According to SMM data, the average weekly production of domestic hot-rolled coils in February was 3.2004 million mt, up 0.80% MoM from January.

In mid-February 2026, the CAAM and the China Power Battery Industry Innovation Alliance successively released data related to the automotive and power battery markets for January 2026. According to analysis by the China Association of Automobile Manufacturers, in January 2026, the automotive industry overall operated steadily, the passenger vehicle market experienced some decline, the commercial vehicle market continued its positive trend, the new energy vehicle market operated smoothly, and auto exports maintained growth.......SMM compiled relevant data for the automotive market and power battery market in January 2026 for readers' reference. Automotive Sector CAAM: Auto Production and Sales Both Exceeded 2 Million Units in January 2026, Production Edged Up YoY In January, auto production and sales reached 2.45 million and 2.346 million units respectively, with production up 0.01% YoY , while sales fell 3.2% YoY, and dropped 25.7% and 28.3% MoM respectively. CAAM: China's NEV Production and Sales Reached 1.041 Million and 945,000 Units Respectively in January 2026, Up 2.5% and 0.1% YoY In January, NEV production and sales reached 1.041 million and 945,000 units respectively, increasing 2.5% and 0.1% YoY respectively , with NEV new car sales accounting for 40.3% of total new car sales. CAAM: Auto Exports Continued Growth in January, NEV Exports Saw Rapid Growth In January, auto exports reached 681,000 units, up 44.9% YoY , but down 9.5% MoM . NEV exports were 302,000 units, doubling YoY and rising 0.5% MoM ; traditional fuel vehicle exports were 380,000 units, up 18.8% YoY , but falling 16.1% MoM. Regarding the January auto market, CAAM stated that the automotive industry overall operated steadily, the passenger vehicle market saw some decline, the commercial vehicle market continued its positive trend, the NEV market operated smoothly, and auto exports maintained growth. The main factors contributing to the market decline were: first, the transition adjustment of the NEV purchase tax policy; second, many local car purchase subsidy policies were at the annual transition period; third, some consumer demand was released in advance during 2025. In the first month of 2026, the state intensively introduced a series of policies benefiting people and enterprises to support people's livelihoods and economic development. Among these, the "program of large-scale equipment upgrades and consumer goods trade-ins" policy transitioned smoothly and orderly, with various regions successively following up and releasing implementation rules; the "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption" focused on key areas such as the automotive aftermarket service to stimulate market vitality. As supporting policies are refined and implemented, they help stabilize and rebound auto-market demand and keep the industry running smoothly. CAAM stated that the 15th Five-Year Plan period is the critical window for China’s automotive industry to shift to high-quality growth; the sector must keep the market stable while focusing on raising quality and efficiency. Meanwhile, the Passenger Car Association released January passenger-vehicle data. Retail sales reached 1.544 million units, down 13.9% YoY. Given complex market factors, the “low-start, high-finish” annual pattern has been pronounced; January retail has been weak since 2020 (-21% in 2020, +27% in 2021, -5% in 2022, -38% in 2023, +58% in 2024, -12% in 2025), so 2026’s -13.9% sits in the middle of January’s historical wild swings. For NEVs, January passenger NEV retail was 596,000 units, down 20.0% YoY; conventional ICE passenger vehicles sold 948,000 units, down 10%. Exports: 286,000 passenger NEVs shipped, up 103.6% YoY , accounting for 49.6% of total passenger-vehicle exports and 12.5 percentage points higher than last year. Pure-electric made up 65% of NEV exports (67% last year), with A00+A0 pure-electric accounting for 50% (41%). Leveraging scale advantages and expansion needs, more Chinese NEV brands are going global and gaining overseas recognition. Plug-in hybrids comprised 33% of NEV exports (32%), and despite recent external headwinds, self-owned plug-in hybrid exports to developing markets are surging, promising strong prospects. The PCA noted that after the NEV purchase-tax exemption ended in December 2025, the market is in a normal recovery phase. Some consumers front-loaded purchases to capture the incentive, creating a short-term overhang in January—an expected fluctuation, not a long-term trend. January features: (1) Producer exports hit a January record, with passenger NEV exports also at a January high, underscoring rising global competitiveness and robust overseas demand; (2) Post-incentive retail pulled back, yet high-end NEV share rose, showing upgrading consumers favor premium NEVs and aiding high-quality transformation; (3) 2026 new-model launches are steady, and “anti-involution” curbs on disorderly discounting kept January NEV incentives at 10.1%, the fifth consecutive month near 10%, averting volume-driven price wars and preserving order; (4) The historical pattern of ICE outperforming NEVs before Chinese New Year repeated: ICE retail down 10% YoY, pure-electric down 17.0%, range-extender up 0.8%, plug-in hybrid down 31.2%; as the December overhang fades, NEVs should return to growth; (5) January domestic NEV penetration was 38.6%, export penetration 49.6%; (6) January self-owned ICE exports were 250,000 units, up 17% YoY, self-owned NEV exports 226,000, up 115% YoY, with NEVs 47.5% of self-owned exports—especially strong in Europe and Southeast Asia—cementing Chinese NEV brands’ expanding global influence and laying a solid foundation for future export growth. Power Battery Sector In January, China's Power and ESS Battery Sales Totaled 148.8 GWh, Up 85.1% YoY In January, China's power and ESS battery sales reached 148.8 GWh, down 25.4% MoM, but up 85.1% YoY . Specifically, power battery sales were 102.7 GWh, accounting for 69.0% of total sales, down 28.6% MoM and up 63.2% YoY; ESS battery sales were 46.1 GWh, accounting for 31.0% of total sales, down 17.0% MoM and up 164.0% YoY. In January, China's combined exports of power and ESS batteries were 24.1 GWh, down 26.0% MoM, but up 38.3% YoY, accounting for 16.2% of the monthly sales. Among these, power battery exports were 17.7 GWh, accounting for 73.3% of total exports, down 7.1% MoM and up 59.3% YoY; ESS battery exports were 6.4 GWh, accounting for 26.7% of total exports, down 52.6% MoM and up 1.4% YoY. In January, Domestic Power Battery Installations Totaled 42.0 GWh, Up 8.4% YoY In January, domestic power battery installations were 42.0 GWh, down 57.2% MoM, but up 8.4% YoY . Among these, ternary battery installations were 9.4 GWh, accounting for 22.3% of total installations, down 48.6% MoM and up 9.6% YoY; LFP battery installations were 32.7 GWh, accounting for 77.7% of total installations, down 59.1% MoM and up 8.1% YoY. New Automakers Show Divergent YoY Performance in January, Leap Motor Continues to "Lead", Xiaomi Auto Deliveries Exceed 39,000 Units in January According to statistics from a CLS reporter on the January sales of 15 A/H-share listed automakers, 9 automakers achieved YoY growth, accounting for 60%. The increase in NEV sales and expansion into overseas markets were important drivers for the overall growth of these automakers. SAIC's January sales were 327,000 units, up 23.94% YoY, returning to the top sales position. The NEV sector continued to "gain momentum"; in January 2026, SAIC's NEV sales reached 85,000 units, up 39.7% YoY, placing its sales volume in the industry's leading camp. As for Geely, which ranked second, its January sales were 270,200 units, up 1.29% YoY and 14.08% MoM, making it the only enterprise to achieve positive growth both YoY and MoM. Geely stated, "2026 is a major product year for Geely Auto, with the company launching 1-2 all-new products each quarter, including multiple new hybrid models and a new generation of methanol-hydrogen energy vehicles, aiming to achieve the full-year sales target of 3.45 million units." On the export front, Geely has set its 2026 export sales target at 640,000 units, representing a YoY increase of over 50%. In January's new automaker market, based on the delivery figures released by major automakers, deliveries across the board declined MoM compared to December 2025. Among them, Leap Motor continued to lead in 2026, ranking first among new automakers with 32,059 units delivered, up 27.37% YoY but down 46.94% MoM. To stabilize the market, Leap Motor accelerated its channel expansion, recently adding 85 new stores. As of January 5, the total number of stores nationwide reached 1,068, ensuring more users can conveniently experience Leap Motor’s products and services. On February 2, Leap Motor launched new car purchase benefits for February, including a New Year cash discount of 11,000 yuan, a New Year referral reward of up to 10,000 energy points, and a New Year financial offer with 0% interest for up to 5 years. Li Auto regained momentum in January, ranking second after Leap Motor with 27,668 units delivered, down 7.55% YoY and 37.47% MoM. As of January 31, 2026, Li Auto’s cumulative deliveries reached 1,567,883 units. On February 5, Li Xiang, Chairman of Li Auto, stated on social media that the new Li L9 will be launched in 2026, describing it as "not just a car, but the pioneering work of embodied AI robots." Caixin reporters learned that Li Auto has established an AI company structure, including teams for computing and data, base models, software, and hardware, to build capabilities for creating "silicon-based humans." As of January 31, 2026, Li Auto had 547 retail centers nationwide, covering 159 cities, along with 547 after-sales service and authorized service centers covering 221 cities. The company has put into use 3,966 Li Auto supercharging stations with 21,945 charging piles. NIO delivered a total of 27,182 vehicles in January, up 96.08% YoY but down 43.53% MoM. On the afternoon of February 1, the 60,000th new ES8 was delivered in Guangzhou, taking 134 days to reach this milestone. On the same day, NIO launched a 7-year ultra-low interest purchase plan for the new ET5, ET5T, ES6, and EC6, while the Onvo brand introduced a similar plan for the Onvo L60 and L90, featuring a 0.49% annualized rate, zero financial service fee, and no penalty for early repayment. The Firefly brand launched a 7-year ultra-low-interest car purchase plan, with locked orders receiving the Year of the Horse New Year surprise gift pack. XPeng Motors delivered 20,011 new vehicles in January, down 34.07% YoY and down 46.65% MoM. In January, the XPeng X9 continued to sell well, with 4,219 units delivered in the single month, up 413.9% YoY. By the end of January, its cumulative deliveries reached 51,897 units, making it the fastest MPV model among domestic new automakers to exceed 50,000 units in deliveries. In the same month, the 2026 XPeng X9 all-electric version opened for pre-orders. As the "world's longest-range 5C all-electric large seven-seater," the new model's product strength is fully aligned with the market's hot-selling super range-extended version. From now until the new car's launch, paying a 2,000 yuan deposit can offset 7,000 yuan of the car purchase price. Additionally, for Xiaomi Auto, according to its official Weibo data, January deliveries exceeded 39,000 units, even surpassing Leap Motor, which held the top position among new automakers. On the same day, Xiaomi also released related car purchase benefits for the Xiaomi SU7 and Xiaomi SU7 Ultra. The entire Xiaomi YU7 series can enjoy a "7-year low-interest" offer! A new low monthly payment option is available, with a down payment starting at 99,900 yuan and a minimum monthly payment of less than 2,000 yuan. For orders placed before 24:00 on February 28, a "3-year zero-interest" option is available, with a down payment starting at 74,900 yuan and monthly payments as low as 4,961 yuan. At the same time, customers can enjoy up to 66,000 yuan in limited-time car purchase benefits. Regarding store expansion progress, Xiaomi Auto stated that it added 9 new stores in January, bringing the total to 484 stores in 139 cities nationwide; it plans to add 6 new stores in February, expected to cover 2 new cities: Jiangmen and Zhoukou; as of January 31, there were already 270 service outlets nationwide, covering 159 cities. As for BYD, the leader in power batteries, January sales reached 210,051 units, with cumulative new energy sales exceeding 15.3 million. BYD exported a total of 100,482 NEVs in January. It is worth mentioning that there is new news regarding BYD's solid-state batteries. A Cailianshe reporter learned from BYD's investor relations department that BYD is exploring multiple routes in the solid-state battery field, with sulfide solid-state batteries as an important technical direction, achieving breakthroughs in battery life and fast charging, and is expected to achieve small-scale production by 2027. In the sodium-ion battery field, it is already in the development stage of the third-generation product technology platform and has developed sodium-ion battery products with 10,000 cycles; the mass production period will be determined based on actual market and client demand. Cui Dongshu, Secretary General of the CPCA, commented that given the recent expiration of the vehicle purchase tax exemption policy, only some provinces and cities have launched vehicle replacement subsidy policies; coupled with the fact that mid-January last year was the peak sales period before the Chinese New Year, the impact of the holiday timing shift makes the weak retail performance of the auto market in January reasonable. It is anticipated that as the detailed rules for replacement subsidies are gradually refined across various regions, subsidy application channels become more accessible, and the potential car purchase demand before the Chinese New Year is gradually released, the automotive retail market is expected to recover and improve steadily. National and Local Governments Mention Policies to Boost Auto Consumption at the Beginning of 2026; Over 20 Regions Introduce New Trade-in and Car Purchase Subsidy Policies Entering 2026, with the phase-out of national subsidies, multi-pronged policies to stimulate consumption are being intensively rolled out from the national to local levels. According to incomplete statistics, more than 20 provinces, municipalities, and autonomous regions, including Beijing, Shanghai, Chongqing, Zhejiang, and Sichuan, have released detailed rules for automotive trade-in, retirement and renewal, or car purchase subsidy programs. On December 31, 2025, the General Office of the Ministry of Commerce and seven other departments issued the "Detailed Implementation Rules for Automotive Trade-in Subsidies in 2026," which officially took effect on January 1, 2026. The rules stipulate that in 2026, a one-time subsidy will be provided to individual consumers who retire gasoline passenger vehicles registered before June 30, 2013, diesel or other fuel passenger vehicles registered before June 30, 2015, or new energy passenger vehicles registered before December 31, 2019, and purchase new energy passenger vehicles included in the Ministry of Industry and Information Technology’s "Catalog of NEV Models Eligible for Vehicle Purchase Tax Reduction and Exemption" or fuel-powered passenger vehicles with a displacement of 2.0 liters or less. For retiring the aforementioned eligible old vehicles and purchasing new energy passenger vehicles, a subsidy equivalent to 12% of the new vehicle’s selling price (including tax, the same hereinafter) will be granted, with the subsidy amount (rounded up to the nearest yuan, the same hereinafter) capped at 20,000 yuan. For retiring the aforementioned eligible fuel-powered passenger vehicles and purchasing fuel-powered passenger vehicles with a displacement of 2.0 liters or less, a subsidy equivalent to 10% of the new vehicle’s selling price will be granted, with the subsidy amount capped at 15,000 yuan. The Passenger Car Association analyzed that the key words for the 2026 trade-in policy are not "further escalation" but "more sustainable, more balanced, and more regulated." Changing the subsidy amount to a percentage of the vehicle price with an upper limit aims to achieve a more balanced use of subsidies, avoiding situations where subsidies are suspended due to rapid depletion of funds in the early stages. Algorithm adjustments will also have a certain impact on the automotive market structure: the stimulus for low-priced models will be significantly weakened, while models priced between 160,000 and 200,000 yuan will be able to fully utilize the subsidies, making them more favorable for upgrade purchases. Producers need to meet market demand with product competitiveness and financial solutions, emphasizing "long-term value" such as driving range, intelligence, and refueling experience, rather than relying solely on one-time subsidies. The China Automobile Dealers Association also stated that the 2026 automotive trade-in policy strengthens overall coordination and promotes the efficient and direct allocation of subsidy funds. This ensures that limited funds benefit more consumers, particularly meeting the needs of essential demand groups. The scope of benefiting vehicle owners is expected to further expand, with the support focus more clearly targeting the encouragement of retiring old vehicles and purchasing energy-efficient and NEVs. Implementation emphasizes leveraging market mechanisms to make subsidies more aligned with actual needs. The application process is clear and convenient, with improved supervision and management mechanisms. Overall, the policy is expected to continuously stimulate consumption vitality, adding new momentum for the transformation, upgrading, and high-quality development of the automotive industry. Since the beginning of 2026, according to incomplete statistics, multiple provinces and cities including Shanghai, Beijing, Sichuan, and Shandong have successively released detailed rules for the automotive trade-in policy, continuously promoting local automotive consumption: [Shanghai 2026 Automotive Trade-In Policy Implemented, Maximum Subsidy of 20,000 Yuan] Shanghai's 2026 automotive trade-in policy has been implemented. The Shanghai Municipal Commission of Commerce and seven other departments jointly issued the "Detailed Implementation Rules for Shanghai's 2026 Automotive Trade-In Subsidy Policy," officially launching subsidy activities for vehicle retirement renewal and replacement renewal. Individual consumers can receive a maximum subsidy of 20,000 yuan. The policy has been in effect since January 1, 2026, with applications accepted until January 10, 2027. [Hubei 2026 Automotive Trade-In Subsidy Rules Implemented, Maximum Subsidy of 20,000 Yuan] Hubei Provincial Department of Commerce, together with the Provincial Development and Reform Commission, Department of Economy and Information Technology, and five other departments, officially issued the "Detailed Implementation Rules for Hubei's 2026 Automotive Trade-In Subsidy Policy." It specifies that special subsidies will be provided to individual consumers purchasing NEVs and small-displacement fuel passenger vehicles through two main methods: retirement renewal and replacement renewal, with a maximum subsidy amount of 20,000 yuan. The policy officially took effect on January 1, 2026. [Xi'an 2026 Automotive Trade-In Subsidy Rules Implemented, Up to 20,000 Yuan Subsidy for Retiring Old Vehicles for NEVs] Xi'an released the "Detailed Implementation Rules for Xi'an's 2026 Automotive Trade-In Subsidy Policy," clarifying that special subsidies will be provided to individual consumers purchasing new vehicles through two models: retirement renewal and replacement renewal. The policy covers the entire year, with subsidy applications accepted until January 10, 2027, further reducing citizens' car purchase costs and aiding the upgrade of the automotive consumer market. [Beijing 2026 Automotive Trade-In Subsidy Starts on February 9, Maximum Subsidy of 20,000 Yuan] Beijing's 2026 automotive trade-in subsidy policy has been officially announced. On February 6, reporters learned that Beijing officially released the "Beijing 2026 Automotive Trade-In Subsidy Implementation Plan," which is about to launch two types of subsidies: "retirement renewal" and "replacement renewal." The application system will open at 10:00 on February 9, and eligible car purchase consumers can receive a maximum subsidy support of 20,000 yuan. Among them, "retirement and renewal" refers to retiring old vehicles and purchasing new ones. Consumers who purchase passenger NEVs are eligible for a subsidy equivalent to 12% of the new vehicle's selling price, with a maximum subsidy amount of 20,000 yuan; those who purchase fuel-powered passenger vehicles with an engine displacement of 2.0 liters or less are eligible for a subsidy equivalent to 10% of the new vehicle's selling price, with a maximum subsidy amount of 15,000 yuan. [Sichuan: Supports Auto Trade-In and Renewal with Maximum Subsidy of 15,000 Yuan] The National Development and Reform Commission (NDRC) and the Finance Department of Sichuan Province issued a notice on printing and distributing the "Policy Measures for Implementing Large-Scale Equipment Renewal and Consumer Goods Trade-In in Sichuan Province in 2026". The notice mentions support for auto trade-in and renewal. In 2026, individual consumers who transfer the registration of passenger vehicles under their own names through sale and purchase new passenger NEVs included in the Ministry of Industry and Information Technology's "Catalog of NEV Models Eligible for Vehicle Purchase Tax Reduction and Exemption" or fuel-powered passenger vehicles with an engine displacement of 2.0 liters or less will receive a one-time subsidy. For those who trade in for new passenger NEVs meeting the aforementioned conditions, a subsidy equivalent to 8% of the new vehicle's selling price will be provided, with a maximum subsidy amount of 15,000 yuan; for those who trade in for fuel-powered passenger vehicles meeting the aforementioned conditions, a subsidy equivalent to 6% of the new vehicle's selling price will be provided, with a maximum subsidy amount of 13,000 yuan. Cui Yan, Deputy Director of Guolian Minsheng Research Institute and Chief Auto Analyst, stated that various regions have successively initiated trade-in subsidies for 2026, and coupled with the successive launch of new vehicles before auto shows after the Chinese New Year, auto sales are expected to stabilize and rebound. When discussing the sales situation in the auto market in January, she said that the overall end-use demand for autos in January was relatively mediocre, primarily due to the fact that local subsidies on the policy side had not yet been officially initiated, and at the same time, there were relatively few new car models launched by automakers on the supply side. "These two factors have now improved. Since mid-to-late January, local governments have successively initiated trade-in subsidies; on the supply side, after the Chinese New Year and before auto shows, automakers will successively launch new vehicles or initiate pre-launch promotional activities for new vehicles. It is expected that auto demand will stabilize and rebound after the Chinese New Year." According to CCTV News, in 2026, the Ministry of Commerce, in collaboration with various regions and relevant departments, will further advance the trade-in of consumer goods, focusing on areas such as automobiles to further optimize policy implementation and continuously release consumption potential. Business big data shows that as of February 5, 2026, there have been 335,000 applications for auto trade-in subsidies, driving new vehicle sales of 53.77 billion yuan, effectively promoting the development of the auto market and the recycling of resources, and facilitating industrial quality improvement, upgrading, and green transformation. In January, the average price of new vehicles involved in trade-ins exceeded 160,000 yuan, significantly higher than the previous year; nationwide, 659,000 retired vehicles were recovered, up 50.2% YoY. On February 9, the Ministry of Commerce held a symposium with automakers to study issues related to automobile distribution and consumption. Representatives from relevant automotive industry associations, research institutions, and enterprises attended the meeting. Comrade Sheng Qiuping, Vice Minister of Commerce, attended the symposium and engaged in discussions. Sheng Qiuping pointed out that China's ultra-large market has a solid foundation, the automotive consumption chain is long with great potential, and the continuous implementation of policies provides stable support, making it highly promising to expand automobile consumption across the entire chain. In 2026, the Ministry of Commerce will work with relevant departments to combine policy support with reform and innovation, integrate the efforts of existing measures and incremental policies, optimize the implementation of the automobile trade-in policy, carry out pilot reforms in automobile distribution and consumption, improve industry management systems, and take multiple measures to promote the expansion and quality improvement of automobile consumption. On February 12, as the Chinese New Year approached, the General Office of the Ministry of Commerce issued the "Notice on Doing a Good Job in the Trade-in of Consumer Goods During the 2026 Chinese New Year Holiday." It mentioned that all regions should strengthen the guarantee of subsidy funds for the trade-in of consumer goods during the Chinese New Year period, leverage the advantages of different channels, ensure the implementation of policies, and better meet consumer demand. In line with the Chinese New Year customs and to enhance the festive atmosphere, consumers are encouraged to go out for shopping. During the 9-day Chinese New Year holiday in 2026 (February 15–23), consumers will be fully supported to apply for subsidies for the trade-in of home appliances, digital and smart products through offline channels. Consumers who purchase new vehicles during the 9-day Chinese New Year holiday can apply for the automobile trade-in subsidy in accordance with policy requirements.

As of February 12, 2026, LME zinc ingot inventory continued to decline to 103,500 mt, while the LME Cash-3M contango narrowed from over $40/mt in January to below $20/mt. At the same time, due to the Chinese New Year holiday, many downstream zinc enterprises suspended operations, leading to a continued buildup in domestic zinc ingot inventory to over 160,000 mt.

The year 2025 has concluded. Against a backdrop of copper prices repeatedly reaching historic highs, what characteristics did the operating rates in the wire and cable industry exhibit over the past year? As 2026 marks the beginning of the 15th Five-Year Plan period, where does the future development of the wire and cable industry lie? ......

SMM February 13: Lead prices fluctuated rangebound during the week, with low quotation activity in the spot market. Most smelters halted shipments for the holiday, while a few enterprises, facing high finished product pressure, were willing to sell off goods, but encountered limited purchase interest. The mainstream ex-factory prices for secondary refined lead spot orders, including tax, were at discounts ranging from 100 to 0 yuan/mt against the SMM #1 lead average price, with a few spot cargoes delivered to downstream enterprises at parity. Downstream battery producers resumed production slightly earlier than secondary lead smelters after the holiday, but digesting pre-holiday lead ingot inventory was expected to take 4 to 7 days. SMM anticipated that secondary lead enterprises would show high shipment activity at that time, while downstream purchase willingness would remain low. Losses at secondary lead smelters persisted, and the number of enterprises reducing or halting production increased during the Chinese New Year holiday. Although waste lead-acid battery prices declined slightly, sluggish trading activity in the lead industry chain weighed on lead price trends. As of February 13, 2026, the theoretical comprehensive profit/loss for large-scale secondary lead enterprises was -267 yuan/mt, while for small and medium-scale enterprises it was -474 yuan/mt (by-product revenues in the model exclude tin and antimony). After the holiday, secondary lead smelters concentrated on production resumptions, leading to a surge in demand for waste lead-acid batteries; raw material costs were expected to rise significantly. If purchase willingness among downstream battery producers recovers poorly, lead price increases will face pressure, and SMM expects the loss-making trend for secondary lead to persist. 》Order to View SMM Metal Spot Historical Prices

[The spot market was sluggish this week, and premiums and discounts continued to decline] This week, premiums and discounts in Guangdong decreased by about 55 yuan/mt WoW. As of Friday, the mainstream #0 zinc was quoted at a discount of 60 yuan/mt against Guangdong, and the Shanghai-Guangdong price spread widened...