因相关信息尚未公开，这些匿名知情人士表示，若获得成员国支持，该禁令或将涵盖铱、铑、铂和铜。 欧盟的制裁措施需得到所有成员国的支持，欧盟计划于本月正式通过这套新制裁方案。 负责欧盟制裁事务的欧盟委员会发言人对此拒绝置评。 俄罗斯金属正逐步被主流交易中心拒之门外。英国的制裁措施禁止2024年4月13日后生产的俄罗斯原产 铜在伦敦金属交易所进行交易或交割，而伦敦铂钯市场也已于2022年将俄罗斯精炼商从其交割名单中剔 除。 这些举措甚至对工业消费者也形成了需求限制，他们如今无法再将俄罗斯金属用于融资活动。在铜贸易 领域，由于俄罗斯数家大型生产商已遭制裁，欧洲买家基本已完全放弃采购俄罗斯铜。 尽管大部分俄罗斯金属交易量已转向亚洲市场，但仍有不少此类金属流入西方市场。 若该新限制措施获批，其制裁目标将主要指向俄罗斯最大的矿业公司——诺里尔斯克镍业公司（MMC Norilsk Nickel PJSC）。该公司因在全球工业领域的重要地位，此前尚未受到制裁。该矿商的钯金产量 占全球汽车催化剂用钯供应量的约40%，不过钯金并未被纳入欧盟此次的制裁清单。同时，该公司也是 俄罗斯最大的铂、铱、铑、镍和铜生产商。 据知情人士透露，欧盟 ...

Group 1: Military Industry New Materials - The price of electrolytic cobalt this week is 435,000 CNY/ton, a decrease of 3.5% compared to the previous week. The price ratio of electrolytic cobalt to cobalt powder is 0.76, down 4.5% [3] - The price of carbon fiber this week is 83.8 CNY/kg, remaining unchanged, with a gross profit of -9.19 CNY/kg [3] Group 2: New Energy Vehicle Materials - The prices of lithium carbonate and lithium hydroxide are 171,100 CNY/ton and 161,100 CNY/ton, respectively, with increases of 8.4% and 8.2% [4] - The price of cobalt sulfate this week is 95,300 CNY/ton, up by 0.21% [4] - The prices of lithium iron phosphate and 523-type cathode materials are 52,400 CNY/ton and 200,200 CNY/ton, with changes of 0% and +4.6%, respectively [4] - The price of praseodymium-neodymium oxide is 672.66 CNY/kg, down by 0.3% [4] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 7.88 USD/kg, unchanged from the previous week [5] - The price of EVA is 9,650 CNY/ton, an increase of 3.8%, remaining at a low level since 2013 [5] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/sqm, unchanged [5] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials are stable, with prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand remaining unchanged [6] - The uranium price for December 2025 is projected to be 63.51 USD/lb, reflecting a 2.0% increase [6] Group 5: Consumer Electronics New Materials - The price of cobalt tetroxide is 363,000 CNY/ton, unchanged, while lithium cobalt oxide is priced at 402.0 CNY/kg, up by 0.5% [7] - The price of silicon carbide is 5,600.00 CNY/ton, with a significant increase of 9.8% [7] - The prices of high-purity gallium, crude indium, and refined indium are 1,840.00 CNY/kg, 3,450.00 CNY/kg, and 3,550.00 CNY/kg, with changes of +1.4%, -4.2%, and -4.1%, respectively [7] - The price of germanium dioxide is 8,950 CNY/kg, unchanged [7] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 672.50 CNY/g, 2,715.00 CNY/g, and 1,675.00 CNY/g, with increases of 11.5%, 5.0%, and 1.8%, respectively [8]

Core Insights - Iridium, a rare white metal, has maintained a high price of 800,000 RMB per kilogram, surpassing gold, due to its unique properties and scarcity [1] Group 1: Scarcity - Iridium is one of the rarest elements in the Earth's crust, with an annual global production of only about 8 tons, which is one-third of gold production [1] - It is primarily found in platinum or nickel ores, with independent deposits being extremely rare, contributing to its high value [1] Group 2: Mining and Refining - The extraction and refining of iridium are complex, requiring the processing of hundreds of tons of ore to obtain just one kilogram of iridium [2] - The high difficulty of separation and purification techniques, such as chemical dissolution and high-temperature smelting, further increases costs [2] Group 3: Irreplaceable Applications - Iridium has unique physical and chemical properties, including a melting point exceeding 2400°C and strong corrosion resistance, making it indispensable in various high-end applications [3][4][5] - It is used in critical industrial components, high-precision lasers, cosmic ray detectors, and as a strengthening agent in platinum for high-performance alloys [3][4][5] Group 4: Market Supply and Demand - The iridium market, while small, has a concentrated demand in high-tech and high-end manufacturing sectors, characterized by rigid demand [6] - Supply is highly concentrated, with South Africa and Russia being the primary producers, creating a fragile balance between scarce supply and stable demand, which helps maintain high prices [6] Group 5: Future Outlook - Demand for iridium is expected to steadily increase with the development of aerospace, new energy, and precision medical industries [7] - The discovery of new deposits is rare, and while recycling technology is improving, it remains limited in scale, ensuring iridium's position as a "price king" due to its scarcity and irreplaceability [7]

Core Viewpoint - The company, Guoyan Platinum Industry (600459.SH), focuses on the refining of precious metals from waste materials, specifically gold and silver, and does not currently engage in mining activities for these metals. Future expansion into mining will depend on the company's development plans and business layout [1] Group 1 - The company operates in the precious metals sector, which includes eight elements: gold, silver, platinum, palladium, rhodium, iridium, osmium, and ruthenium [1] - Currently, the company's business primarily involves the purification of precious metals from waste materials [1] - The company has not yet entered the mining of gold and silver, and future decisions will be based on strategic planning [1]

Core Viewpoint - The company, Guiyan Platinum Industry (600459.SH), confirmed that its operations include precious metals such as gold and silver, but currently focuses on refining precious metals from waste materials rather than mining them directly [2]. Group 1 - The company operates with eight types of precious metals: gold, silver, platinum, palladium, rhodium, iridium, osmium, and ruthenium [2]. - Currently, the company's business primarily involves the purification of precious metals from waste materials, and it does not engage in the mining of gold and silver [2]. - Future decisions regarding entering the gold and silver mining sector will depend on the company's development plans and business strategy [2].

Core Viewpoint - The report by Heraeus Precious Metals predicts a downward trend in the prices of gold, silver, and platinum group metals in the first half of 2026, following previous price increases that pushed gold and silver to high levels and platinum group metals to record highs [1] Group 1: Price Trends - Gold and silver prices are expected to face downward pressure due to a potential loss of momentum after recent price increases [1] - Platinum group metals may experience significant downward pressure due to weak industrial demand, despite a currently tight market [1] Group 2: Market Influences - The precious metals market may be affected by slowing economic growth, geopolitical uncertainties, and ongoing transformations in the automotive industry, leading to increased price volatility in the first half of 2026 [1] - Strong central bank demand and favorable macroeconomic conditions are expected to provide solid support for gold prices [1] Group 3: Specific Metal Insights - Silver prices are anticipated to be more volatile due to industrial headwinds [1] - The palladium market is expected to continue facing oversupply as the market share of pure electric vehicles increases [1] - China remains a key factor in global demand trends, with the "14th Five-Year Plan" promoting green hydrogen and fuel cell technology, which may benefit the demand for ruthenium and iridium in the long term [1]

Core Viewpoint - The report from Heraeus Precious Metals indicates that gold, silver, and platinum group metals prices may experience a downward trend in the first half of 2026, following previous highs driven by strong demand and macroeconomic factors [1][2] Group 1: Price Trends and Influencing Factors - Precious metal prices are expected to undergo consolidation after significant increases, with gold likely to have the strongest support due to robust central bank demand and favorable macroeconomic conditions [1] - Industrial demand weakness and recession risks pose significant downward pressure on platinum group metals, while silver's price may be more volatile due to industrial headwinds [1][2] - The report anticipates that the global market will face both economic and geopolitical challenges, with major economies like the US and Europe experiencing slower growth and persistent inflation affecting monetary policy [1] Group 2: China's Role and Future Demand - China remains a key factor in global demand trends, with economic stimulus measures potentially supporting industrial activity, although adjustments in photovoltaic policies may slow silver demand growth [2] - Initiatives related to green hydrogen and fuel cell technology in China's 14th Five-Year Plan may drive long-term demand for ruthenium and iridium [2] - The precious metals market may be influenced by slowing economic growth, geopolitical uncertainties, and ongoing transformations in the automotive industry, with low real interest rates and sustained inflation supporting investment demand [2]

Group 1 - The core viewpoint of the articles indicates a strong upward trend in precious metal prices, particularly gold, driven by multiple factors including geopolitical uncertainties, concerns over U.S. debt sustainability, and central bank purchases [1][3][4] - As of mid-October 2025, gold prices have increased by 66% year-to-date, reaching a peak of over $4,380 per ounce, with expectations for further increases in 2026 [1][3] - The average gold price for 2026 is projected to be around $4,560 per ounce, representing a 33% increase compared to the previous year [3] Group 2 - Silver prices are expected to be influenced by similar factors as gold, including policy uncertainties and rising demand for safe-haven assets, with short-term supply remaining tight [4][6] - The average silver price for 2026 is anticipated to reach $57 per ounce, with potential to exceed $60 per ounce in the latter half of the year [6] - Platinum prices have risen over 80% year-to-date, with expectations of continued upward momentum due to supply constraints and increased demand [6][9] Group 3 - Palladium has also seen a price increase of over 70% this year, driven by tariff risks and supply adjustments, with a projected average price of $1,340 per ounce for 2026 [9][10] - The supply-demand dynamics for other platinum group metals, such as rhodium and ruthenium, are expected to improve by 2026, with rhodium prices potentially spiking again due to low ground stocks [10][12] - Overall, the precious metals market is characterized by strong investment interest and ongoing central bank purchases, which are expected to support prices in the coming years [3][4][6]

Group 1: Military Industry New Materials - The price of electrolytic cobalt is 263,000 CNY/ton, unchanged from the previous week, with a cobalt price ratio of 0.86, down 0.5% [4] - Carbon fiber price is 83.8 CNY/kg, unchanged from the previous week, with a gross profit of -8.59 CNY/kg [4] Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate at China's port is 726 USD/ton, down 9.81% [5] - The prices of battery-grade lithium hydroxide, industrial-grade lithium hydroxide, and electric carbon are 78,900 CNY/ton, 77,000 CNY/ton, and 76,200 CNY/ton, down 4.2%, 4.35%, and 1.1% respectively [5] - The price of sulfuric cobalt is 53,200 CNY/ton, up 0.19% [5] - The prices of lithium iron phosphate and 523-type cathode materials are 34,300 CNY/ton and 113,300 CNY/ton, unchanged and down 0.4% respectively [5] - The price of neodymium oxide is 579.72 CNY/kg, down 2.9% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 6.20 USD/kg, unchanged from the previous week [6] - The price of EVA is 10,800 CNY/ton, up 2.9%, remaining at a low level since 2013 [6] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/sqm, unchanged [6] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials are stable, with prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand remaining unchanged [7] - The uranium price for June 2025 is 59.58 USD/lb, up 4.0% [7] Group 5: Consumer Electronics New Materials - The price of cobalt tetroxide is 213,000 CNY/ton, up 0.47% [9] - The price of lithium cobalt oxide is 175.0 CNY/kg, unchanged [9] - The prices of silicon carbide, high-purity gallium, crude indium, and refined indium are 5,300.00 CNY/ton, 1,755.00 CNY/kg, 2,445.00 CNY/kg, and 2,545.00 CNY/kg respectively, with high-purity gallium remaining unchanged and crude and refined indium down 1.2% [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 326.00 CNY/g, 1,815.00 CNY/g, and 1,195.00 CNY/g respectively, with rhodium down 1.1% [10]

Group 1: Military Industry New Materials - The price of electrolytic cobalt has increased to 265,000 CNY/ton, a week-on-week increase of 6.9% [3] - The price ratio of electrolytic cobalt to cobalt powder is 0.95, up by 4.5% week-on-week; the price ratio of electrolytic cobalt to cobalt sulfate is 5.15, up by 6.2% [3] - Carbon fiber price remains at 83.8 CNY/kg with a gross profit of -8.24 CNY/kg [3] Group 2: New Energy Vehicle Materials - The CIF price of Li2O 5% lithium concentrate is 677 USD/ton, down by 4.51% week-on-week [4] - Prices for battery-grade lithium hydroxide, industrial-grade lithium carbonate, and battery-grade lithium carbonate are 73,200 CNY/ton, 70,200 CNY/ton, and 65,200 CNY/ton, with week-on-week increases of 7.9%, 6.95%, and 8.2% respectively [4] - The price of cobalt sulfate is 50,800 CNY/ton, up by 2.01% week-on-week [4] - Prices for lithium iron phosphate and 523-type cathode materials are 32,700 CNY/ton and 111,000 CNY/ton, remaining stable with slight increases of 0% and 0.4% respectively [4] - The price of neodymium oxide is 531.15 CNY/kg, up by 3.5% week-on-week [4] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 4.94 USD/kg, remaining stable [5] - EVA price is 10,100 CNY/ton, down by 0.5%, at a low level since 2013 [5] - The price of 3.2mm photovoltaic glass coating remains at 24.0 CNY/sqm [5] Group 4: Nuclear Power New Materials - Prices for zirconium-related materials are stable, with prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand at 14,750 CNY/ton, 150 CNY/kg, 9,000 CNY/kg, 13,950 CNY/ton, and 14,012.5 CNY/ton respectively [6] - The uranium price is projected to be 59.58 USD/lb in June 2025, up by 4.0% [6] Group 5: Consumer Electronics New Materials - The price of cobalt tetroxide is 207,500 CNY/ton, up by 2.47% week-on-week [7] - The price of lithium cobalt oxide is stable at 175.0 CNY/kg [7] - The price of silicon carbide remains at 5,400.00 CNY/ton [7] - Prices for high-purity gallium, crude indium, and refined indium are 1,755.00 CNY/kg, 2,575.00 CNY/kg, and 2,675.00 CNY/kg, with changes of -1.7%, 0%, and 0% respectively [7] - The price of germanium dioxide is stable at 9,800 CNY/kg, with 50% used for optical fibers and 15% for electronics and solar devices [7] Group 6: Other Materials - The prices for platinum, rhodium, and iridium are 312.00 CNY/g, 1,865.00 CNY/g, and 1,305.00 CNY/g, with changes of -6.3%, +9.4%, and +5.7% respectively [8]