Commodity Price Bubble Finally Burst, but Metals Demand Will Surge   

[ADC12 Price Daily Review: Cost Support and Off-Season Demand Keep ADC12 Price Moving Sideways] Today, the ADC12 market continued its stable price trend overall, with mainstream producers’ quotations basically flat. The SMM ADC12 price remained stable at 24,100 yuan/mt from the previous trading day.

It is reported that Daye Nonferrous Metals has launched a public online auction for a batch of tellurium ingots today. Relevant details are as follows: Lot details: Tellurium ingots with 99.98% purity, totaling approximately 175 kilograms; Starting bid price: 700 yuan per kilogram; Public notice and bidding period: 15:00 July 17, 2026 – 15:00 July 21, 2026.

[SMM Express] Titanium feedstock production in Africa continued to face mixed conditions during the first half of 2026, with operational challenges weighing on output at some mining operations despite steady downstream demand. At the Moma Titanium Minerals Mine in Mozambique, lower ore grades and delays in commissioning upgraded mining equipment reduced heavy mineral concentrate and ilmenite production during the second quarter, although shipments remained strong through inventory drawdowns. Across the broader African market, increased exports of titanium concentrates from producers in Mozambique, Sierra Leone and Nigeria have continued to supply Chinese buyers, contributing to a well-supplied ilmenite market and limiting price gains. In contrast, Western markets have remained relatively tight as mine curtailments and operational disruptions constrained feedstock availability. Demand for titanium feedstocks has remained resilient, supported by stable titanium dioxide pigment production and robust consumption from the titanium metal industry. Looking ahead, improvements in mining operations, particularly in Mozambique, together with trends in Chinese supply and downstream demand, are expected to remain key factors influencing titanium feedstock prices and trade flows.