At first glance, the market reaction to the outbreak of war following U.S. and Israeli strikes on Iran appeared deeply counterintuitive.

The question now arises: why did this rally occur so suddenly, and will it continue in the future? To address this, *Jagran Business* spoke with Ajay Kedia, Director of Kedia Advisory. He outlined a strategy for investors based on four key points, which will determine whether the current rally is sustainable or if the market is likely to witness a decline once again.

It is worth noting that the overall overseas ternary cathode demand outlook for 2026 remains subdued. The U.S. market has been sluggish since the fourth quarter of last year, prompting many overseas manufacturers to place their hopes on the European market.

[SMM Daily Review: Smelter Maintenance Sparks Shortage Expectations, High-Grade NPI Quotation Activity Increases] February 25 (SMM) - The average price of SMM 10-12% high-grade NPI was 1,070 yuan/mtu (ex-factory, tax included), up 16.5 yuan/mtu MoM from the previous trading day.

During the Chinese New Year holiday, overseas tungsten prices surged past China. By Feb 20, Rotterdam APT averaged $1,800/mtu, up 13.56% WoW, while European scrap drill bits jumped 12.5% to €90/kg. Indian scrap followed, with alloy blade FOB hitting $110-115/kg. Post-holiday, domestic APT opened at ¥1.05 million/mt, with a major producer hiking long-term prices by ¥100,000/mt. Global supply tightness continues to drive synchronized upside across markets.

[Gearing Up for 2026! Magnesium Market Wraps Up a Stable January, Nearly 300,000 mt of Additional Demand to Boost Industry's New Prosperity] The magnesium market's performance for the year has now concluded. Price fluctuations in the magnesium market during 2025 may not have stood out among nonferrous metals, but it is precisely this past stability that is expected to foster the potential for nearly 300,000 mt of additional magnesium alloy demand growth in 2026. The magnesium metal market in 2026 is set to embark on a year of prosperity, marking a crucial step toward a thriving future. The industry is poised to write a new chapter of growth, which is highly anticipated across the sector. As we bid farewell to the old and welcome the new, on behalf of the SMM Magnesium Team, I would like to extend our sincerest gratitude to colleagues in the industry, magnesium enterprise partners, experts, and scholars who have long cared for and supported SMM. Wishing everyone a prosperous New Year, immediate success, abundant wealth, and lasting good fortune!