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  [SMM Stainless Steel Daily Review] SS futures edged up slightly, stainless steel spot prices recovered moderately, trading volume was acceptable.

• [SMM Analysis] Stainless Steel Inventory Stops Rising and Begins to Decline as Export License Policy Approaches

• Spot Silicon Metal Stalemate, Polysilicon Focuses on Transaction Finalization [SMM Silicon Industry Weekly Review]

  [Spot Silicon Metal Stalemate, Polysilicon Focuses on Transaction Settlements]: This week, silicon metal futures prices saw an upward correction, but still fell short of silicon enterprises' expectations, resulting in weak willingness to sell. Downstream sectors continued to digest inventories with a strong wait-and-see sentiment. Recently, spot silicon metal prices have been locked in a stalemate, with prices facing pressure from both upward and downward movements.

• [SMM Weekly Review] This Week in the Hydrometallurgy Recycling Market: LCO Black Mass Payables Began to Rise, LFP Black Mass Prices Shifted from Decline to Increase, 2025.12.15-2025.12.18

  Cobalt sulphate prices rose slightly this week, while nickel sulphate prices were basically flat, and lithium carbonate prices continued to rise. Recently, lithium carbonate prices have been significantly influenced by market sentiment, although there has been no major change in supply-demand fundamentals. LFP black mass prices per % lithium rose this week in line with the increase in lithium chemical prices. Upstream grinding enterprises, after observing lithium carbonate supply-demand dynamics and policy developments, remain relatively optimistic about future prices. Although prices have adjusted in response to futures movements, the upward momentum remains strong. Taking LFP pole piece black mass as an example, current prices stand at 3,750-3,950 yuan/mtu, up WoW. For ternary black mass, the nickel and cobalt payables for ternary pole piece black mass currently range from 75.5-77.5%, up 0.25% WoW, while lithium payables remain at 73-75%, basically flat WoW. The main reason is the continued rise in cobalt sulphate prices this week: most enterprises have relatively limited cobalt inventory, and after clearing out old stock, they have had to purchase new material from smelters, driving prices upward. The price increases in cobalt sulphate and lithium carbonate have gradually passed through costs to the ternary and LCO sectors, leading to rises in both payables and prices for ternary and LCO black mass.

• An Important Discovery Made in the Exploration of the Zoro Gold Mine in Chile