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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
![[SMM Nickel Market Flash] Indonesia’s IMIP RKEF Nickel Pig Iron Smelters Cut Operating Rates to Around 30%-40%](https://imgqn.smm.cn/usercenter/LNpBh20251217171732.jpeg)
[SMM Nickel Market Flash] Indonesia’s IMIP RKEF Nickel Pig Iron Smelters Cut Operating Rates to Around 30%-40%
37 mins ago
SMM Nickel Flash: NPI Market Sentiment Mixed, Upstream Stable and Downstream Slightly Up Ahead of Holiday
1 hour ago
Lygend Resources Sets A-Share IPO Price at RMB 21.23/Share, Raising RMB 3.67 Billion
1 hour ago
Data: SHFE, DCE market movement (Sep 22)
The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 22 Sep , 2026
3 hours ago
Indonesian MHP Nickel and Cobalt FOB Prices Decline, High-Grade Nickel Matte Down $15/mt Ni
According to SMM data, on September 21, the FOB price of Indonesian MHP nickel fell by $14/mt Ni from the previous day, and the FOB price of Indonesian MHP cobalt fell by $211/mt Co. The FOB price of Indonesian high-grade nickel matte fell by $15/mt Ni.
6 hours ago
[SMM Nickel Midday Review] Nickel prices drifted higher on September 22, market sentiment turned warm ahead of the China-US summit
7 hours ago
SMM Data: Battery-Grade Nickel Sulphate Price Drops by 50 Yuan/mt on September 22
According to SMM data, on September 22, the SMM average price of battery-grade nickel sulphate fell by 50 yuan/mt from the previous day.
7 hours ago
[SMM Nickel Sulphate Daily Review] On September 22, market transactions were sluggish ahead of the holiday, and nickel sulphate prices declined slightly.
On September 22, the SMM average price of battery-grade nickel sulphate declined slightly.
7 hours ago
[SMM Stainless Steel Flash] US Delays Preliminary CVD Ruling on Stainless Steel Pipes from India and Turkey
The US Department of Commerce has postponed the preliminary determination in its countervailing duty (CVD) investigation into welded stainless steel line and pressure pipe from India and Turkey, extending the deadline from October 8 to December 14, 2026, effective September 21. The postponement was requested on September 10 by the three US petitioners, Bristol Pipe and Tube, Felker Brothers Corporation, and Primus Pipe and Tube, citing the complexity of the alleged subsidy programs and the fact that respondents had not yet submitted questionnaire responses. Commerce found no compelling reason to deny the request. The postponement does not represent a finding against Indian producers; it provides additional time for Commerce to examine subsidy programs and calculate preliminary rates. Any lasting CVD order would require affirmative final determinations from both Commerce and the US International Trade Commission.
9 hours ago
[SMM Stainless Steel Flash] India Extends Anti-Subsidy Duties on Stainless Steel Pipes from China and Vietnam
The Indian government has announced a five-year extension of anti-subsidy duties on imports of welded stainless steel pipes and tubes from China and Vietnam, continuing trade defense measures against subsidized imports.
9 hours ago
SMM High-Grade NPI Sentiment Factor Decreases to 1.78 Amid Ongoing Market Tug-of-War
Sep 21, 2026 18:20 (GMT+8)
El Niño Drought in Indonesia May Affect Nickel Pig Iron Production at IMIP Park
Sep 21, 2026 17:19 (GMT+8)
Data: SHFE, DCE market movement (Sep 21)
Sep 21, 2026 16:01 (GMT+8)
[SMM Nickel Flash News] Daily Update — September 21, 2026
In terms of prices, Indonesian nickel ore CIF average prices remained at the latest assessed levels:
1.2% Ni: CIF average price at $27/wmt
1.4% Ni: CIF average price at $51.8/wmt
1.5% Ni: CIF average price at $58.5/wmt
1.6% Ni: CIF average price at $63.4/wmt
Indonesia Policy & Market Update — September 21, 2026
The Indonesian nickel ore market remains cautious as market participants continue to monitor the progress of supplementary RKAB approvals. Additional approvals are gradually entering the market, but the total volume of supplementary quota has yet to be officially released.
PT Vale Indonesia is also awaiting approval for additional RKAB quota for its operations, with the company having previously indicated that its initial allocation covered only part of its requested volume.
Meanwhile, the revised nickel ore HPM formula, effective September 15, has lowered the HPM for low-grade limonite. The 1.2% Ni limonite HPM has fallen to $24.89/wmt, significantly below current market prices. Market attention is now focused on how additional RKAB supply and HPAL demand will affect limonite pricing and whether market prices will gradually move closer to the new HPM level.
Overall, RKAB approvals, the release of additional quota and the response of HPAL and RKEF buyers remain the key factors to watch for the Indonesian nickel ore market in the near term.
Sep 21, 2026 13:14 (GMT+8)
Indonesian MHP Nickel and Cobalt FOB Prices Drop, High-Grade Nickel Matte Down $40/mt Ni
According to SMM data, on September 21, the FOB price of Indonesian MHP nickel fell by $199/mt Ni from the previous day, and the FOB price of Indonesian MHP cobalt fell by $723/mt Co. The FOB price of Indonesian high-grade nickel matte fell by $40/mt Ni.
Sep 21, 2026 11:58 (GMT+8)
[SMM Stainless Steel Flash] Indonesia Stainless Steel Prices Rise Across the Board by USD30/ton Today
According to SMM, stainless steel prices in Indonesia rose across the board by USD30/ton today.
Latest prices are as follows: 304/2B coil mill edge (FOB) avg. USD2,142.50/t; 304/NO.1 coil mill edge (FOB) avg. USD2,032.50/t; 316L/2B coil mill edge (FOB) avg. USD4,242.50/t; 316L/NO.1 coil mill edge (FOB) avg. USD4,132.50/t.
Sep 21, 2026 11:56 (GMT+8)
SMM Battery-Grade Nickel Sulphate Price Drops by 20 Yuan/MT on September 21
According to SMM data, on September 21, the SMM average price of battery-grade nickel sulphate fell by 20 yuan/mt from the previous day.
Sep 21, 2026 11:41 (GMT+8)
[SMM Nickel Sulphate Daily Review] Spot market remains sluggish on Sep 21, nickel sulphate prices edge down
On September 21, the SMM average price of battery-grade nickel sulphate declined slightly.
Sep 21, 2026 11:38 (GMT+8)
[SMM Nickel Midday Review] Nickel prices moved sideways on September 21, as China-US trade consultations are about to begin
Sep 21, 2026 11:34 (GMT+8)
China's SMM Hydrometallurgy Imports Up 16% MoM in Aug 2026, Driven by Indonesia and PNG
According to the latest data from SMM Customs, China's imports of SMM hydrometallurgy intermediate products reached 114,870 mt in physical terms in August 2026, up 16% MoM but down 10% YoY. By country, the growth this month was mainly driven by a significant recovery in hydrometallurgy intermediate product imports from Indonesia, Papua New Guinea, and other countries.
Sep 21, 2026 10:46 (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
[SMM Nickel Market Flash] Indonesia’s IMIP RKEF Nickel Pig Iron Smelters Cut Operating Rates to Around 30%-40%
37 mins ago
SMM Nickel Flash: NPI Market Sentiment Mixed, Upstream Stable and Downstream Slightly Up Ahead of Holiday
1 hour ago
Lygend Resources Sets A-Share IPO Price at RMB 21.23/Share, Raising RMB 3.67 Billion
1 hour ago
Data: SHFE, DCE market movement (Sep 22)
3 hours ago
Indonesian MHP Nickel and Cobalt FOB Prices Decline, High-Grade Nickel Matte Down $15/mt Ni
6 hours ago
[SMM Nickel Midday Review] Nickel prices drifted higher on September 22, market sentiment turned warm ahead of the China-US summit
7 hours ago
SMM Data: Battery-Grade Nickel Sulphate Price Drops by 50 Yuan/mt on September 22
7 hours ago
[SMM Nickel Sulphate Daily Review] On September 22, market transactions were sluggish ahead of the holiday, and nickel sulphate prices declined slightly.
7 hours ago
[SMM Stainless Steel Flash] US Delays Preliminary CVD Ruling on Stainless Steel Pipes from India and Turkey
9 hours ago
[SMM Stainless Steel Flash] India Extends Anti-Subsidy Duties on Stainless Steel Pipes from China and Vietnam
9 hours ago
SMM High-Grade NPI Sentiment Factor Decreases to 1.78 Amid Ongoing Market Tug-of-War
Sep 21, 2026 18:20 (GMT+8)
El Niño Drought in Indonesia May Affect Nickel Pig Iron Production at IMIP Park
Sep 21, 2026 17:19 (GMT+8)
Data: SHFE, DCE market movement (Sep 21)
Sep 21, 2026 16:01 (GMT+8)
[SMM Nickel Flash News] Daily Update — September 21, 2026
Sep 21, 2026 13:14 (GMT+8)
Indonesian MHP Nickel and Cobalt FOB Prices Drop, High-Grade Nickel Matte Down $40/mt Ni
Sep 21, 2026 11:58 (GMT+8)
[SMM Stainless Steel Flash] Indonesia Stainless Steel Prices Rise Across the Board by USD30/ton Today
Sep 21, 2026 11:56 (GMT+8)
SMM Battery-Grade Nickel Sulphate Price Drops by 20 Yuan/MT on September 21
Sep 21, 2026 11:41 (GMT+8)
[SMM Nickel Sulphate Daily Review] Spot market remains sluggish on Sep 21, nickel sulphate prices edge down
Sep 21, 2026 11:38 (GMT+8)
[SMM Nickel Midday Review] Nickel prices moved sideways on September 21, as China-US trade consultations are about to begin
Sep 21, 2026 11:34 (GMT+8)
China's SMM Hydrometallurgy Imports Up 16% MoM in Aug 2026, Driven by Indonesia and PNG
Sep 21, 2026 10:46 (GMT+8)