China Silicon Metal Exports Fell again YoY in June

[SMM PGM Flash: Valterra Platinum Releases Impressive Semi-Annual Report] South African PGM producer Valterra Platinum disclosed its H1 2026 performance, with revenue surging 93% YoY to 82 billion South African rand; core EPS soared 1,633% YoY, and EBITDA grew 404%. The company turned from a net debt position last year to net cash of 23.7 billion rand, and declared an interim dividend of 15 billion rand. The improved profitability mainly benefited from the recovery of PGM prices, higher refined output, and cost control. Its CEO Craig Miller also provided an outlook: The AI industry will continue to create incremental PGM demand, with current AI-related annual PGM consumption around 200,000–400,000 ounces, and is expected to grow up to fivefold by 2030. Going forward, the company will partner with Johnson Matthey, Umicore, Pujing Chemical, and others to jointly expand new PGM industrial applications.

[ADC12 Price Daily Review: Tug-of-war between longs and shorts, futures pressure evident, ADC12 consolidates on a subdued note amid cost support] Today, ADC12 market offers consolidated on a subdued note, and SMM ADC12 dropped 100 yuan/mt.

[SMM Express] Zimbabwe's mineral export earnings jumped 84.7% in H1 2026 to US$2.532 billion, up from US$1.376 billion a year earlier, according to Minerals Marketing Corporation of Zimbabwe data. The surge was led by PGM matte, spodumene concentrate and PGM concentrates, which together accounted for over 74% of earnings — a marked departure from previous years when gold and raw chrome dominated the export mix. Within that shift, ferrochrome was singled out as one of the processed products "steadily supplanting raw mineral exports," alongside refined steel, polished granite and lithium sulphate. MMCZ's General Manager framed the change as evidence of beneficiation policy taking hold, with processed chrome product gradually displacing unprocessed ore in Zimbabwe's export basket. Industry stakeholders have also called for tighter mineral-tracking systems to guard against smuggling and transfer-pricing risk as the value of processed mineral exports rises.