As the pulse of Southeast Asian mining grows stronger and critical metals become the core arena of global industrial competition, an industry extravaganza that gathers global wisdom and links the entire industry chain resources is about to kick off!

Since the NPI (Ni8-12%), EX-works, Yuan/nickel unit price will be discontinued at the end of 2025, SMM has decided to adjust the data points related to imported ferronickel to align with the market data update rhythm and enhance the accuracy and reference value of our data services, following market research and feedback collection. The specific arrangements are as follows:

The European tungsten market is experiencing a severe supply crisis, driving APT prices to $750-780/mtu after a $100 surge in just two weeks. This unprecedented rally, far exceeding gains in China, stems from a perfect storm: China's export controls have halted APT flows, overseas smelters face raw material shortages, and European scrap supply is strained. With global mine supply increasingly funneling to China and no immediate relief from new projects, prices are expected to remain high in 2026. Market focus should be on Chinese supply-chain dynamics, the critical role of scrap tungsten, and the reorientation of global mine flows.

[SMM Analysis] 2026 Raw Material Battle: MHP Payables Under Pressure, High-Grade Nickel Matte Window Hard to Find

The Asian stainless steel market has traded its era of symbiotic cooperation for a brutal zero-sum game. A tidal wave of low-cost capacity from China and Indonesia has shattered the old supply chain order, forcing traditional powerhouses like Japan and Korea into retreat. As the region scrambles to cope with this structural imbalance, the response has been a sharp rise in trade barriers and protectionism. In short, the days of integrated growth are over; the new reality is a fractured landscape defined by chronic oversupply and fierce survivalism.

[SMM Analysis: Regional Tightness in Lead Ingot Supply and Social Inventory Continues to Decline] SMM November 24: According to SMM, as of November 24, the total social inventory of lead ingots in five regions tracked by SMM stood at 37,000 mt, down 1,500 mt from November 17 and nearly 700 mt from November 20.