Sungrow reported Q1 inverter revenue of ~5bn yuan, down 15% YoY due to delayed shipments following US tariff policy changes, though gross margin rose to 40% as the company scaled back low-margin residential business. Storage revenue hit ~8.7bn yuan; despite a YoY decline caused by a high base from last year's Saudi project and US tariffs, the segment grew 60% YoY excluding that project. Storage gross margin fell YoY due to regional price adjustments and sales mix shifts but showed quarter-on-quarter growth.

A UK survey of around 2,000 people shows strong support for government action to boost aluminum recycling, with about 58% concerned that too much aluminum is not reused domestically. Trade tensions, US tariffs and Asian subsidies have weakened UK recyclers’ competitiveness, leading to more scrap exports instead of local processing. In contrast, the EU has introduced measures to limit secondary aluminum exports, while the UK has yet to follow. Industry participants warn this trend reduces returns on domestic recycling investments and calls for policies such as deposit return schemes to increase recycling rates and strengthen circularity.

Data released by Japan's Ministry of Finance on Wednesday showed that Japan's export growth accelerated in March, driven by recovering demand and strong exports of semiconductors and electronic parts. Japan's total exports in March were up 11.7% YoY, higher than the revised 4% growth rate in February and exceeding the analyst forecast median of 11%. Imports were up 10.9%, higher than the previous month's 10.3%. The non-seasonally adjusted trade surplus expanded to 667 billion yen ($4.2 billion). Affected by US tariffs, Japan's exports to the US grew 3.4%. Driven by chips, electronic parts, and non-ferrous metals, Japan's exports to the EU grew 18.2% as disruptions related to the Chinese New Year holiday subsided.

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Fell Below the 390,000 Yuan Mark in the Night Session, Spot Market Trading Expected to Recover]

[SMM Aluminum Express News] Alvance British Aluminium has boosted output by ~10% at its Lochaber smelter in Fort William, Scotland (UK’s only primary aluminium plant), thanks to recent US tariff changes. The GFG Alliance-owned facility (48,000 tpy capacity, hydro-powered) now exports about half its production to the US for the first time. Managing Director Tom Uppington: “We increased production in response to shifting trade flows after US tariffs, entering the US market while serving UK and European customers.” President Trump set a 50% global tariff on steel/aluminium imports, but the UK secured a preferential 25% rate (vs. 50% for Canada), making UK metal more competitive. The US still relies on imports for automotive and aerospace sectors.

On February 26, local time in the US, the third round of indirect negotiations between the US and Iran took place in Geneva, Switzerland, mediated by Oman. The talks went through two stages with a break of several hours in between, and a new round of negotiations is expected to take place next week. On February 27, Beijing time, the Ministry of Foreign Affairs advised Chinese citizens in Iran to evacuate as soon as possible. The external security risks facing Iran have significantly increased, with multiple countries issuing advisories for their citizens to leave. Given the current security situation in Iran, the Ministry of Foreign Affairs and the Chinese Embassy and Consulates in Iran reminded Chinese citizens not to travel to Iran and advised those already there to strengthen safety precautions and evacuate as soon as possible. The Chinese Embassies and Consulates in Iran and its neighboring countries will provide necessary assistance for the evacuation of Chinese citizens via commercial flights or land routes. On February 27, platinum and palladium showed a significant rise, with platinum's weekly gain reaching 19.29%, making it a standout in the precious metals futures sector. Market uncertainties brought about by US tariffs and geopolitical risks continue to support the performance of precious metals. Fundamentals side, tight supply provided fundamental support for platinum. Coupled with many market participants' bullish outlook, some suppliers held prices firm, providing sentiment support for the rise in platinum and palladium. As of around 3:58 PM on February 27, the main platinum contract rose 5.34% to 623.75 yuan/gram, with a weekly gain of 19.29%; the main palladium contract rose 2.77% to 464.85 yuan/gram, with a weekly gain of 10.86%. The A-share market responded in kind, with the precious metals sector closing up 3.55% on February 27. On February 27, spot platinum was quoted at 606~610 yuan/gram, with an average price of 608 yuan/gram, up 3.67% from the previous trading day. The post-holiday rise in platinum, besides being supported by macro factors and safe-haven demand, also benefited from tight supply, positive market expectations, and some suppliers holding prices firm. Due to some suppliers' optimistic outlook, they were unwilling to sell at low prices, making it difficult to find low-priced goods in the market. However, the supply-demand relationship has not changed significantly since before the holiday. The post-holiday rise was more driven by optimistic sentiment, with downstream players adopting a wait-and-see attitude. It is expected that platinum prices will continue to fluctuate in the short term. Future developments will need to focus on changes in the demand side. Throughout February 2026, platinum and palladium prices experienced a roller-coaster ride amid macroeconomic shocks and geopolitical risks. For the whole month, macro sentiment dominated the pace of fluctuations, with supply-side events reinforcing support, and the structural feature of "strong platinum, weak palladium" continued. At present, geopolitical and macro situations strongly support precious metals: the tense Middle East situation directly boosted safe-haven demand; the downward revision of US GDP coupled with stubborn inflation highlighted gold's value preservation function; the legal battle over tariff policies weakened the US dollar's credibility, and expectations for US Fed interest rate cuts, along with global central banks' gold buying spree, collectively provided a solid bottom for precious metal prices. Fundamentals side, the expansion elasticity of platinum and palladium supply is relatively weak. Since platinum's demand structure is less dependent on traditional fuel vehicle consumption compared to palladium, the supply-demand pattern for platinum is tighter, and it is expected to have strong upward momentum, while palladium is likely to follow platinum in a weaker trend. Risk Warning: US Economic Resilience Exceeds Expectations, US Tariff Adjustments on Platinum and Palladium Exceed Expectations, Geopolitical Risks in Major Production Areas, etc.