Following the Spring Festival holiday, SMM research indicates that some raw material manufacturers have quoted prices in the range of 27,000-28,000, with a reluctance to sell. Meanwhile, metal-side manufacturers intend to adjust prices but have shown low willingness to purchase raw materials at high prices, due to the impact of downstream market sentiment. The downstream metal market has seen active inquiries but sluggish actual transactions. Major metal manufacturers have refrained from adjusting prices temporarily after the holiday, partly because some manufacturers have not yet resumed operations. Additionally, amid relatively high raw material prices, some manufacturers have increased their proportion of scrap procurement. Although downstream buyers are willing to enter the market, they remain on the sidelines waiting for price declines and have not yet made actual purchases. In terms of market sentiment, a strong wait-and-see attitude prevails, and some metal manufacturers are caught in a dilemma. On one hand, these manufacturers are reluctant to sell and have no intention of large-volume shipments, leading to their willingness to raise prices. However, they face multiple concerns: excessive price hikes would trigger a corresponding increase in ammonium rhenate raw material prices, pushing up their subsequent procurement costs; maintaining current prices, on the other hand, would squeeze profit margins due to rising raw material costs. On the other hand, the current rhenium price environment has already resulted in a downstream market characterized by active inquiries but weak transactions, and excessive price increases would likely further dampen downstream procurement willingness. This dilemma in price adjustment decisions has further underpinned the overall stability of the current rhenium market.

Looking ahead to March, production is expected to rebound as operations resume and the traditional demand recovery period begins. However, due to sluggish auto sales, weak overseas demand for ternary materials, and persistently high raw material prices, the pace of recovery may fall short of pre-holiday expectations.

The market quotation for praseodymium-neodymium oxide is in the range of 880,000 - 890,000 yuan/tonne, representing an increase of approximately 35,000 yuan/tonne compared to pre-holiday levels, a rise exceeding 4.12%. This marks a staggering 98% increase year-on-year. The quotation for praseodymium-neodymium metal stands at 1.07 - 1.08 million yuan/tonne, up by 50,000 yuan/tonne (4.88%) from pre-holiday prices, also reflecting a 95% year-on-year increase.

February 24, 2026 News: Under the framework of the "investment order" mechanism, in response to the demand put forward by the local government of Aktobe Region, the national investment promotion company "KAZAKH INVEST" is actively advancing a major investment project for deep processing of chromium resources. The project aims to develop a chemical-metallurgical industrial cluster, cultivate high value-added manufacturing, and promote the upgrading of the regional industrial structure.

[SMM Analysis] Pre-holiday lithium ore market stabilized with a wait-and-see sentiment; post-holiday supply-demand tug-of-war intertwines with macroeconomic factors.

[SMM Analysis] The lithium ore market stabilized and adopted a wait-and-see approach before the holiday, while after the holiday, the tug-of-war between sellers and buyers and macro factors intertwined.

On February 24, the SMM battery-grade nickel sulphate index price was 31,602 yuan/mt, with the quotation range for battery-grade nickel sulphate at 31,400-32,500 yuan/mt, and the average price remained unchanged from the previous day.

I. Cobalt Price Review During Chinese New Year During the 2026 Chinese New Year holiday (February 15 to February 23), domestic refined cobalt electronic night session trading saw prices rebound slightly from previous lows. The spot market was relatively sluggish due to logistics suspensions. Overseas prices showed divergence: the low end of standard-grade refined cobalt remained stable, while the high end increased by $0.1/lb; both low and high ends of alloy-grade refined cobalt rose by $0.3/lb and $0.4/lb, respectively. CIF China cobalt hydroxide prices remained stable. II. Market Dynamics Cuba's fuel shortage will force Sherritt to suspend its nickel-cobalt operations: Due to ongoing tight fuel supply in Cuba, Sherritt International Corp. plans to suspend mining and processing operations at its Moa nickel-cobalt joint project and has already scaled down operations ahead of schedule, with suspension expected in the short term. Planned maintenance will be conducted during the shutdown. Failure to secure fuel deliveries is the direct cause of the suspension; the company is communicating with relevant parties and evaluating alternative input sources. The project, in partnership with state-owned General Nickel Company SA, typically ships semi-finished products to a refinery in Alberta, Canada, which has an integrated capacity of approximately 38,200 mt. However, this production accounts for a relatively small share of global nickel supply, so the impact on the international market is limited, though it will affect the company's finances and Cuba's economy. Meanwhile, Energas SA, an energy joint venture in which Sherritt holds a one-third stake, continues normal operations, supplying natural gas for power generation to Cuba's power grid, unaffected by this incident. Overall, the suspension reflects the direct constraints of Cuba's long-term economic and energy crisis on industrial projects. Sumitomo's Madagascar nickel-cobalt project shuts down due to cyclone damage: Japan's Sumitomo Corporation stated on February 18 that its Ambatovy nickel-cobalt project in Madagascar was shut down after Tropical Cyclone Ghezani hit the island last week, causing facility damage. Operations were suspended immediately once signs of the cyclone became apparent, with safety as the top priority, the company said in a statement. It added that a detailed assessment of the damage, including equipment conditions and the impact on revenue, is currently underway. Sumitomo will work to identify the extent of the losses as soon as possible and collaborate with relevant parties to implement appropriate recovery and reconstruction measures, the statement added. A company spokesperson said the timeline for restarting operations is undetermined and assessing the extent of the damage is expected to take several weeks. Ambatovy is owned by Sumitomo, with state-owned Korea Mine Rehabilitation and Mineral Resources Corp (KOMIR) producing approximately 28,000 mt of nickel and about 2,500 mt of cobalt in 2024. III. Post-Holiday Outlook Supply side, cobalt raw materials from the DRC are still unable to be replenished in the short term, and enterprises are facing pressure from raw material shortages. Coupled with production halts at some enterprises during the Chinese New Year holiday, production plans have been reduced. Refined cobalt production in February is expected to remain low, and the overall supply of cobalt salts is projected to decline slightly. Demand side, prior to the Chinese New Year, some downstream ternary cathode precursor enterprises showed increased purchase willingness and active inquiries due to concerns about rising cobalt sulphate prices after the holiday. However, as logistics were about to halt at that time, actual transactions were relatively limited. With the resumption of logistics after the holiday and downstream enterprises gradually resuming production and restocking, demand is expected to be gradually released. Looking ahead, against the backdrop of continued support from raw material costs, phased tightening of supply, and phased recovery in demand, refined cobalt and cobalt salt prices are expected to resume an upward trend.

Wishing everyone a Happy New Year and a prosperous start to work! During the Chinese New Year holiday, the Indonesian stainless steel market overall maintained stable operation. On the production side, mainstream steel mills' smelting and cold rolling supporting production lines all maintained normal production pace, without shutdowns, ensuring continuous resource supply; on the procurement and sales side, although mainstream order pace slowed down due to the holiday factor, scattered orders from overseas markets still maintained operations, keeping certain market liquidity. Looking ahead to the post-holiday market, on the cost side, market concerns over uncertainty regarding Indonesian RKAB approvals are rising, with expectations of quota cuts, coupled with the impact of the rainy season, nickel ore raw material supply is tight, and the cost support logic is strong; on the supply side, continuous production during the holiday has stocked ample spot resources for post-holiday market recovery, and with logistics resuming, shipments will gradually normalize; on the demand side, as domestic and overseas terminals resume work successively after the holiday, restocking demand is expected to be gradually released, and with the continuity of overseas orders, market activity is anticipated to rebound quickly. Overall, post-holiday, the Indonesian stainless steel market is expected to see orderly supply-demand linkage, and under the combined effect of expected RKAB quota reductions and cost support, prices are expected to stabilize and hold up well.

During the 2026 Spring Festival holiday, the domestic manganese sulfate market continued its pre-holiday upward trend, with prices maintaining stable and firm operation without significant fluctuations. On the supply side, although some enterprises suspended production for maintenance during the holiday leading to short-term fluctuations, the industry's low inventory pattern remained unchanged.