Hot News

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  Drilling Progress at the Tandayama-Ame Copper Mine in Ecuador

• Mali Maka Copper Mine Project Environmental Permit Approved

• BC Copper 2512 Contract Closed Higher as U.S. Government Reopening Eased Market Concerns [SMM BC Copper Review]

• Short-term upward momentum is insufficient, ferrous metals continue to fluctuate rangebound [SMM Steel Industry Chain Weekly Report]

  This week, finished steel products fluctuated rangebound, while raw material prices diverged, with coking coal and coke showing relative weakness. Iron ore prices trended upward during the week, yet the average price edged down slightly on a WoW basis. In the first half of the week, the National Development and Reform Commission convened a video conference on energy supply guarantees for the 2025–2026 heating season and held talks with China National Coal Group and Shenhua Group. Amid expectations of supply guarantees, coking coal and coke futures experienced a sharp decline, while other ferrous metals showed no significant movement. In the latter half of the week, fundamentals indicated continued inventory drawdowns for the five major steel products, but demand also weakened further.

• [SMM Analysis]High-Grade NPI Prices Continue to Decline Amid Weak End-Use Consumption in Traditional Off-Season

  The average price of SMM 10-12% high-grade NPI fell by 9.8 yuan/mtu WoW to 909.6 yuan/mtu (ex-factory, tax included), while the average Indonesian NPI FOB index price dropped by $1.1/mtu WoW to $112.37/mtu. During the traditional off-season, end-use consumption remained weak, and high-grade NPI prices continued to decline this week.