July 8 spot price of SMM rare earths

Kazchrome is progressing with the construction of an 80 MW ferroalloy gas utilization power plant at its Aktobe Ferroalloys Plant in Kazakhstan. The facility will use gas generated during ferrochrome production as fuel to generate electricity for the plant, converting a secondary production resource into an additional source of energy. Construction activities include the installation of two high-pressure steam boilers, development of the turbine hall and supporting infrastructure, and reconstruction of the plant’s main step-down substation. The power plant is designed to have an installed capacity of 80 MW, with a maximum capacity of 87 MW, and is expected to generate up to 532 million kWh of electricity annually. It will consume more than 80,000 cubic metres of ferroalloy gas per hour. Construction began in late 2025, with completion and commissioning scheduled for 2027. The project is expected to improve the Aktobe plant’s energy efficiency by utilizing gas generated during ferrochrome smelting.

At the beginning of this week, refined cobalt futures on the electronic trading platform quickly hit the daily limit from around 200,000 yuan/mt, mainly driven by supply disruption rumors in the DRC and capital sentiment, while fundamentals had yet to improve. Mainstream smelters maintained quotes at 235,000 yuan/mt, while intermediate product offers eased to $11.5-12/lb, with price disagreements between buyers and sellers persisting. Low-price transactions for cobalt sulphate held at 38,000-39,000 yuan/mt, while demand for cobalt chloride and Co3O4 remained weak, keeping prices under pressure. Cobalt powder quotes dropped to 270,000-290,000 yuan/mt, and rumors of low-price deals disturbed the market. Orders for ternary cathode precursors and cathode materials were weak, prompting enterprises to cut production and control inventories, with purchases mainly driven by rigid demand. In the short term, the market remains influenced by sentiment and the supply-demand tug-of-war, and the sustainability of the price rebound has yet to be verified. Attention should be paid to the implementation of supply news and the recovery of end-use demand.

Zimbabwe recorded US$286.54 million in high-carbon ferrochrome sales between January 1 and October 27, 2026, according to an update from the Minerals Marketing Corporation of Zimbabwe (MMCZ). The figure highlights the contribution of value-added mineral products to the country's mineral trade, as total mineral sales facilitated by MMCZ reached US$5.013 billion over the same period, up 107.9% year on year. The reported figure reflects sales value rather than physical production or export volume. Therefore, it does not independently indicate an increase in ferrochrome output or shipments. Nevertheless, it provides an updated measure of the commercial contribution of Zimbabwe's ferrochrome industry to the country's mineral revenues.