[SMM Aluminum Morning Meeting Minutes: AI Concerns Triggered a Broad Decline in Risk Assets, Aluminum Prices Under Pressure and in the Doldrums] Overall, the bullish sentiment in the nonferrous metals market cooled down, coupled with high inventory pressure on the fundamentals, aluminum prices were in the doldrums this week. During the Chinese New Year holiday, the domestic market was closed, while the LME market continued trading. Be cautious of fluctuations in the macro market and the LME market during the holiday, which may cause volatility in aluminum prices after the holiday.
Feb 13, 2026 08:58![[SMM Analysis] January 2026 Global Stainless Steel Market Review: Navigating High Costs and Shifting Supply Dynamics](https://imgqn.smm.cn/production/admin/votes/imagesDRDDb20260213113643.jpeg)
The beginning of 2026 did not bring the calm usually expected in the global stainless steel industry chain ahead of the traditional Lunar New Year offseason. Instead, under the double pincer attack of surging raw material costs and escalating trade protectionism, the market is undergoing a violent restructuring.
Feb 13, 2026 11:32[SMM Aluminum Morning Meeting Minutes: Overall Warm Macro Front Contends with Inventory Buildup Reality, Aluminum Prices Under Pressure and Fluctuating in the Short Term] In summary, aluminum prices are expected to continue their fluctuating trend under pressure in the short term, constrained above by the reality of inventory buildup and supported below by macro expectations. They are anticipated to remain in the doldrums with limited room for a rebound.
Feb 12, 2026 09:15[SMM Aluminum Morning Meeting Minutes: Geopolitical Risks and Accelerated Seasonal Inventory Buildup Keep Aluminum Prices in the Doldrums] In summary, amid the combined effects of supply growth, seasonal demand pullback, and accelerated inventory buildup, aluminum prices are generally under pressure. It is expected that prices will remain in the doldrums in the short term, with limited room for a rebound.
Feb 11, 2026 09:07[SMM Magnesium Weekly Review: Magnesium Market Remained Stable Pre-Holiday, Prices Steady in Major Production Areas, Overseas Inquiries Increased but Trading Remained Sluggish] This week, the domestic magnesium industry chain market operated steadily overall. As the Chinese New Year holiday approached, market trading activity gradually slowed, with participants generally adopting a wait-and-see attitude. The dolomite market remained stable overall; the suspension of production by top-tier enterprises in the Wutai region led to tight supply of high-quality resources, but other major production areas promptly compensated for the gap, ensuring stable supply. Steady operations at primary magnesium enterprises in Shaanxi, Shanxi, and Inner Mongolia generated rigid demand, coupled with rising pre-holiday freight costs pushing up expenses, supporting relatively strong prices. The magnesium ingot market held steady, as smelters in major production areas saw eased funding pressure and maintained firm offers, while downstream pre-holiday stockpiling concluded, resulting in sluggish spot trades. In the Tianjin Port FOB market, overseas new orders were scarce, mostly for forward delivery, with the Chinese New Year holiday impacting the progress of actual transactions. Magnesium powder enterprises slowed their production pace after completing raw material stockpiling, as both domestic and international procurement neared completion, leading to a cooling trading atmosphere. Magnesium alloy enterprises operated normally, but downstream die-casting and end-user companies gradually began holiday breaks, resulting in subdued orders. The tight supply-demand balance supported firm processing fees.
Feb 12, 2026 16:05Metal materials are widely used in automotive components, and their price fluctuations significantly impact cost structures. According to SMM estimates, a typical NEV's cost breakdown is as follows: power battery (35%-40%), traction motor and motor controller (10%-20%), body/chassis/interior (30%), and other electronics (7%). This analysis focuses on the traction motor system, as SMM has extensively covered batteries elsewhere. Within the motor system (10%-20% of total vehicle cost), raw materials account for the largest share. Key metal inputs include rare earth-neodymium iron boron (NdFeB) magnets (30%-35%) , copper-enameled wires (15%) , and aluminum-structural components (20%) . The simultaneous surge in these metals from late 2025 to early 2026 has placed immense cost pressure on motor manufacturers and NEV OEMs . 1. Rare Earth Metals: Supply Squeeze and Demand Resilience Drive Prices Up Rare earth prices, particularly for praseodymium-neodymium (PrNd) metal, have risen sharply. As of February 9, 2026, PrNd prices reached 975,000–985,000 RMB/ton , a year-to-date increase of 33.1% . This acceleration stems from tight supply (limited upstream output, weak production activity, and reduced spot availability due to long-term contract deliveries) and robust demand (steady overseas orders for magnetic materials and growing expectations for NEVs and e-bikes in 2026). These factors collectively pushed prices upward . Motor manufacturers face greater challenges than magnetic material suppliers. They must absorb not only soaring rare earth costs but also high copper prices. Compounding this, motor makers struggle to pass cost increases downstream . NEV OEMs, grappling with fierce market competition, resist price adjustments. Consequently, motor producers are caught between expanding losses (if they continue production) and losing market share (if they halt operations). Their weak bargaining power, due to proximity to concentrated downstream customers, exacerbates the strain . 2. Copper: Structural Supply-Demand Imbalance and Financial Factors Copper prices rose sharply from 87,000 RMB/ton in late 2025 to 105,000 RMB/ton in early 2026 , a gain of over 20% , and have remained elevated. This rally was driven by: Supply-chain constraints : Production disruptions in major copper-producing countries (e.g., Chile, Peru), geopolitical tensions, and logistics bottlenecks limited short-term supply. Financial influences : Global liquidity conditions and inflation expectations attracted speculative capital, amplifying price volatility. Strong demand : Sustained optimism regarding data centers and cable demand further supported prices . The impact on motors is direct and significant. Copper, critical for stator and rotor windings, constitutes a substantial portion of motor raw material costs. The price surge adds hundreds of RMB to the cost per motor , translating to billions of RMB in additional annual expenses for large-scale OEMs. This pressure cascades through the supply chain, squeezing margins for material suppliers, motor makers, and vehicle manufacturers. While some industrial motor firms have raised prices, NEV OEMs have so far absorbed the costs, further straining their profitability . 3. Aluminum: Tight Fundamentals Amid Energy Transition Demand Aluminum prices climbed nearly 10% from December 2025 to January 2026, primarily due to structural supply-demand tightness . Demand is bolstered by global energy transition trends (e.g., NEV bodies, battery trays, and e-drive casings) and solar PV growth. On the supply side, aluminum production—highly energy-intensive—faces pressure from elevated global power prices, leading to unstable operational rates. Financial investors' focus on "green metals" has also contributed to price gains . Although aluminum's cost sensitivity is lower than copper's, it is widely used in motor housings, end covers, and cooling systems. Price increases directly raise motor manufacturing expenses, costing hundreds of millions of RMB for producers at million-unit annual scales and eroding margins for motor suppliers and OEMs . 4. Path Forward: Technology and Supply Chain Adaptation The concurrent rise in rare earth, copper, and aluminum prices has created unprecedented cost pressure. Motor and vehicle manufacturers urgently seek cost reductions, but technological solutions (e.g., flat-wire motors , material recycling ) require time. Short-term strategies include long-term supply contracts and futures hedging to manage risks. Long-term success will hinge on material innovation (e.g., reducing rare earth content, optimizing aluminum-for-copper substitution) and vertical supply chain integration to navigate resource constraints . SMM advises industry players to closely monitor policy shifts and alternative technologies, adapting procurement and production strategies dynamically
Feb 12, 2026 15:04COMEX Inventory Data Date Adjustment
DataFeb 4, 2026 15:26Singapore, as a globally significant transshipment hub for tin ingots, holds a critical position in the global tin industry landscape. In recent years, due to policy adjustments in major producing countries and changes in global tin resource reserves, the volume of tin ingots transshipped through Singapore has fluctuated at different stages. Against this industry backdrop, the Singapore Tin Ingot FOB price is of paramount importance to upstream and downstream enterprises in the global tin industry chain. In response to market changes, to meet the broad user demand for Singapore Tin Ingot FOB price discovery, and to enhance market information transparency, SMM has decided: Starting from September 26, 2025, to publish the ‘SMM Tin 99.9% Ingot premium, FOB Singapore, USD/tonne’ price. Price details are as follows: - Description: SMM Tin 99.9% Ingot premium, FOB Singapore, USD/tonne - Quality: Tin ingot with 99.9% purity, conforming to LME specification (BS EN 610:1996) and containing 200 - 300 ppm lead. - Definition: FOB Singapore, excluding tax, premium on top of LME cash prices - Unit: USD/tonne - Quantity: Min 5 tonnes - Timing: Within 2 weeks - Payment Terms: Cash against document, telegraphic transfer, other terms normalized - Publication: Weekly, Friday 10:30 AM Beijing Time SMM Tin Industry Research Department September 23, 2025
PriceSep 23, 2025 15:06As the world's largest exporter of tin ingots, Indonesia plays a significant role in the global tin industry landscape. Its tin ingot exports impact the international market structure. In recent years, Indonesia's tin ingot exports have fluctuated due to factors such as policy adjustments and changes in resource reserves. Against this industry backdrop, timely Indonesia tin FOB prices are crucial for upstream and downstream enterprises in the global tin industry chain. In response to market changes, to meet the broad user demand for Indonesia tin ingot FOB price discovery, and to enhance market information transparency, SMM has decided: Starting from September 19, 2025, to publish the ‘SMM Tin 99.9% Ingot premium, FOB Indonesia, USD/tonne’ price. Price details are as follows: - Description: SMM Tin 99.9% Ingot premium, FOB Indonesia, USD/tonne - Quality: Tin ingot with 99.9% purity, conforming to LME specification (BS EN 610:1996) and containing 200 - 300 ppm lead. - Definition: FOB Indonesia, excluding tax, premium on top of LME cash prices - Unit: USD/tonne - Quantity: Min 5 tonnes - Timing: Within 2 weeks - Payment Terms: Cash against document, telegraphic transfer, other terms normalized - Publication: Weekly, Friday 10:30 AM Beijing Time SMM Tin Industry Research Department September 12, 2025
PriceSep 12, 2025 17:38