Xinjinlu Invests RMB 496M in Guangxi Mining Upgrades, Targets Tantalum and Niobium Production Boost

[SMM Analysis] SS Decline and Weak Off-Season Trading Keep Stainless Steel Inventory Basically Stable with Slight Buildup SMM, June 25: This week, stainless steel social inventory ended its previous destocking trend, and under off-season conditions, overall inventory stabilized and edged up slightly. Total inventory in the two core markets of Wuxi and Foshan rose slightly, from 932,000 mt on June 18, 2026, to 932,800 mt on June 25, up 0.06% WoW. The inventory shifted from continuous destocking to slight buildup, with off-season inventory pressure becoming marginally apparent. This week, the stainless steel market was fully in the traditional consumption off-season, with end-user rigid demand support continuing to weaken. During the week, metals futures weakened across the board, coupled with news-related disturbances from Indonesia. SS futures drifted lower, bearish sentiment in the market intensified, downstream end-users became more wait-and-see, overall purchasing willingness was insufficient, and spot market trading remained weak. This week, news of maintenance and production cuts at steel mills continued to simmer, with some mills reducing shipments, leading to a marginal decline in market supply. Meanwhile, traders, amid pessimistic expectations, showed low willingness to actively purchase, and generally adopted strategies of selling at lower margins and reducing inventory to accelerate the turnover of goods on hand. This largely offset the inventory buildup pressure from weak off-season demand, keeping overall social inventory basically stable with only a slight increase. Overall, the core factors behind the shift from destocking to slight inventory buildup this week were weak end-user rigid demand during the off-season and weakening futures dampening market sentiment. Meanwhile, supply contraction from steel mill maintenance and traders' proactive destocking provided critical support to prevent a pronounced inventory buildup. At this stage, the market's off-season characteristics are increasingly evident...

[Wolfram Snapshot] SMM, June 25: A Guangdong tungsten enterprise announced its long-term contract purchase quotations for the second half of June as follows: wolframite concentrates (55% grade) at 518,000 yuan/standard tonne (65% WO3 basis), scheelite concentrates (55% grade) at 517,000 yuan/standard tonne (65% WO3 basis). The long-term contract prices for ore were flat MoM from the first half of June. APT (national standard, zero grade) was executed at 780,000 yuan/mt, flat compared with the long-term contract price in the first half of June.

[Tungsten Express] SMM June 24: The tungsten concentrates market saw sparse transactions today. Downstream smelters mainly purchased as needed, while mines faced difficulty with shipments. Some spot orders were concluded at negotiated prices centered below online quotes and long-term contract prices, and the market was mainly in the doldrums in the short term. This week, attention will focus on auction results for medium- and low-grade tungsten concentrates from mines in Yunnan, Shaanxi, and Hunan, as well as the long-term contract prices of an enterprise in Guangdong.