metals-research
관점별 · 2 시각 이번 호 전체
Analyses the DoD-MP deal structure in detail, noting that the $110/kg NdPr price floor effectively de-risks the entire capital investment, and compares the approach to the Cold War-era National Defense Stockpile model but applied to a vertically integrated commercial producer rather than a government warehouse.
“The $110/kg price floor effectively de-risks MP's capital stack, making DoD the backstop for the entire US magnet supply chain.”
CRU's Q2 2026 zinc market outlook models a global deficit of 150,000-200,000 tonnes for full-year 2026, significantly larger than ILZSG's early-year figure; attributes the discrepancy to different assumptions about Chinese smelter export behaviour and Western mine curtailment reversals. Notes that Western smelters (Nyrstar, Boliden, Glencore Nordenham) have maintained production despite tight concentrate availability, but faces rising feedstock costs as TC/RCs compress.
“CRU models a 150,000-200,000 tonne zinc deficit for 2026, more bearish on supply than ILZSG's early estimate.”