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The GB/T 21181 series represents the first traceable generation and the only national-level product standard for China's "Secondary Lead and Lead Alloy Ingots." According to the National Standard Information Public Service Platform, its evolution is as follows: no independent national standard → GB/T 21181-2007 → GB/T 21181-2017 (current) → GB/T 21181-2025 (effective March 1, 2026).
US-based MP Materials announced the establishment of a rare earth refining joint venture in Saudi Arabia with the US Department of Defense and Saudi Arabian Mining Company (Maaden). This news drove MP Materials' stock price up by over 10% in early trading. This joint venture, one of the first rare earth refineries in the Middle East, will process rare earth raw materials from Saudi Arabia and other regions to produce separated light and heavy rare earth oxides. Under the agreement, Saudi Maaden will hold no less than 51% of the controlling stake, while MP Materials and the US Department of Defense will jointly own 49% of the shares, with the US Department of Defense providing non-recourse funding. With this move by MP Materials, rare earth development in the Middle East, represented by Saudi Arabia, has come into public view.
According to customs data, China's refined lead exports in October 2025 totaled 2,098 mt, up 41.2% MoM and 11.25% YoY. Combined exports of refined lead and lead products from January to October reached 51,156 mt, up 41.56% YoY. On the import side, China imported 3,812 mt of refined lead and 14,477 mt of lead alloy in October. Total imports of refined lead and lead products in the first ten months amounted to 140,240 mt, down 28.97% YoY.
During the survey period (November 18–November 24), rebar production in the central region decreased slightly; both wire rod production and rolling line operating rates also declined.
[SMM Magnesium Morning Meeting Minutes: Improved Transactions, Magnesium Prices May Remain Firm Today] Yesterday, magnesium prices remained stable, with the supply-demand imbalance persisting, and prices are expected to continue consolidating at the bottom.
