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In 2026, the correction in lithium carbonate prices drove up lithium battery production costs. Coupled with uncertainties in lithium resources supply, cost pressure across the new energy industry became increasingly prominent. Leveraging the advantages of abundant sodium resources, balanced distribution, and controllable costs, sodium-ion batteries have leapt from being a “backup option” for lithium batteries to a key direction for industry breakthrough...

Mar 20, 2026 15:00

[SMM Analysis] 2026 Sodium-Ion Battery Competitive Landscape: Na‑ion Pioneers vs Lithium Battery Giants

【SMM Analysis】Middle East Turmoil Triggers Trade "Mismatch": China Accelerates to Fill 2.3 MT Supply Vacuum in SEA

Middle East tensions have sparked a massive steel trade "mismatch." Iran's blocked exports created a 2.3-million-ton billet vacuum in Southeast Asia, while the Red Sea crisis stalled China's flat steel shipments to the Gulf. Consequently, China and India are rapidly absorbing SEA's diverted billet orders. SMM projects that blocked flat steel returning to China's domestic market, combined with surging overseas billet demand, will accelerate the narrowing of the domestic HRC-rebar spread.

Mar 20, 2026 09:51

Regional Aluminum Premiums Surge May Impact China's Primary Aluminum Net Imports

SMM, March 20: Imports: According to data from the General Administration of Customs, China’s primary aluminum imports were about 189,000 mt in January, down 0.1% MoM and up 17.1% YoY; in February, China’s primary aluminum imports were about 202,000 mt, up 6.6% MoM and up 0.7% YoY. In January-February 2026, China’s cumulative primary aluminum imports totaled about 391,000 mt, up 8.0% YoY. Exports: According to data from the General Administration of Customs, China’s primary aluminum exports were about 13,000 mt in January, down 64.6% MoM and up 56.6% YoY; in February, China’s primary aluminum exports were about 10,000 mt, down 24.6% MoM and up 187.9% YoY. In January-February, cumulative primary aluminum exports totaled about 23,000 mt, up about 94.8% YoY. Net imports: According to data from the General Administration of Customs, China’s net primary aluminum imports were 176,000 mt in January, up 15.9% MoM and up 14.9% YoY; in February, China’s net primary aluminum imports were 192,000 mt, up 9.0% MoM and down 2.6% YoY. In January-February, China’s cumulative net primary aluminum imports were about 367,000 mt, up 5.0% YoY. (The above import and export data are based on HS codes 76011090 and 76011010.) Although China’s net primary aluminum imports maintained positive growth in January-February 2026, expectations of a sharp rise in regional aluminum premiums outside China will challenge this situation. As of March 20, SMM’s Japan MJP spot premiums for aluminum ingot stood at $255/mt, up 45.7% from month-end February. Currently, some market participants were quoting Japan MJP CIF premiums for Q2 at around $350-353/mt, up about 80% from $195/mt in Q1; the US Midwest DDP aluminum premium stood at 105.25¢/lb, equivalent to $2,110/mt. As of March 13, Europe’s P1020A aluminum ingot duty-paid premiums stood at $470/mt, up about 27.0% from month-end February, while Europe’s P1020A aluminum ingot duty-unpaid premiums stood at $375/mt, up 27.2% from month-end February. The sharp rise in regional aluminum premiums outside China is expected to divert some aluminum originally planned to flow into China, and China’s net aluminum imports are expected to decline YoY in 2026. The reason for this phenomenon lies in expectations of a contraction in aluminum supply outside China caused by reduced aluminum supply in the Middle East. As of March 20, Qatar Aluminum announced that it would maintain a 60% operating rate, involving 260,000 mt of shut capacity; Bahrain Aluminum announced the shutdown of Lines 1-3, involving about 310,000 mt of capacity. In total, 570,000 mt of aluminum capacity in the Middle East has been affected. Iran is at the center of the conflict, and the stability of its production faces severe challenges. In addition, some raw and auxiliary materials in the Middle East rely on imports, and the geopolitical conflict in the region has affected passage through the Strait of Hormuz, to some extent undermining raw material supply stability at certain aluminum plants. At present, aluminum plants in Saudi Arabia and Turkey have domestic upstream bauxite and alumina support and can achieve self-sufficiency, with room for exports; Bahrain Aluminum and Qatar Aluminum rely entirely on imported alumina, while the UAE has 2.5 million mt of alumina capacity, but its bauxite relies 100% on imports. Although Oman’s aluminum plants also depend on imported raw materials, their geographic location is outside the Strait of Hormuz, so the level of risk is relatively low. If transport routes remain closed and no new routes can be opened, aluminum production in the Middle East is expected to be significantly affected. However, according to the latest foreign media reports, Bahrain Aluminum is exporting 40-60% of its aluminum ingots through Saudi Arabia’s Port of Jeddah, with an overland transport distance of 1,400 kilometers, and UAE’s Emirates Global Aluminium is attempting to import alumina raw materials through ports in Oman. If new transport routes are opened, the production reduction risk at aluminum plants in the Middle East is expected to decline markedly. Going forward, continued attention should be paid to production developments at aluminum plants in the Middle East, transport route conditions, and trends in LME aluminum inventory.

Mar 20, 2026 18:17

Magnesium Market Tug-of-War: Geopolitics, Cost Support, Demand Surge vs Ample Supply [SMM Analysis]

[Magnesium Prices Stuck in Dilemma: Geopolitical Tensions, Cost Support, and Demand Surge Clash with High Supply] Reviewing the recent magnesium market, magnesium prices repeatedly fluctuated within the 16,600-16,700 range, with a relatively slow pace.

Mar 20, 2026 15:56

Aluminum Inventory Buildup in China Slows Down, Turning Point to Emerge in Late March [SMM Analysis]

After the Chinese New Year holiday, China’s aluminum market continued to see an inventory buildup, with social inventory rising लगातार and repeatedly hitting highs for recent years. However, as the traditional peak consumption season gradually got underway, downstream pickup enthusiasm rebounded, pressure from aluminum ingot backlogs eased significantly, and the pace of inventory buildup has already shown signs of slowing...

Mar 22, 2026 23:24

Amid this structural adjustment in global regional demand, with gains in some markets offsetting declines in others, China’s prebaked anode exports can offset the pressure from weakening demand in traditional markets through market structure optimization and a shift in the center of orders. Coupled with its own capacity and supply chain advantages, China’s prebaked anode exports are expected to maintain a certain increase for the full year.

Mar 20, 2026 20:14

Nickel Ore "Sluggish RKAB Approvals Drive Potential for Ore Price Hikes" Indonesian domestic nickel ore prices have risen significantly increase this week. For the first half of March, the Indonesian Nickel Ore Benchmark Price (HPM) was set at $17.329/dmt, an increase of 1.32%. However, according to SMM data, average premiums has increased for 1.4%, 1.5%, and 1.6% grade laterite nickel ore were reported at $35, $39, and $39.5/wmt, respectively, with 1.6% grade reaching a delivered price of $65.6–$74.6/wmt. This strengthening of premiums reflects both the release of restocking demand from smelters and pessimistic expectations regarding RKAB quota reductions. Simultaneously, the delivery price for 1.2% grade limonite has edged up to $24–$26/wmt. Pyrometallurgical Ore: From a supply and demand perspective, Sulawesi is transitioning into the dry season; Konawe has reached optimal production levels, while Morowali is recovering from previous floods. However, Halmahera continues to be hampered by thunderstorms, resulting in high moisture content and dragging down mining efficiency. The market is facing a clear trend of declining ore grades. While some NPI smelters have begun accepting grades of 1.45% or lower, the supply of high-grade saprolite remains tight. As of mid-March, the ESDM has approved approximately 100 million tons of RKAB quotas. The remaining 160 to 170 million tons are expected to be processed by the end of March. However, due to the Eid al-Fitr (Lebaran) holidays (March 18–24), approval progress is expected to lag, exacerbating short-term supply tightness. Faced with resource uncertainty, some smelters have increased trade bonuses to secure raw materials. Transactions for low-grade saprolite are emerging at fixed prices lower than high-grade ores. Conversely, Limonite prices remain low due to a tailings dam landslide at a major MHP project, which has forced production lines to operate at low loads, hindering demand recovery. However, Limonite prices are expected to eventually follow Saprolite upward due to new project stockpiling and external island demand. Hydrometallurgical Ore Although the spot supply of hydrometallurgical ore is relatively sufficient, a tailings dam landslide at an MHP project in a certain industrial park has forced related production lines to operate at low loads, leading to a temporary weakness in demand. However, given the concerns over RKAB approval uncertainty, the stockpiling needs of newly commissioned projects, and the growing demand from outer islands, hydrometallurgical ore prices are expected to follow the trend of pyrometallurgical ore and remain elevated. On March 3, 2026, Tri Winarno, Director General of Mineral and Coal, clarified that rumors of a "25%–30% universal increase in RKAB quotas" are false. Quota supplements will be based on individualized assessments of production capacity and compliance, with the approval process not expected to start until the second half of 2026. Market Outlook: Due to the overall delay in RKAB approvals, nickel ore prices in April are expected to remain resilient with a strong "easy to rise, hard to fall" trend. Nickel Pig Iron "NPI Prices See Periodic Retracement as Tug-of-War Intensifies Between Cost Support and Downstream Pressure" The average price of SMM 10-12% NPI average price rose by RMB 0.3 per nickel unit week-on-week to RMB 1090.2 per nickel unit (ex-works, tax included), while the Indonesia NPI FOB index decreased by USD 0.65 per nickel unit to an average of USD 138.28 per nickel unit. This week, following consecutive price drops in stainless steel finished products and LME/SHFE nickel, the High-Grade NPI market experienced panic selling and low-price liquidation, entering a phase of periodic decline. From the supply side, With ore prices remaining elevated, smelter production costs continue to rise. However, triggered by the sharp decline in futures markets, some traders began offloading arbitrage stocks at low prices, leading to a general softening of upstream quotes.From the demand side, Weighed down by falling stainless steel prices and the influx of low-priced spot goods, most steel mills have lowered their bid intentions, exerting downward pressure on NPI prices. Overall, while cost support for smelters remains, downstream suppression is evident. The combination of futures-driven market sentiment and loosening upstream quotes has led to a periodic retracement in High-Grade NPI Overall outlook, market transactions will remain under pressure in the short term as the cost-tug-of-war between upstream and downstream continues. However, the downward room for NPI prices is expected to be limited.

Mar 20, 2026 18:58

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[SMM Rare Earth Price] Cerium Oxide and Metal Prices Surge in Sichuan and Inner Mongolia Markets

5 hours ago

Aclara Resources' Rare Earth Separation Plant in Virginia Begins Operations, Targets 2026 Production

6 hours ago

GRANOPT to Cut Faraday Rotator Production Due to Rare Earth Supply Delays from China

Mar 24, 2026 16:10

Rare Earth Ore Imports Surge in Early 2026, Exceeding Demand and Causing Surplus[SMM Analysis]

[SMM Analysis:Rare Earth Ore Imports Surge in Early 2026, Exceeding Demand and Causing Surplus] According to the latest data from the General Administration of Customs, from January to February 2026, China’s imports of mixed rare earth carbonate were about 3,013.7 mt, up 321% YoY. Over the same period, imports of unlisted rare earth oxides were about 12,860.4 mt, also posting a sharp increase of 209% YoY.

Mar 24, 2026 10:24

POSCO International Launches $16M Fund to Secure Rare Earth Supply Chain for EV Motors

POSCO International said on Monday that it was accelerating efforts to build a stable global supply chain for heavy rare earths, a key component in EV motors, by establishing its first corporate venture capital (CVC) fund. The company said it had set up a 25 billion won (about $16 million) CVC fund in partnership with POSCO Venture Capital, marking its first such initiative. As the fund’s first deployment, the company will invest 8 billion won in a China rare earth separation and refining specialist enterprise.

Mar 24, 2026 10:23

Japan and US Agree to Strengthen Critical Minerals Cooperation, Including Rare Earths and Deep-Sea Resources

[SMM Rare Earth Bulletin] Japanese Prime Minister Takaichi Sanae and US President Trump reached an agreement under which both sides will strengthen cooperation on critical minerals to enhance supply chain resilience. The two countries signed a preliminary agreement to jointly develop deep-sea mineral resources, including rare earth-rich mud resources around Minamitorishima. The Ministry of Economy, Trade and Industry and the Department of Commerce will establish a working group to advance technical cooperation on projects involving rare earth mud and manganese nodules. In addition, Mitsubishi Materials is cooperating with US-based ReElement Technologies on a project in Indiana to recycle rare earths from waste magnets.

Mar 24, 2026 09:54

[SMM Analysis] March Pr-Nd Drop Likely Due to Weak Demand Outlook: 2026 Demand Model (Part 2)

Mar 23, 2026 23:33

Goiás, Brazil, Advances Rare Earth Cooperation with US in Major Minerals Agreement

Goiás State in Brazil holds the largest rare earth reserves in Brazil and is currently advancing the signing of a major minerals cooperation agreement with the US. Goiás Governor Ronaldo Caiado has signed a preliminary agreement to work with the US to jointly develop the state's abundant rare earth resources.

Mar 23, 2026 18:15

Toyota Tsusho Wins Bid for Stake in Namibia's Lofdal Rare Earth Project, Aiming to Diversify Japan's Supply Chain

Japan Oil, Gas and Metals National Corporation (JOGMEC) announced that it had selected Toyota Tsusho as the successful bidder to acquire part of the 40% option interest it holds in Namibia’s Lofdal heavy rare earth project. The project contains key permanent magnet elements such as dysprosium and terbium and is currently at the final feasibility study stage. Since 2020, JOGMEC has been working with Canada’s Namibia Critical Metals to advance the project. By bringing in Toyota Tsusho through this bidding process, it aimed to accelerate the project’s commercialization and strengthen the security of Japan’s heavy rare earth supply chain. Against the backdrop of the global heavy rare earth sector’s heavy reliance on China, this move was an important step in Japan’s push to diversify supply.

Mar 23, 2026 18:11

Ministry Reveals Major Rare Earth, Fluorite, and Barite Finds in Sichuan Mining Area

Recently, the Ministry of Natural Resources released the latest mineral exploration results. The verification and exploration project for rare earth ore resource reserves in the Haoniuping mining area of Mianning County, Sichuan, identified total rare earth oxide resources of 9.6656 million mt, along with associated super-large fluorite (27.1354 million mt) and barite (37.2277 million mt) resources.

China's Dysprosium Exports Surge 553.55% YoY, Setting New Record High in January 2026

[Latest Data From the General Administration of Customs] In January 2026, China’s exports of metallic dysprosium reached 6.1 mt, up 144% MoM and surging 553.55% YoY. The month’s export volume set a record high since the implementation of export control policies in April 2025 and also marked the highest level in nearly three years. The main export destinations were Vietnam (3.5 mt), South Korea (1.6 mt), and Estonia (1 mt).

Mar 20, 2026 17:48

China's NdFeB Magnet Exports Rise 8.26% YoY in Jan-Feb 2026, Despite Monthly Fluctuations

[Latest Data from the General Administration of Customs] In January 2026, China exported 6,023.65 mt of NdFeB permanent magnets, up 1.2% MoM and down 5.2% YoY. In February 2026, China exported 4,738.9 mt of NdFeB permanent magnets, down 21% MoM and up 32% YoY. Cumulative exports in January-February 2026 reached 10,762.55 mt, up 8.26% YoY. (HS code: 85051110)

Mar 20, 2026 17:34

Lynas Produces Samarium Oxide in Malaysia, Expanding Rare Earth Production Beyond China

Australian rare earth producer Lynas announced that its Malaysia plant had successfully produced samarium oxide, making it the only producer outside China capable of separating the three heavy rare earth materials samarium, terbium, and dysprosium. The company is expected to expand its product line to include gadolinium, yttrium, and lutetium over the next two years, and to add varieties such as europium and holmium depending on returns. Recently, Lynas signed a $96 million rare earth supply memorandum of understanding with the US Department of Defense, and reached a supply agreement with Japan's JARE through 2038. Both deals set the lowest price for Pr-Nd at $110/kg. The company's rare earth oxide production reached 6,375 mt in H2 2025, up 19% YoY.

Mar 20, 2026 16:55

American Rare Earths Selected to Supply US DOE's METALLIC Consortium with Wyoming Project Minerals

American Rare Earths announced that it has been selected to supply raw material to the US Department of Energy (DOE)'s "Minerals to Materials Supply Chain Research Facility" (METALLIC) consortium. The Halleck Creek rare earth project in Wyoming, held by its subsidiary Wyoming Rare, is currently at an advanced exploration stage, with the Phase 1 Cowboy State mine having a 20-year mine life. The latest resource estimate shows that, at a cut-off grade of 1,000 ppm, total rare earth oxides amount to 547.5 million mt, while 18 channel samples collected in 2025 averaged a grade of 5,471 ppm, with the highest reaching 13,816 ppm. The project has an after-tax net present value of $558 million and an internal rate of return of approximately 24.

Mar 20, 2026 16:41

Latest exploration progress of Renascor Resources across multiple projects in South Australia

Renascor Resources Drilling at Bulloo Creek intersected cobalt and copper mineralisation associated with magnetic anomalies, delivering several intervals with economically promising grades. The results indicate a south-dipping cobalt ± copper mineralised horizon, with mineralisation confirmed in both eastern and western anomalies, suggesting a broader mineralised trend. At the Marree Project, negotiations on a Native Title agreement have progressed, which is expected to facilitate exploration of uranium as well as copper-gold targets. Uranium targeting work has also commenced at the Wooltana Project, while rare earth exploration at the Tumby Bay prospect on Eyre Peninsula is advancing, with plans to expand soil geochemistry programs to further define the scale and extent of mineralisation.

Mar 20, 2026 08:00

Jintian Co., Ltd.: Annual Capacity of Rare Earth Permanent Magnets Has Reached 9,000 mt; High-Precision Free-Cutting Copper Billet Has Been Used in Airborne Structures of Low-Altitude Aircraft

Mar 19, 2026 20:06

China's Rare Earth Exports Rise 23% in Jan-Feb 2026, Value Down 17.6% YoY

According to data released by the General Administration of Customs, from January to February 2026, China’s rare earth exports reached 10,468 mt, up 23% YoY, while the export value was approximately 480 million yuan, down 17.6% YoY. During the same period, exports of rare earths and their products totaled 22,745 mt, up 13.6% YoY, and the export value was approximately 4.51 billion yuan, up 11.4% YoY.

Mar 19, 2026 16:51

[SMM Analysis] 2026 Sodium-Ion Battery Competitive Landscape: Na‑ion Pioneers vs Lithium Battery Giants

Mar 20, 2026 15:00

【SMM Analysis】Middle East Turmoil Triggers Trade "Mismatch": China Accelerates to Fill 2.3 MT Supply Vacuum in SEA

Mar 20, 2026 09:51

Regional Aluminum Premiums Surge May Impact China's Primary Aluminum Net Imports

Mar 20, 2026 18:17

Magnesium Market Tug-of-War: Geopolitics, Cost Support, Demand Surge vs Ample Supply [SMM Analysis]

Mar 20, 2026 15:56

Aluminum Inventory Buildup in China Slows Down, Turning Point to Emerge in Late March [SMM Analysis]

Mar 22, 2026 23:24

Geopolitical Conflicts Reshape Prebaked Anode Exports; SE Asia Demand Supports Full-Year Growth 【SMM Analysis】

Mar 20, 2026 20:14

【SMM Analysis】Weekly Review of Indonesian Nickel Market - Mar 20

Mar 20, 2026 18:58

[SMM Rare Earth Price] Cerium Oxide and Metal Prices Surge in Sichuan and Inner Mongolia Markets

5 hours ago

Aclara Resources' Rare Earth Separation Plant in Virginia Begins Operations, Targets 2026 Production

6 hours ago

GRANOPT to Cut Faraday Rotator Production Due to Rare Earth Supply Delays from China

Mar 24, 2026 16:10

Rare Earth Ore Imports Surge in Early 2026, Exceeding Demand and Causing Surplus[SMM Analysis]

Mar 24, 2026 10:24

POSCO International Launches $16M Fund to Secure Rare Earth Supply Chain for EV Motors

Mar 24, 2026 10:23

Japan and US Agree to Strengthen Critical Minerals Cooperation, Including Rare Earths and Deep-Sea Resources

Mar 24, 2026 09:54

[SMM Analysis] March Pr-Nd Drop Likely Due to Weak Demand Outlook: 2026 Demand Model (Part 2)

Mar 23, 2026 23:33

Goiás, Brazil, Advances Rare Earth Cooperation with US in Major Minerals Agreement

Mar 23, 2026 18:15

Toyota Tsusho Wins Bid for Stake in Namibia's Lofdal Rare Earth Project, Aiming to Diversify Japan's Supply Chain

Mar 23, 2026 18:11

Ministry Reveals Major Rare Earth, Fluorite, and Barite Finds in Sichuan Mining Area

Mar 23, 2026 13:15

[SMM Analysis] March Pr-Nd Drop Likely Due to Weak Demand Outlook: 2026 Demand Model (Part 1)

Mar 23, 2026 08:45

【SMM Analysis】Pr-Nd Alloy Profits Hit 2-Year High as Raw Material Costs Decline

Mar 20, 2026 19:10

In the Market, Although Rare Earth Prices Outside China Fell, Premiums Remained Significant; Industrially, Lynas Aggressively Expanded Into Medium-Heavy Rare Earth [SMM Rare Earth Weekly Review Outside China]

Mar 20, 2026 18:10

China's Dysprosium Exports Surge 553.55% YoY, Setting New Record High in January 2026

Mar 20, 2026 17:48

China's NdFeB Magnet Exports Rise 8.26% YoY in Jan-Feb 2026, Despite Monthly Fluctuations

Mar 20, 2026 17:34

Lynas Produces Samarium Oxide in Malaysia, Expanding Rare Earth Production Beyond China

Mar 20, 2026 16:55

American Rare Earths Selected to Supply US DOE's METALLIC Consortium with Wyoming Project Minerals

Mar 20, 2026 16:41

Latest exploration progress of Renascor Resources across multiple projects in South Australia

Mar 20, 2026 08:00

Jintian Co., Ltd.: Annual Capacity of Rare Earth Permanent Magnets Has Reached 9,000 mt; High-Precision Free-Cutting Copper Billet Has Been Used in Airborne Structures of Low-Altitude Aircraft

Mar 19, 2026 20:06

China's Rare Earth Exports Rise 23% in Jan-Feb 2026, Value Down 17.6% YoY

Mar 19, 2026 16:51

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