[SMM Analysis]Analysis of Import and Export Data for Unwrought Aluminum Alloy, January-February 2026

[SMM Aluminum Alloy Daily Review] Futures: Today, aluminum alloy 2604 fluctuated upward after opening, hitting an intraday high of 23,160 yuan/mt before noon. Momentum from the bulls then faded, and prices pulled back step by step. In the afternoon, losses widened, with the low dipping to 22,180 yuan/mt. The decline narrowed slightly late in the session, and it finally closed at 22,810 yuan/mt, down 485 yuan/mt from the previous trading day, a drop of 2.08%. Spot: Market quotes generally moved lower today, with the SMM ADC12 price down 300 yuan/mt. Driven by the price pullback and weekend restocking demand, market trading sentiment recovered somewhat from the previous period, and downstream purchase willingness to buy the dip increased, supporting improved transactions at some enterprises.

SMM News, March 20: LME lead opened at $1,905/mt this week and fluctuated lower in early trading under the influence of sentiment. It then climbed to a high of $1,938/mt supported by buying interest. In the latter part of mid-week, bullish momentum weakened, and amid weaker macro conditions and a weaker base metals sector, lead prices fell again and touched a low of $1,872.5/mt. They then rebounded slightly and consolidated toward the end of the week, finally closing at $1,881.5/mt, down $23.5 from the beginning of the week, a decline of 1.23%. The most-traded SHFE lead contract opened at 16,585 yuan/mt this week. In early trading, bears entered the market, sending prices quickly down to 16,245 yuan/mt, after which it fluctuated at lows. Mid-week, as bears exited the market, SHFE lead prices rebounded to a high of 16,795 yuan/mt, but under pressure from slack spot supply and demand and bearish macro sentiment, it struggled to rebound and its center moved lower. Toward the end of the week, bears continued to exert pressure, and lead futures remained weak, finally closing at 16,290 yuan/mt, down 315 yuan on the week, a decline of 1.9%. > Subscribe to View Historical SMM Metal Spot Prices

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According to customs data, lead concentrate imports in February 2026 were 124,580 mt in physical content, up 3.8% MoM and up 26.4% YoY; cumulative imports in January-February reached 252,241 mt in physical content, up 14% YoY on a cumulative basis. Over the same period, silver concentrate imports were about 148,600 mt in physical content, down 17% MoM and down 8% YoY; cumulative imports in January-February were 328,600 mt in physical content, down 1.27% YoY on a cumulative basis.

Based on China’s 2025 aluminum wire and cable export data to the Middle East, Saudi Arabia was the largest export destination in the region, with annual exports of 9,426.752 mt, accounting for 31.88 of the Middle East total