[Weak Market Transactions During the Week, Guangdong Spot Premiums Continued to Decline] Zinc prices continued their upward trend this week, while downstream end-users in Guangdong showed weak purchasing interest. Coupled with the successive arrivals of some enterprises' long-term contract cargoes, market trading sentiment was sluggish, and spot premiums continued to decline......

Platinum prices held up well today, with the most-traded platinum contract on Guangzhou Futures Exchange, PT2606, closing the morning session at 502.55 yuan/gram, up 1.84. In the spot market, mainstream quotations for spot platinum in the morning session were at a discount of 5-9 yuan/gram to PT2606, or quoted at 5-9 yuan/gram against the SGE sell-1 price. Spot quotations were still basically flat in terms of discount versus the previous trading day. As for spot transactions, SMM learned that suppliers held prices firm in sales due to costs, delivery intentions, and the closure of overseas markets. In the morning session, spot quotations at a discount of 5-6 yuan/gram to the Guangzhou Futures Exchange were difficult to conclude. Some trading firms engaging in both spot and futures market inquired for spot-futures price spread opportunities, but reported that market quotations were relatively high and that there was limited availability of spot cargo at large discounts. Downstream buyers still mainly stayed on the sidelines, while some just-in-time procurement was concluded after negotiated lower premiums. Overall transactions in the spot market remained sluggish.

Precious metal prices fluctuated in consolidation today, and the spot-futures price spread between TD and the most-traded SHFE silver contract showed no obvious change for the time being, while significant differences still existed in spot market quotations. In the Shanghai market, during the morning session, mainstream quotations from suppliers of standard silver ingots were at premiums of 60-80 yuan/kg against TD, or at premiums of 0-30 yuan/kg against the SHFE silver 2604 contract. Some smelters quoted cargoes self-picked up from production site at a premium of 50 yuan/kg against TD, but due to sluggish downstream consumption, actual transactions were sparse. The spot silver ingot market was quoted but saw little trading, with a strong holiday atmosphere.

[SMM Rare Earth Price Flash] As of now, driven by the rise in futures prices, neodymium praseodymium oxide has seen small-volume transactions by some traders at 730,000-740,000 yuan/mt. Driven by rising raw material prices, coupled with tender procurement of Pr-Nd alloy by major magnetic material plants, metal quotations were also raised to 900,000 yuan/mt, with actual transactions following up. The latest market quotation for gadolinium oxide was 230,000 yuan/mt, and quotations for gadolinium iron were also raised to 215,000-220,000 yuan/mt, driven by downstream tender procurement.

[SMM Magnesium Weekly Review: Tight Supply and Recovering Demand Drove Magnesium Prices Steadily Higher This Week, Breaking 17,500] This week, China's magnesium industry chain as a whole held up well. On the raw material side, the dolomite market remained stable. Part of the suspended output in core production areas was supplemented by supply from surrounding regions, while stable operating rates at downstream primary magnesium smelting plants supported demand and the supply-demand balance. Affected by rising crude oil prices, subsequent delivered prices may rise slightly. The magnesium ingot market stayed firm, and both production and sales in major producing areas were strong. Geopolitical disruptions pushed up energy expectations, prompting producers to hold back sales and tightening supply. Rigid downstream demand, export order lock-ins, and a boost from industry conferences jointly drove magnesium prices higher. Offshore quotations were adjusted in line with ex-factory prices, and although bidding-based shipment prices were low at the beginning of the week, they rebounded later, while new orders declined. Magnesium powder remained firm, supported by higher magnesium ingot prices, while increased operating rates at magnesium plants ensured supply and both domestic and overseas demand recovered. The magnesium alloy market also stayed strong, with stable operating rates at top-tier enterprises, new capacity coming on stream, and downstream end-use demand being released, supported by ample orders and a supply-demand balance.

[SMM Rare Earth Weekly Review: Rare Earth Prices Hold Up Well, and Market Inquiry Activity Increases] The Pr-Nd oxide market as a whole continued to hold up well. Under the impact of expectations of tighter supply and pronounced fluctuations in futures prices, upstream suppliers kept raising their offers, while low-priced cargoes tightened rapidly, pushing Pr-Nd oxide prices up to 722,000-728,000 yuan/mt.