[Operating Rates Down Over 20 Percentage Points MoM, Die-Casting Zinc Alloy Enters Chinese New Year Lull] This week, operating rates of die-casting zinc alloy producers fell sharply, mainly due to concentrated holiday arrangements at large plants during the week, leading to a sharp drop in operating rates. It is expected that next week, enterprises still in production will also arrange holidays successively by the end of this week, and operating rates of die-casting zinc alloy producers will decline further...

[SMM Magnesium Morning Conference Summary: Domestic Magnesium Market Remained Stable Before Chinese New Year, Primary Magnesium and Magnesium Alloy Prices Stabilized in the Short Term] Yesterday, domestic primary magnesium market quotations remained stable. As the Chinese New Year approached, smelters showed a weak willingness to sell. Pre-holiday stockpiling for domestic trade was largely completed downstream, and spot transactions were sluggish, with most deals being futures orders. In foreign trade, forward tender orders for delivery by the end of March had already been initiated in the first half of the month. It is expected that primary magnesium prices will remain stable within the range of 16,400 yuan/mt before the Chinese New Year. Magnesium alloy market prices were also steady, with mainstream tax-inclusive ex-factory prices at 18,600-18,800 yuan/mt and FOB prices at $2,600-2,650/mt. Enterprises had completed raw material stockpiling and maintained normal production, while downstream die-casting and end-users were gradually entering holidays. Market supply and demand maintained a tight balance, and short-term price stability is expected to continue.

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[SMM Cast Aluminum Alloy Morning Comment: Market Enters Holiday Mode with Prices Mainly Stable, Post-Holiday Recovery Awaited] Post-holiday price trends will return to the interplay between supply-demand and cost factors. If enterprises maintain a normal pace of production resumptions while downstream order recovery falls short of expectations, the price center risks declining under pressure. If phased restocking occurs after the holiday, coupled with primary aluminum prices holding up well, ADC12 prices are expected to see a corrective rebound. Overall, before end-use demand shows substantial improvement, prices are likely to maintain a fluctuating trend in the initial post-holiday period, still moving within the pre-holiday range, with direction depending on the strength of demand recovery and the performance of primary aluminum prices.

SMM February 13: Waste lead-acid battery enterprises entered the holiday period, and the recycling market nearly halted. During the week, a few recyclers cleared inventory and arranged shipments to smelters; smelters that maintained purchasing planned to reduce their purchase prices for waste electric batteries by 50-100 yuan/mt by the end of this week. Trading activity in the lead market is expected to drop to a freezing point next week, with recycling enterprises projected to resume operations after the Lantern Festival. Trading sentiment in the secondary crude lead market was relatively cold during the week, with both offers and inquiries sparse. As of February 13, 2026, domestic secondary crude lead was offered ex-factory, excluding tax, at around 15,350 yuan/mt. Downstream refined lead and alloy smelters had basically entered the holiday, with only a few enterprises buying the dip. After the holiday, overseas lead ingot shipments to China resumed, and attention is focused on the demand-side recovery of China's secondary crude lead market. 》Order to View SMM Metal Spot Historical Prices

In summary, during the 2026 Chinese New Year period, the five segments of the aluminum industry chain exhibited differentiated operational trends.

[SMM Magnesium Weekly Review: Magnesium Market Remained Stable Pre-Holiday, Prices Steady in Major Production Areas, Overseas Inquiries Increased but Trading Remained Sluggish] This week, the domestic magnesium industry chain market operated steadily overall. As the Chinese New Year holiday approached, market trading activity gradually slowed, with participants generally adopting a wait-and-see attitude. The dolomite market remained stable overall; the suspension of production by top-tier enterprises in the Wutai region led to tight supply of high-quality resources, but other major production areas promptly compensated for the gap, ensuring stable supply. Steady operations at primary magnesium enterprises in Shaanxi, Shanxi, and Inner Mongolia generated rigid demand, coupled with rising pre-holiday freight costs pushing up expenses, supporting relatively strong prices. The magnesium ingot market held steady, as smelters in major production areas saw eased funding pressure and maintained firm offers, while downstream pre-holiday stockpiling concluded, resulting in sluggish spot trades. In the Tianjin Port FOB market, overseas new orders were scarce, mostly for forward delivery, with the Chinese New Year holiday impacting the progress of actual transactions. Magnesium powder enterprises slowed their production pace after completing raw material stockpiling, as both domestic and international procurement neared completion, leading to a cooling trading atmosphere. Magnesium alloy enterprises operated normally, but downstream die-casting and end-user companies gradually began holiday breaks, resulting in subdued orders. The tight supply-demand balance supported firm processing fees.

[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!

[SMM Cast Aluminum Alloy Morning Comment: Overnight Futures Slightly Lower, Spot Prices Hold Steady Amid Wait-and-See Attitude] On Wednesday, the A00 aluminum price edged down by 30 yuan/mt to 23,260 yuan/mt compared with the previous trading day, while the SMM ADC12 price remained stable at 23,650 yuan/mt. As the Chinese New Year approaches, upstream and downstream enterprises in the secondary aluminum industry chain have entered a concentrated holiday period, leading to a noticeable decline in market liquidity. Actual transactions continue to be sluggish, with spot quotations largely making minor adjustments around the futures market.

Tungsten prices kept rising through the Chinese New Year. Europe saw higher quotes but few spot deals, with APT at $1,650+/mtu and ferro-tungsten hitting $205/kg. India’s scrap market stayed strong, with drill bits at $110/kg. In China, tight supply pushed APT long-term prices up by ¥200,000 to ¥1 million/t. Shortages persist, pointing to more post-holiday gains.