According to SMM statistics, as of November 28, 2025, domestic aluminum rod producers' inventory days stood at 6.68 days, a decrease of 0.36 days week-on-week, indicating an inventory drawdown trend with slightly eased supply-side pressure. The inventory ratio was recorded at 78.17%, down 6.74 percentage points from the previous week. Aluminum rod processing fees continued hovering at low levels throughout the week. Coupled with the bottoming-out recovery of aluminum prices, support for processing fee hikes remained insufficient.

SMM Analysis：As of November 28, the average SMM domestic zinc concentrate TC was recorded at 2,050 yuan/mt in metal content, and the SMM imported zinc concentrate weekly index stood at $61.25/dmt. Overall, the current zinc concentrate TC has decreased by 600 yuan/mt MoM from early November, with the November imported zinc concentrate index down $33.47/dmt MoM. .......

Indonesia’s 2025 mining reforms (Permen ESDM 18/2025 & PP 39/2025) allow individuals, cooperatives and community groups to mine small-scale while requiring religious organizations to control at least 67% of any mining company they set up. Touted as democratizing mineral wealth, the rules could formalize illegal digging and create mid-tier Ormas-led producers, but critics warn of volatile supply surges, poor bauxite quality, lower domestic prices, environmental chaos and land conflicts, placing huge financial and reputational risks on Indonesia’s religious institutions and testing governance in a globally vital bauxite market.

Indonesia Nickel Ore Price Remains Stable, NPI Price Decline Rate Slows Down