[SMM Analysis] Why Has LME Lead Shifted Back to Backwardation for the First Time in Nearly a Year? SMM, April 21 — Since late March, London lead prices have stabilized after bottoming out, gradually holding above the $1,900/mt level and entering an upward trend, attempting to approach the $2,000/mt mark.

According to Cailian Press, on Tuesday (the 10th), US Eastern Time, Nvidia CEO Huang Renxun unusually published a long blog post in his personal capacity titled “AI is a five layer cake,” and wrote: “We are just getting started with this buildout. We’ve already invested hundreds of billions of dollars. There are trillions of dollars of infrastructure yet to be built.” Huang Renxun wrote: “Artificial intelligence is one of the most powerful forces shaping the world today. It is not an intelligent app or a single model; like electricity and the internet, it is indispensable infrastructure.”

[SMM Titanium Express] Based on current market conditions, Yibin Tianyuan Haifeng Hetai issued a price adjustment notice. Effective February 25, chloride-process TiO₂ prices will increase by RMB 500/ton for domestic market and USD 100/ton for overseas market.

Last week, the overseas rare earth market exhibited distinct characteristics, including accelerated exploration of futures financialization, diversified development of global resource projects, deepened supply chain strategies in major consumer countries, progress in alternative technology R&D, and continuous expansion of international cooperation networks. Next week, as China enters the Chinese New Year holiday, overseas markets will maintain this pace of advancement.

The price surge triggered by AI is spreading across the component industry chain. Following the sharp rise in memory chip prices, multilayer ceramic capacitors (MLCCs) have become the next key component to experience price increases. It is reported that spot prices for MLCCs in South Korea have risen by nearly 20%, and the industry expects the upward trend to continue in the short term. The capital market has responded positively. Since the beginning of this year, South Korea's Samsung Electro-Mechanics, a leading company in the MLCC industry, has seen significant gains, while related A-share stocks such as Fenghua Advanced Technology and Sanhuan Group have also risen in sync. The industry widely anticipates that the MLCC sector will show a differentiated pattern in 2026: high-end products are expected to see a surge in demand driven by the AI boom, while low and mid-end products will face pressures from weak demand and rising costs. Domestic enterprises have already established advantages in the low and mid-end markets and are currently accelerating their efforts to break into the high-end market.

This marked the model's debut in the city, showcasing the company's latest advancements in autonomous driving hardware and software.