News

[SMM Nickel Flash] February 11 — Supply side, amid the impact of nickel ore quota news, futures rose again, supporting firm market quotations. Demand side, against a backdrop of bullish sentiment, there was some restocking activity, but overall market liquidity remained weak. In summary, the pattern of poor market liquidity before the holiday remained unchanged; driven by futures and macro sentiment, high-grade NPI prices rose slightly.

[SMM Nickel Flash] February 11 - SMM 10-12% high-grade NPI average price was 1,043 yuan/mtu (ex-factory, tax included), up 2 yuan/mtu MoM from the previous working day. The high-grade NPI market sentiment factor was 1.95, down 0.03 MoM; the upstream sentiment factor was 2.72, down 0.03 MoM; and the downstream sentiment factor was 1.17, down 0.03 MoM.

According to SMM, enamelled wire enterprises have started their holidays today, and the industry is expected to fully enter holiday mode next week, with only a few enterprises maintaining reduced production. The operating rate of enamelled wire is projected to drop to 25.67%.

According to Eramet's press release, PT Weda Bay Nickel (WBN) has received an initial notification from Indonesian authorities for a 2026 production and sales quota of just 12 Mwmt, a drastic reduction compared to the 32 Mwmt initially granted for 2025 and its later upward revision to 42 Mwmt. This significantly lower volume reflects the government's tightening of the Work Plan and Budget (RKAB) policy to manage market balance and sustainable resources. While WBN is currently adjusting its operations to minimize the impact on North Maluku's economy, the company plans to apply for an early revision to a higher volume to meet the high demand from smelters and HPAL facilities at the IWIP industrial park.

Today, the DCE iron ore market traded with a weak, volatile bias. The benchmark contract, I2605, ultimately closed at 762.5 RMB/tonne, representing a marginal decline of 0.07% from the previous trading session. Conversely,

[SMM Magnesium News] Gansu lists magnesium-based new materials as a strategic emerging industry. Its government work report proposes building a processing base for strategic mineral resources like magnesium, accelerating full-chain development of Pingliang’s 700-million-ton magnesite dolomite and boosting industry with new energy advantages. Pingliang actively responds, planning a 10-billion-yuan magnesium-based new materials cluster. In 2026, it will speed up transfer of magnesite dolomite exploration rights and pilot project construction. Kongtong District, with rich resources, closely cooperates with China Minmetals to promote magnesium smelting and alloy projects. Currently, its explored magnesite dolomite resources exceed 700 million tons.

[Ferromolybdenum Steel Tender Information] On February 11, SMM reported that a steel mill in Shandong issued a latest ferromolybdenum tender price of 268,000 yuan/mt (cash/acceptance/Tongbao), with a quantity of 30 mt.

SMM February 11 News: According to official information, Southern Nonferrous Metals Co., Ltd. of Nandan County is externally selling antimony ingots. The quality specifications comply with the national standard No. 2, implemented under (GB/T1599-2014). The goods are packaged on fumigated pallets, bundled with steel or plastic-steel straps, totaling approximately 200 tons.

Officials from Sichuan Liwu Copper Industry Co., Ltd. visited Sichuan Gold Group for discussions and signed a strategic cooperation agreement. According to the agreement, the two sides will engage in in-depth cooperation in key areas such as mineral resource acquisition, exploration and development, mining technical services, scientific and technological innovation, and talent exchange. By integrating their respective advantages in capital, technology, management, and resources, they aim to achieve a powerful synergy between "gold" and "copper," jointly enhance the comprehensive development efficiency of regional mineral resources, and work together to set a new benchmark for win-win cooperation among state-owned mining enterprises in Sichuan.

SMM February 11 News: According to official information from Southern Nonferrous Metals Co., Ltd. of Nandan County, a public tender for 100 tons of bismuth metal ingots begins today. Specifications: 99.99%; compliance standard: GB/T915-2010. The deadline for this quotation is: 16:00 on February 12, 2026.

Canadian exploration company Midnight Sun Mining has just announced the initial resource estimate for the central region of the Zambia-Congo Copper Belt: the Kajiba deposit, located in the dome area of the Solwezi project, is a small part of this shallow copper system. The deposit has proven reserves of 2.33 million tons with a copper grade of 1.41%, containing 72.4 million pounds of copper.