Indonesia's Ministry of Energy and Mineral Resources is pushing to finalize a $8.6 billion electric vehicle battery ecosystem partnership between China's Zhejiang Huayou Cobalt and state-owned PT Aneka Tambang (ANTM), known as the Titan Project. This comes after the government terminated its previous agreement with LG Energy Solution for failing to meet investment commitments. The new partnership with Huayou Cobalt was officially approved in a cabinet meeting with President Prabowo Subianto, with officials hoping to begin construction soon.

[High-Grade NPI Market] The average price of SMM 10-12% high-grade NPI fell by 8.7 yuan/mtu WoW to 934.8 yuan/mtu (ex-factory, tax included), while the average Indonesian NPI FOB index price dropped by 0.84 $/mtu WoW to 115.18 $/mtu. Amid declining nickel prices and losses in downstream stainless steel production, stainless steel scrap gained a stronger economic advantage, putting further pressure on high-grade NPI prices. Market offers continued to decline, with several low-priced transactions recorded during the week.

[High-Grade NPI Market] October 24 (SMM) - The average price of SMM 10-12% high-grade NPI was 930.5 yuan/mtu (ex-factory, tax included), down 3.5 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.22, flat MoM.

[Salt Lake Co., Ltd.: Q3 Net Profit Up 113.97% YoY, New 40,000 mt/Year Integrated Basic Lithium Chemicals Project Successfully Commences Trial Feed Production] Salt Lake Co., Ltd. announced that its Q3 revenue reached 4.33 billion yuan, up 34.81% YoY, while net profit was 1.988 billion yuan, up 113.97% YoY. For the first three quarters, revenue totaled 11.111 billion yuan, up 6.34% YoY, and net profit was 4.503 billion yuan, up 43.34% YoY. During the reporting period, the production and sales of the company's core products remained stable. Specifically, potassium chloride production reached 3.2662 million mt, with sales of 2.8609 million mt; lithium carbonate production was 31,600 mt, with sales of 31,500 mt, indicating efficient production-to-sales linkage. On September 28, 2025, the 40,000 mt/year integrated basic lithium chemicals project was largely completed. Key equipment, including the adsorption lithium extraction unit, successfully produced qualified liquid during trial runs. The nanofiltration and reverse osmosis systems completed membrane installation and water linkage tests, while the lithium precipitation and auxiliary public utilities finished core equipment single-machine trial runs. The project officially entered the trial feed production stage and produced qualified battery-grade lithium carbonate products.

[SMM Breaking News: US Rare Earth Company Signs Strategic Agreement with Japanese Government] US rare earth developer REAlloys Inc. has formed a strategic alliance with the Japanese Organization for Metals and Energy Security (JOGMEC). As a government agency under Japan's Ministry of Economy, Trade and Industry (METI), JOGMEC is tasked with ensuring the security of Japan's industrial supply chains. According to the signed memorandum of understanding, JOGMEC, on behalf of METI, will facilitate the licensing and transfer of Japanese separation and magnet manufacturing technologies to REAlloys' North American facilities. This initiative is expected to rapidly scale up high performance magnet production. The agreement includes structured off-take arrangements to ensure long-term, stable supply of rare earth alloys and magnets for Japanese manufacturers. In exchange, REAlloys will allocate a portion of its scandium and yttrium production from Hoidas Lake and secondary monazite sources to Japan, while guaranteeing that supplies for US defense and energy projects remain unaffected.

[Zinc Concentrates Production] Newmont released its Q3 2025 report, which showed its Q3 zinc concentrates production was 59,000 mt, down 12% QoQ. Total zinc concentrates production for January-September 2025 amounted to 185,000 mt.

[Ferro Molybdenum Steel Tender Information] It is reported that Shanxi TISCO has launched a new round of ferro molybdenum tender, with a quantity of 30 mt, delivery date November 20, results pending. Hunan Xiang Steel has launched a ferro molybdenum tender, with a quantity of 60 mt, delivery date November 5, results pending.

[Ferro Molybdenum Steel Tender Information] SMM News on October 24: ① A steel mill in Hebei set the ferro molybdenum tender price at 272,000 yuan/mt on October 24, on acceptance basis. ② Shangang Co., Ltd. (Rizhao) launched a ferro molybdenum tender for 60 mt, with a delivery date of November 15, 2025. The tender closes at 14:15 on October 27, and the results are pending.

[SMM Flash: Australia Supports Investment in Donald Rare Earth Project] Export Finance Australia (EFA), a government-owned entity, has decided to provide up to A$80 million (approximately US$52 million) in financing to domestic rare earth developer Astron and US enterprise Energy Fuels in support of the Donald rare earth and mineral sands project located in Victoria. To advance the construction of the Donald project, Astron and Energy Fuels need to raise A$520 million in funding. Upon the commissioning of the project's first phase, it is expected to achieve an annual production capacity of 1,000 mt of neodymium-praseodymium oxide, 92 mt of dysprosium oxide, and 16 mt of terbium oxide. As the US partner holding a 49% stake in the project, Energy Fuels has committed to off-take all rare earth products at market prices upon the project's commencement.

[Export Information for Hard Alloy Products] SMM, October 24: According to customs data, in September 2025, China exported 124.94 mt of metalworking machine tools and blades made of coated or plated hard alloy, up 1.09% YoY, but down 3.50% MoM; and exported 132.37 mt of other metalworking machine tools and blades made of hard alloy, up 3.89% YoY, but down 2.68% MoM. From January to September 2025, China exported 1,175.70 mt of metalworking machine tools and blades made of coated or plated hard alloy, up 5.54% YoY; and exported 1,375.32 mt of other metalworking machine tools and blades made of hard alloy, down 5.88% YoY.