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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
![Secondary Lead: Tight Spot Supply Supports Suppliers Holding Prices Firm; Downstream Purchasing Sentiment Average [SMM Lead Daily Review]](https://imgqn.smm.cn/usercenter/mIbTL20251217171721.jpg)
Secondary Lead: Tight Spot Supply Supports Suppliers Holding Prices Firm; Downstream Purchasing Sentiment Average [SMM Lead Daily Review]
30 mins ago
September 23 Scrap Battery Market Transaction Summary [SMM Daily Review]
1 hour ago
【Flash | Lumentum’s AI Optical Growth Supports the Indium Phosphide (InP) Demand Outlook】
4 hours ago
Anhui Changyu Pump & Valve Manufacturing Co., Ltd. Looks Forward to Meeting You at the 2026 SMM Lead & Zinc Annual Conference
5 hours ago
Bulls take profit and exit; SHFE lead 2611 contract retreats after rapid rise, closing down 0.15% [SMM Lead Morning News]
6 hours ago
Lead Price Rally Slows, Spot Premiums Ease & Downstream Turns Cautious [SMM Lead Morning Meeting Minutes]
6 hours ago
SHFE lead 2611 contract twice tested the upper Bollinger Band without success, with growing divergence above the previous high [Lead Futures Brief Comment]
20 hours ago
China's Refined Lead Imports Surge 404.16% YoY in August, Cumulative Imports Up 648.73%
[Refined Lead Import Dynamics] According to China Customs data, China imported 9,178.51 mt of refined lead in August 2026, edging down 0.39% MoM but surging 404.16% YoY. From January to August, cumulative refined lead imports reached 165,400 mt, up 648.73% YoY.
21 hours ago
China's Refined Lead Exports Plunge 82.30% MoM in August 2026, Down 85.99% YoY
[Refined Lead Export Dynamics] China Customs data showed that domestic refined lead exports in August 2026 were only 385.5 mt, down 82.30% MoM and 85.99% YoY. From January to August, cumulative refined lead exports totaled 31,800 mt, a sharp YoY contraction of 31.80%.
21 hours ago
August price inversion curbs lead ingot exports; Australian and South Korean supplies dominate the import market
China Customs data shows that in August 2026, the refined lead trade landscape became increasingly "polarized": exports totaled only 385.5 mt, plunging 82.30% MoM and falling 85.99% YoY; cumulative exports from January to August reached 31,800 mt, contracting sharply by 31.80% YoY. Imports came in at 9,178.51 mt, down 0.39% MoM but surging 404.16% YoY; cumulative imports from January to August reached 165,400 mt, up 648.73% YoY.
22 hours ago
Western Mining Subsidiary Receives 17-Year License for Qinghai Polymetallic Mine
22 hours ago
Data: SHFE, DCE market movement (Sep 22)
22 hours ago
![Secondary Lead: Upstream Holds Back from Selling, Spot Orders Scarce; Some Producers Have No Goods to Quote [SMM Lead Daily Review]](https://imgqn.smm.cn/usercenter/lIHfM20251217171721.jpeg)
Secondary Lead: Upstream Holds Back from Selling, Spot Orders Scarce; Some Producers Have No Goods to Quote [SMM Lead Daily Review]
Sep 22, 2026 14:32 (GMT+8)
September 22 Scrap Battery Market Transaction Summary [SMM Daily Review]
Sep 22, 2026 13:33 (GMT+8)
SMM Shanghai and Other #1 Lead Markets: Suppliers Actively Sold Before the Holiday, Spot Lead Tightness Slightly Eased [SMM Midday Commentary]
[SMM Shanghai and Other #1 Lead Markets: Suppliers Actively Sold Before the Holiday, Slight Easing of Tight Spot Lead Atmosphere]
SMM, September 22: In the Shanghai market, Chihong lead was quoted at 16,545-16,615 yuan/mt, a premium of 100-150 yuan/mt against the SHFE lead 2611 contract. SHFE lead remained strong, and most suppliers sold along with the market, while the tightness of ex-works cargoes from primary lead smelters continued to ease...
Sep 22, 2026 12:20 (GMT+8)
【Flash | IQE Expands Indium Phosphide (InP) Capacity as AI Datacenter Demand Accelerates】
IQE reported H1 2026 revenue of £64.6 million, up 43% YoY, while Photonics revenue rose 45% to £38.5 million, supported by US defence funding releases and continued growth in AI and datacenter markets. The company said strong InP demand is driving volume growth and that existing tooling will be converted in H2 to increase InP capacity for significant AI and datacenter demand. IQE expects FY2026 revenue growth above 30%. SMM views simultaneous growth in InP volumes and capacity as direct support for medium-term high-purity indium demand. However, IQE did not disclose InP shipment volumes or indium feedstock consumption, preventing a quantitative estimate.
Sep 22, 2026 11:53 (GMT+8)
Slight Divergence Between SHFE and LME Lead: LME Lead Breaks Above $1,940/mt While SHFE Lead Lags [SMM Lead Morning Update]
Sep 22, 2026 08:51 (GMT+8)
Lead Prices Remain High and Hold Up Well; Suppliers Sell Actively & Downstream Enterprises Wrap Up Pre-Holiday Stockpiling [SMM Lead Morning Meeting Summary]
Sep 22, 2026 08:51 (GMT+8)
SHFE lead 2611 contract stands above 16,400 yuan/mt, hitting a new rebound high in nearly a month [Lead Futures Brief Comment]
Sep 21, 2026 17:01 (GMT+8)
East China Secondary Lead Smelter to Resume Production After Maintenance on Sep 25
[Secondary Lead Production Updates] According to an SMM survey, a large secondary lead smelter in east China is expected to complete equipment maintenance and resume production around September 25, with actual output to be flexibly adjusted based on equipment trial runs.
Sep 21, 2026 16:23 (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]
Sep 21, 2026 18:03 (GMT+8)
![[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
Secondary Lead: Tight Spot Supply Supports Suppliers Holding Prices Firm; Downstream Purchasing Sentiment Average [SMM Lead Daily Review]
30 mins ago
September 23 Scrap Battery Market Transaction Summary [SMM Daily Review]
1 hour ago
【Flash | Lumentum’s AI Optical Growth Supports the Indium Phosphide (InP) Demand Outlook】
4 hours ago
Anhui Changyu Pump & Valve Manufacturing Co., Ltd. Looks Forward to Meeting You at the 2026 SMM Lead & Zinc Annual Conference
5 hours ago
Bulls take profit and exit; SHFE lead 2611 contract retreats after rapid rise, closing down 0.15% [SMM Lead Morning News]
6 hours ago
Lead Price Rally Slows, Spot Premiums Ease & Downstream Turns Cautious [SMM Lead Morning Meeting Minutes]
6 hours ago
SHFE lead 2611 contract twice tested the upper Bollinger Band without success, with growing divergence above the previous high [Lead Futures Brief Comment]
20 hours ago
China's Refined Lead Imports Surge 404.16% YoY in August, Cumulative Imports Up 648.73%
21 hours ago
China's Refined Lead Exports Plunge 82.30% MoM in August 2026, Down 85.99% YoY
21 hours ago
August price inversion curbs lead ingot exports; Australian and South Korean supplies dominate the import market
22 hours ago
Western Mining Subsidiary Receives 17-Year License for Qinghai Polymetallic Mine
22 hours ago
Data: SHFE, DCE market movement (Sep 22)
22 hours ago
Secondary Lead: Upstream Holds Back from Selling, Spot Orders Scarce; Some Producers Have No Goods to Quote [SMM Lead Daily Review]
Sep 22, 2026 14:32 (GMT+8)
September 22 Scrap Battery Market Transaction Summary [SMM Daily Review]
Sep 22, 2026 13:33 (GMT+8)
SMM Shanghai and Other #1 Lead Markets: Suppliers Actively Sold Before the Holiday, Spot Lead Tightness Slightly Eased [SMM Midday Commentary]
Sep 22, 2026 12:20 (GMT+8)
【Flash | IQE Expands Indium Phosphide (InP) Capacity as AI Datacenter Demand Accelerates】
Sep 22, 2026 11:53 (GMT+8)
Slight Divergence Between SHFE and LME Lead: LME Lead Breaks Above $1,940/mt While SHFE Lead Lags [SMM Lead Morning Update]
Sep 22, 2026 08:51 (GMT+8)
Lead Prices Remain High and Hold Up Well; Suppliers Sell Actively & Downstream Enterprises Wrap Up Pre-Holiday Stockpiling [SMM Lead Morning Meeting Summary]
Sep 22, 2026 08:51 (GMT+8)
SHFE lead 2611 contract stands above 16,400 yuan/mt, hitting a new rebound high in nearly a month [Lead Futures Brief Comment]
Sep 21, 2026 17:01 (GMT+8)
East China Secondary Lead Smelter to Resume Production After Maintenance on Sep 25
Sep 21, 2026 16:23 (GMT+8)