In Q1 2026, China’s aluminum semis exports showed a pronounced pattern of product-category divergence amid the interplay of three factors: the long-term impact of the cancellation of export tax rebates in December 2024, the divergence in demand structures outside China, and the sudden outbreak of geopolitical conflict in the Strait of Hormuz.....

On March 30, the Shenzhen Municipal Commerce Bureau issued the Three-Year Action Plan of Shenzhen to Promote the Improvement of Quality and Efficiency in Foreign Trade—Special Measures for “Export Shenzhen.” It stated that support would be provided for the import of advanced technological equipment and key parts needed for the development of the “20+8” industrial clusters; enterprises would be guided and assisted in actively applying for national import interest subsidy support for technologies and products included in the Catalog of Technologies and Products Encouraged for Import; and “one-on-one” tax reduction and exemption guidance services would be provided for enterprises engaged in related frontier technology products. Personalized regulatory measures would be formulated for the import of important intermediate products required for the development of industries such as integrated circuits and flat-panel display modules, so as to promote the efficient input of key materials and components into R&D and production. Efforts would also be made to explore and advance pilot imports of used key parts for automotive R&D testing.

[SMM Tin Morning Briefing: The Most-Traded SHFE Tin Contract Opened Slightly Higher in the Night Session and Then Fluctuated Lower, While Trading in the Spot Market Was Relatively Weak]

Hainan held a press conference on “100 Days of Closed-Loop Customs Operations at the Hainan Free Trade Port.” In the 100 days since the launch of closed-loop customs operations, foreign trade imports and exports exceeded 80 billion yuan, up 32.9% YoY. Among them, 186 declarations were processed under the “zero-tariff” policy, mainly involving spodumene and analytical instruments, with a total cargo value of nearly 1.7 billion yuan, up 1.46 times YoY; tax exemptions and reductions totaled 271 million yuan, up 93.6%; and average customs clearance time was shortened by 26%. Under the tariff exemption policy for value-added processing goods sold domestically, 547 declarations were processed, up 26.6%, with a total cargo value of 314 million yuan and tariff exemptions of 15.58 million yuan.

[SMM Magnesium Weekly Review: Magnesium Market Held Up Well, With Cost Support and a Tug-of-War Between Sellers and Buyers Continuing] This week, the overall magnesium industry chain held up well, with prices of all products generally raised. The raw material dolomite market remained stable, with ample supply and steady demand. Magnesium ingot prices consolidated at highs. At the beginning of the week, supported by rising energy costs such as ferrosilicon and coke and tight spot availability, prices jumped by 300 yuan/mt. Subsequently, downstream fear of high prices emerged, transactions failed to keep pace, and prices consolidated at highs. In foreign trade, the center of magnesium ingot FOB quotes moved up to $2,440-2,470/mt. Wait-and-see sentiment outside China remained strong, but influenced by bullish expectations in China, forward orders were gradually locked in. Magnesium powder prices remained firm, with strong cost support. Export data increased YoY, while domestic trade was mainly driven by just-in-time procurement. The benchmark price of magnesium alloy held up well, but the release of new capacity led to increased supply, processing fees stayed in the doldrums, and the market showed a pattern of strong supply and weak demand. Overall, cost support remained the core driver behind magnesium prices fluctuating at highs, while downstream acceptance of high prices was limited, and the market may continue this tug-of-war in the short term.

[SMM Hydrogen Energy Flash] On March 17, the senior management team of Putzmeister visited SANY Hydrogen, and the two sides formally reached an intention for cooperation in the European market. This opened a new foreign trade model of "Chinese technology + German service.