The listing price of rare earths in South China on January 4 has been slightly increased for various varieties of medium and heavy rare earths.

[SMM Tungsten Express] SMM May 14: Rotterdam APT prices remained stable at $2,900-3,200/mtu this week, with suppliers holding prices firm with strong sentiment. Affected by tight spot cargo supply, market transactions fell into a deadlock again, with the situation of quoted prices but no actual deals continuing. European scrap prices continued to decline, with transactions in the range of 98-105 euros/kg; the Indian scrap market rebounded slightly by 4.5% WoW, with scrap tungsten carbide drill bits FOB closed at $110-120/kg.

[SMM Analysis: Futures in the Doldrums with Rigid Demand Providing Support, Stainless Steel Social Inventory Saw Mild Destocking] On May 14, SMM reported that stainless steel social inventory continued its mild destocking trend this week. Total inventory across the two core markets of Wuxi and Foshan pulled back slightly, dropping from 955,200 mt on May 7, 2026 to 947,100 mt on May 14, down 0.85% WoW, showing mild destocking characteristics. SS futures were in the doldrums this week. On Thursday, SS futures dropped sharply due to uncertainties surrounding the Fed Chairman transition policy, putting macro sentiment under pressure. However, the spot market showed strong resilience against declines, with stainless steel spot prices falling only narrowly and not following futures to swing wildly. Supply side, steel mills' earlier cargo distribution pace was relatively low, limiting market arrival pressure; traders were cautious in purchasing high-priced cargoes, and speculative purchasing willingness in the market remained weak. Demand side, rigid demand transactions in the market were moderate this week, with end-user rigid demand maintaining a steady pace to pick up goods, largely unaffected by the weak futures performance. Rigid demand resilience supported continued destocking, jointly driving social inventory to pull back slightly this week. Overall, despite futures being under pressure and ongoing macro uncertainties this week, firm spot prices, low steel mill arrivals, and resilient downstream rigid demand collectively drove mild inventory destocking. Currently, the high production schedule pattern at steel mills has not changed, supply-side pressure persists, and futures may maintain wild swings amid the uncertain macro environment. Combined with the traditional peak consumption season gradually...

[SMM Magnesium Weekly Review: Magnesium Market Weakened First Then Strengthened, Consolidating at Lows and Stabilizing; Supply-Demand Divergence Continued] This week, the magnesium market overall exhibited a pattern of weakening first then strengthening, gradually consolidating at lows and stabilizing. Dolomite prices remained stable, with transportation costs supporting delivery-to-factory prices to fluctuate at highs. Magnesium ingot prices drifted slightly lower at the beginning of the week under bearish sentiment, then bottomed out as producers held back from selling, speculative demand entered the market, and cost support held firm. The export market remained sluggish, with FOB quotes stabilizing at low levels before rebounding slightly. The magnesium powder and magnesium alloy markets operated steadily, with orders declining compared to Q1, operating rates edging down slightly, and new orders primarily driven by rigid demand. The magnesium alloy market showed notable supply-demand divergence, with stable demand in the automotive sector, weak two-wheeler demand, and processing fees under pressure. Overall, short-term bottom support for magnesium prices has emerged, but demand divergence will continue to constrain upside room.