.04% in a Month
Sep 21, 2026 17:42 (GMT+8)
LME Aluminum Inventory Drops 0.16% to 242,200 mt on September 21
Sep 21, 2026 17:41 (GMT+8)
Aluminum Prices Stabilize; Pre-Holiday Market Sentiment Turns Bearish, Premiums Decline [SMM Spot Aluminum Midday Review]
Sep 21, 2026 17:35 (GMT+8)
SHFE Cast Aluminum Alloy Warrants Drop by 515 mt to 21,821 mt on Sept 21
Sep 21, 2026 16:48 (GMT+8)
Data: SHFE, DCE market movement (Sep 21)
Sep 21, 2026 16:01 (GMT+8)
Alumina Deal at $354/mt or $357/mt FOB East Australia for Oct Shipment
Sep 21, 2026 15:24 (GMT+8)
ADC12 Market Prices Stable at 24,500 Yuan/mt; Tax Invoice Policies Impact Supply and Costs
Sep 21, 2026 13:49 (GMT+8)
Aluminum alloy futures retreat after rapid rise, spot quotes remain stable [ADC12 Price Daily Review]
Sep 21, 2026 13:44 (GMT+8)