SMM Analysis: According to data from the General Administration of Customs, China imported 64,900 mt of copper anode (HS code: 74020000) in January 2026, up 5.74% MoM and up 1.48% YoY...

“Gold’s status as a haven may now be tarnished in the eyes of some as the precious metal is falling in price even as war roils the Middle East and financial markets alike, and some may even be tempted to say that the third major bull run in the commodity since 1971 is now over,” says AJ Bell investment director Russ Mould.

[SMM Aluminum Flash News] The Guangxi Qiangqiang Carbon-Based New Materials prebaked anode project, with an annual capacity of 600,000 mt, officially commenced construction in April 2025 and is expected to begin trial production in July 2026. The first calcining furnace is estimated to start production by the end of March; the roasting furnace is expected to start production by the end of May, with the forming workshop producing the first green anode, marking the project’s full integration; and the first baked anode is expected to be produced by the end of July.

On the evening of March 18, 2026, at Chery Automobile Battery Night 2026 in Wuhu, Anhui, Chery unveiled its Rhino all-solid-state battery technology. It had completed the development and pilot production of a 60Ah, 400Wh/kg all-solid-state battery cell and was advancing toward an ultra-high energy density of 600Wh/kg.

[SMM Aluminum Flash News] Recently, the Ecological Environment Branch of the Guangyuan Economic Development Zone released the first public notice for public participation in the environmental impact assessment of the “Guangyuan Hongchangsheng Aluminum Co., Ltd. 115,000 mt Aluminum Energy-Saving, Carbon-Reduction Upgrade and Renovation Project.” The project will adopt SY400 prebaked anode electrolysis cells and supporting technologies to upgrade and renovate the existing 115,000 mt 200 kA electrolysis cell production line.

Overall, supply in China’s petroleum coke market continued to tighten, while downstream demand remained generally stable with support, and supply and demand fundamentals provided two-way support to the market. Coupled with recent fluctuations in crude oil prices and intensified cost-side bargaining, SMM expected that in the short term, the petroleum coke market would mainly remain in consolidation, with prices of different categories continuing to diverge.

[SMM Aluminum Express] According to SMM, the base selling price for prebaked anode at a major domestic prebaked anode sales company for March 2026 dropped by 56 yuan/mt MoM. Regional selling prices were as follows: north-west China: 5,222 yuan/mt; north China: 5,172 yuan/mt; south-west China: 5,222 yuan/mt; south China: 5,222 yuan/mt.

[SMM Aluminum Express] According to SMM, the tender price for prebaked anode at a large aluminum plant in Shandong for March 2026 fell by 55 yuan/mt MoM. The spot execution price for prebaked anode in March 2026 was 5,174 yuan/mt, while the acceptance bill price was 5,203 yuan/mt.

Overall, prebaked anode export orders at the beginning of 2025 performed well, increasing by about one-third compared to the same period last year, with particularly noticeable increases in orders to Indonesia and Canada; however, orders to Malaysia decreased significantly, mainly due to a reduction in demand following an unexpected accident that led to production halts at Malaysian aluminum enterprises. According to SMM, the overall performance of 2025 export orders was excellent, primarily because of new capacity additions and the resumption of some overseas aluminum enterprises, leading to an increase in overall demand. Since Q1, domestic prebaked anode prices have risen substantially, supported by a sharp increase in raw material prices, and overseas order prices have also increased in line with raw material prices. Based on SMM's current understanding, prebaked anode exports in Q1 2025 are expected to be around 550,000 mt.

According to SMM statistics, the overall existing capacity of the prebaked anode industry has exceeded 30 million mt, and new capacity in the industry continues to grow. By the end of 2025, approximately 1.52 million mt of new capacity is expected to be commissioned, which will further intensify competition on the supply side of the prebaked anode market. This competition may impact prices and corporate profitability, leading to structural changes and consolidation within the industry.