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How will the P1020A Premium (QMJP) CIF Japan price evolve in Q1 2026?
Dec 12, 2025 17:42
Q1 2026 Japan MJP (main ports) aluminum ingot premium is expected to rebound from the low of $86/mt in Q4 2025, with the center rising. The core logic stems from tightening supply in Asia triggered by the restructuring of global aluminum trade flows, coupled with catalysts from European carbon policies and structural demand support. The latest offers from leading smelters have already indicated an upward trend, but restocking constraints due to the end of Japan's fiscal year may limit the extent of the rebound. Detailed analysis is as follows:
Supply Crunch Drives Frenzied Rally in China's Tungsten Market Amid Year-End Mine Maintenance and Quota Constraints [SMM Analysis]
A severe supply shortage, triggered by concentrated year-end mine maintenance and depleted production quotas, ignited a sharp price rally in China's tungsten market in mid-December. Benchmark prices for wolframite concentrate and APT rose sharply, pulling up downstream powders. Transaction volumes plummeted as the market shifted to discretionary order-by-order deals. While upstream miners with fulfilled annual targets are insulated, downstream manufacturers face intense cost pressure and inventory shortages. Although tight supply supports high prices near-term, weakening seasonal demand from sectors like machinery and photovoltaics may limit further gains.
Dec 15, 2025 16:46
China's 2025 Copper Concentrate Imports Show Significant Increase in Inland Mining [SMM Analysis]
[SMM Analysis:China's 2025 Copper Concentrate Imports Show Significant Increase in Inland Mining]According to data from the General Administration of Customs, China imported 2.526 million dmt of cu cons and its concentrates in November 2025, a month-on-month increase of 3% and a year-on-year increase of 12.5%. From January to November, China's cumulative imports of copper ore and its concentrates reached 27.614 million dmt, an 8% increase year-on-year. SMM forecasts that China will import 2.6 million dmt of cu cons and its concentrates in December 2025, bringing the total annual imports to 30.26 million dmt, a year-on-year increase of 7.43%, with an expected increment of 2.094 million dmt.
Dec 14, 2025 22:02
![China's 2025 Copper Concentrate Imports Show Significant Increase in Inland Mining [SMM Analysis]](https://imgqn.smm.cn/production/admin/news/cn/thumb/cWPFD20180621153942.png?imageView2/1/w/176/h/110/q/100)
Latest Copper Concentrate Supply-Demand Balance Results: Annual Contract Negotiation Outcomes Imminent [SMM Analysis]
[SMM Analysis:Latest Copper Concentrate Supply-Demand Balance Results: Annual Contract Negotiation Outcomes Imminent ]As the year draws to a close, the fundamental dynamics of the global copper concentrate supply and demand are largely clear. Based on the latest global copper concentrate production and smelter operations, SMM estimates this year's copper concentrate supply-demand balance to be approximately a deficit of 170,000 metal tonnes. This outcome is more favorable than the previously projected deficit of 530,000 metal tonnes.
Dec 14, 2025 21:51
[SMM Hot Topic] Steel Export License Reinstated After 17 Years: Changes, Impacts, and Future Direction
After market close, the Ministry of Commerce issued policies regarding the management of steel product export licenses, confirming market rumors from the past two days. This move exceeded general expectations, as previous speculation about such measures had often been dismissed as "crying wolf." Now, the policy has indeed arrived. What is the actual situation? Let’s examine SMM’s analysis.
Dec 12, 2025 20:49
European Tungsten Prices Racing Higher on Chinese Gains, Pre-Holiday Production Void Threatens Further Spike [SMM Analysis]
According to SMM data on Dec 12, European APT CIF (Rotterdam) averaged $850/mtu, up $50 weekly, while ferrotungsten rose to $104.5/kg W. Following China’s price surge, severe material shortages and pre‑Christmas production halts have nearly stalled European trading. Traders expect APT quotes to surpass $1,000/mtu, already accepted by some buyers. In China, depleted mining quotas and output cuts pushed domestic APT to 555,000 yuan/ton. Export controls and lengthy approvals are limiting outbound flows, tightening domestic supply. With Europe’s structural shortage and strong demand unresolved, prices are likely to continue climbing.
Dec 12, 2025 14:30
China's New Galvanized Sheet Capacity to Exceed 10 Million mt in 2026-2028! Why Is the Market Still Expanding Rapidly? [SMM analysis]
SMM Analysis：In recent years, domestic galvanized sheet capacity has experienced a wave of new construction, with steel mills and galvanized sheet plants across various regions launching new galvanizing lines. According to incomplete statistics from SMM, galvanized sheet capacity additions from 2024 to 2028 will exceed 24 million mt, with additions in 2026-2028 alone accounting for 10 million mt. China's galvanized sheet capacity is still expanding rapidly. Why is this happening.......
Dec 11, 2025 18:54
Tungsten Prices Continue to Soar as Major Producers Raise Long-Term Contract Prices, Marking a Staggering 150% Surge This Year [SMM Comment]
Driven by persistent tightness in raw material supply, tightened domestic tungsten mining quotas, and sustained downstream demand, tungsten prices have repeatedly reached record highs since late October. As of December 9, the average price of black tungsten concentrate (≥65%) has reached 356,500 CNY/mt, surging nearly 150% year-to-date. In response to the supply constraints, major producers including Jiangxi Tungsten, Zhangyuan Tungsten, and the Ganzhou Tungsten Industry Association have further raised their long-term contract prices for December. The market outlook remains firm, with prices expected to maintain elevated levels through the end of the year.
Dec 10, 2025 17:16
[SMM Hot-Rolled Steel Arrivals] Arrivals in Major Northern and Southern Cities Still Decreased WoW
SMM Steel, December 9 – According to SMM statistics, estimated total shipments to mainstream markets this week were 186,300 mt, down 7.73% WoW from last week’s shipment level. By market:
Dec 9, 2025 18:36
[SMM Analysis] China’s Iron Ore Imports Edge Down in November, Set for Rebound in December on Rising Mine Shipments
In November, China imported 110.54 million tons of iron ore and concentrates, declined 769,000 tons MoM, a decrease of 0.7% MoM. Cumulative imports from January to November totaled 1.139202 billion tons, up 1.4% YoY.
Dec 9, 2025 11:57
![[SMM Analysis] China’s Iron Ore Imports Edge Down in November, Set for Rebound in December on Rising Mine Shipments](https://imgqn.smm.cn/production/admin/news/en/pic/Ngjjr20251209140142.png?imageView2/1/w/176/h/135/q/100)
[SMM Conference] Global Metal Elites Gather at SME 2025, Linking International Industry Networks and Decoding 2026 Metal Price Trends
On November 26, the Shanghai Metals Expo (SME) 2025, organized by SMM Information & Technology Co., Ltd. and SMM Trading Center Co., Ltd., wrapped up successfully in Shanghai, China!
Dec 9, 2025 11:50
![[SMM Conference] Global Metal Elites Gather at SME 2025, Linking International Industry Networks and Decoding 2026 Metal Price Trends](https://imgqn.smm.cn/production/admin/votes/imagesqdYAT20251210120141.jpeg)
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