Zijin Mining's 2025 annual report sent a clear industry signal: its lithium business has officially moved from strategic reserve to the stage of scaled monetization.

Since the beginning of 2026, the lithium battery materials industry has seen a new wave of structural positioning led by chemical giants. In March, Dazhong Mining announced that it planned to sign a tripartite agreement with the Meishan High-tech Zone Administrative Committee and Wanhua Chemical (Sichuan) Battery Materials Technology Co., Ltd. to jointly invest in and build a “200,000 mt/year lithium chemicals project,” with Phase I expected to be planned at 30,000 mt.

On March 27, the 2026 SMM (21st) Lead & Zinc Conference and Industry Expo, organized by SMM, wrapped up successfully at Howard Johnson Agile Plaza in Chengdu, Sichuan!

►New Advances in Magnesium Materials and Processes ►Development and Application of New-Type Low-Cost, High-Strength, Corrosion-Resistant Magnesium Alloys ►Stainless Magnesium Technology: R&D Progress from Alloy Materials to Semi-Solid Processes, R&D and Application of Stainless Magnesium Alloys ►Hefei • Great “Magnesium” Chaohu — Building a First-Class Magnesium Industry Ecosystem in China ►R&D Progress and Current Industrialisation Status of Magnesium-Based Materials and Products at Baowu Magnesium ►Haitian Magnesium Alloy Injection Molding Technology and Market Outlook ►Magnesium from an International Perspective: The Transformation from a Cost-Driven Bulk Commodity to a Strategic Engineering Material ►: Focusing on the New Cycle of Supply and Demand for Magnesium Metal and Downstream Applications — Outlook for the Magnesium Market in 2026

According to the latest data from the China Customs website, China’s total nickel matte imports in January 2026 were 58,937 mt in physical content, up 46% MoM and up 13% YoY. According to the latest data from the China Customs website, China’s total nickel matte imports in February 2026 were 65,355 mt in physical content, up 11% MoM and up 37% YoY.

In January 2026, SMM hydrometallurgy intermediate products imports reached 172,151 mt in physical content, up 5% MoM. In February 2026, SMM hydrometallurgy intermediate products imports reached 124,548 mt in physical content, down 28% MoM.

On March 30, the SMM average price of battery-grade nickel sulphate remained stable.

[Multiple Bearish Factors Stall the Uptrend; China’s Tantalum Market Undergoes Short-Term Adjustment While Medium and Long-Term Support Remains Solid] Recently, the sustained upward momentum in China’s tantalum products market came to a halt, with the overall market entering a phase of temporary consolidation and adjustment. Upward momentum slowed markedly in the short term, mainly due to three core factors: the transmission of macro sentiment, changes in circulating supply, and weakening raw material costs.

On March 26, the 580,000 mt aluminum construction project of Wanji Aluminum Industry (Xinjiang) Co., Ltd. commenced. It is understood that the project adopts an EPC model integrating design, procurement, and construction, with a total investment of approximately 4.595 billion yuan, and is expected to be completed and commissioned in July 2027. Upon completion, the project will become a modern aluminum production site integrating green production, intelligent management and control, and full-chain supporting facilities, improving the entire industry chain from alumina and aluminum to deep aluminum processing.

This week, ferrous metals retreated after a rapid rise. At the beginning of the week, the market said that Asia had shifted to coal-fired power generation due to a natural gas supply deficit, while Indonesia would increase coal production and impose export taxes. The rise in international coal prices was transmitted to China, and coking coal and coke led the gains in ferrous metals; mid-week, the Middle East situation remained volatile, and the U.S. and Iran held differing attitudes toward war, with ferrous metals consolidating at high levels; the pullback in the second half of the week was also mainly due to the weakening of the cost-side logic, as market rumors said long-term iron ore contract negotiations had been completed, expectations for tightening iron ore supply declined, and raw materials turned into the main driver of the pullback. In the spot market, speculative trading and end-user purchase sentiment improved in the first half of the week, while rigid demand remained dominant in the second half, and the spot-futures price spread widened somewhat......