Two South Korean vessels transited the Strait of Hormuz after the US and Iran signed a ceasefire MoU.

Refinitiv reported sources close to the negotiating team said the first round of talks in Switzerland concluded.

CSC Financial research note says Chinese dental zirconia makers have received notices from Japan's Tosoh suspending supply of zirconia powder, signaling raw-material shortages have moved from expectation to reality after overseas rare-earth constraints. YSZ (yttria-stabilized zirconia), a yttria-doped high-performance ceramic, faces steep domestic-foreign price divergence: domestic yttrium oxide quoted about 55,000 yuan/ton, Rotterdam port price $457.50/kg and Baichuan reports a European price of $1,175/kg, with some spreads exceeding 100x. Baichuan data show similar widening for other oxides: dysprosium ~8x, terbium ~5x, gadolinium ~40x, scandium ~6x. Rare earths are essential additives for high-end materials and manufacturing; tightening overseas supply and expanding spreads imply Chinese producers of rare-earth-added high-end materials could gain global market share, supporting upstream, midstream and downstream segments of the domestic rare-earth industry chain.