Recently, geopolitical turbulence in the Middle East has emerged, bringing a certain degree of impact to the overall overseas PV market. Below, we provide an in-depth analysis of the current Middle East PV market from various perspectives:

[SMM Analysis: What Impact Does the Middle East Situation Have on the Recycled Copper Raw Materials Market?] Recent turbulence in the Middle East has once again rattled global commodity markets. However, zooming in on the recycled copper raw materials segment, the market has remained remarkably calm. This article examines the trade structure and supply-demand dynamics to explain why the Middle East situation has, in practice, a relatively limited impact on Asia's scrap copper market.

National crude steel demand decreased from 1.05 billion mt in 2020 to 910 million mt in 2025, with the steel consumption in manufacturing (machinery, automobiles, home appliances, and ships) increasing from 242 million mt to 280 million mt, a rise of 15.7%, and its share rising from 23% to 31%, becoming a key force in boosting the upgrade of crude steel demand structure. In contrast, construction demand fell from 631 million mt to 440 million mt, with its share dropping from 60% to 49%.

Gold and silver prices are expected to begin the week on a strong note when trading resumes on Monday, as escalating tensions in the Middle East push investors toward safe-haven assets, analysts said.

SMM Morning Meeting Summary: Last Friday evening, LME copper opened at $13,474.5/mt, initially fluctuating rangebound and reaching $13,527/mt. Later, the center of copper prices gradually shifted downward, touching $13,290/mt near the end of the session, and finally closed at $13,296/mt, with a gain of 0.28%. Trading volume reached 25,300 lots, and open interest stood at 315,000 lots, down by 497 lots from the previous trading day, mainly due to bears reducing their positions. The most-traded SHFE copper 2604 contract opened at 104,230 yuan/mt, quickly rising to 104,520 yuan/mt, then fluctuated downward, bottoming out at 103,100 yuan/mt, and finally closed at 103,280 yuan/mt, with a gain of 0.45%. Trading volume reached 77,700 lots, and open interest stood at 202,000 lots, down by 2,150 lots from the previous trading day, also characterized by bears reducing their positions.

The Middle East turmoil triggered by the US-Iran conflict has become the major geopolitical black swan for the global primary aluminum market, potentially causing millions of tonnes of supply disruptions and raising smelting costs. Coupled with risk aversion, aluminum price volatility may intensify.

Affected by the Chinese New Year holiday, the operating rate in the enamelled wire industry this week (2.20–2.26) recorded...

SMM Nickel February 25 News: Macro and Market News: (1) To maintain ample liquidity in the banking system, on February 25, 2026, the People's Bank of China conducted a 600 billion yuan Medium-term Lending Facility (MLF) operation via a fixed amount, interest rate tender, and multiple-price award method, with a maturity of one year. (2) Iran Situation — ① The White House reiterated that Trump's primary choice is always diplomacy, but military force will be used if necessary. ② Iranian Foreign Minister: Hopes to reach a fair agreement with the US in the shortest possible time. ③ The US military deployed 11 F-22 fighter jets to Israel. ④ Iran conducted military exercises in its southern coastal region. Spot Market: On February 25, the SMM #1 refined nickel price ranged from 140,000 to 149,900 yuan/mt, with an average price of 144,950 yuan/mt, up 2,450 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 8,100-9,000 yuan/mt, with an average premium of 8,550 yuan/mt, down 350 yuan/mt from the previous trading day. The spot premium/discount quotation range for mainstream domestic brands of electrodeposited nickel was -400 to 600 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2605) surged sharply to 142,000 yuan/mt during the night session and continued to hover at highs during the morning session. By the morning close, it was quoted at 142,240 yuan/mt, up 2.41%. Affected by frequent supply-side disruptions in Indonesia, nickel prices once again broke through the 140,000 yuan/mt level. In the short term, nickel prices are expected to hold up well.

On February 24, 2026, China's Ministry of Commerce issued Announcement No. 12 of 2026, adding 20 Japanese entities, including Subaru Corporation, to the export control "watch list" on the grounds of "inability to verify the end-users and end-uses of dual-use items." This move marks the first time since January 2026 that China has explicitly implemented such list-based management measures targeting Japanese enterprises, signaling a shift toward more precise, systematic, and in-depth development of export controls in the fields of critical minerals and high-tech materials. This article will conduct an in-depth analysis of the core backgrounds of these 20 enterprises, reveal their deep-seated connections with supply chains of critical materials such as rare earths, and explore the potential impact of this measure on the future global industrial landscape.

[SMM Survey: North American Magnesium Industry Accelerates Layout, Chinese Export Prices Rise, Global Magnesium Market Awaits Post-Holiday Volume Release] Recently, the global magnesium industry has shown a pattern of accelerated regional layout alongside trade competition. In North America, Western Magnesium relocated to a new plant in Las Vegas, accelerating the construction of its clean magnesium demonstration production line; it plans to commission its continuous vacuum reduction process within six months, aiming to verify scalability feasibility and promote low-carbon magnesium production. Innomin Minerals is advancing a large magnesium ore project in British Columbia, Canada, with drilling confirming near-surface wide mineralization, magnesium grade consistently above 20%, leaching recovery rate close to 99%, and associated nickel, cobalt, and platinum group metals further highlighting the resource value. On the export market, post-Chinese New Year, China's magnesium ingot FOB offers broke through $2,400-2,450/mt, showing a significant increase compared to pre-holiday levels. Orders accumulated during the holiday are mainly for March shipment, with concentrated post-holiday shipments by traders boosting short-term activity; however, overseas buyers, affected by high ocean freight rates and high prices, are placing orders cautiously, with a strong wait-and-see sentiment. Industry insiders expect a potential peak in new overseas orders from late February to early March, with subsequent trends needing to monitor the pace of European inventory digestion and changes in ocean freight rates.