[SMM Lead Morning Meeting Summary: Coexistence of Energy Supply Pressure and Lead Ingot Inventory Buildup May Lead to Continued Price Consolidation] The escalation of geopolitical tensions in the Middle East, obstruction of major shipping routes, and expectations for rising transportation costs are anticipated to increase pressure on Europe's energy supply. After the domestic holiday, the lead market has experienced severe inventory buildup...

[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.

[SMM Cast Aluminum Alloy Morning Comment: Supply and Demand Gradually Recover, ADC12 Prices Hold Up Well] After the holiday, market inquiry activities gradually recover, and trading activity increases, but actual transaction volumes remain relatively limited. Currently, downstream enterprises are mainly focused on restocking based on rigid demand and prioritizing the digestion of pre-holiday inventory. Entering March, with the full resumption of production at end-user companies, the certainty of MoM demand improvement strengthens, and consumption is expected to continue its rebound. Following the Lantern Festival, as enterprises fully resume production, market circulation is expected to gradually increase.

[SMM Daily Review: The Market Was Mainly Driven by Rigid-Demand Restocking, and High-Grade NPI Prices Held Steady] News on March 3: The upstream sentiment factor for SMM high-grade NPI was 2.86, up 0.01 MoM, and the downstream sentiment factor for high-grade NPI was 1.29, up 0.01 MoM.

[Trading Pushes Magnesium Prices Upward, Today's Magnesium Prices Hold Up Well] The magnesium market today generally stable with slight rise. In the morning, on the supply side, magnesium plants showed strong sentiment to hold prices firm, with mainstream quotations concentrated at 16,700-16,800 yuan/mt. Some smaller plants were willing to ship at 16,600 yuan/mt, while market inquiries indicated a mediocre performance.

[Domestic Iron Ore Brief: Shandong Region Iron Ore Concentrates Prices May Have Some Upside Potential] In the west Liaoning region, domestic iron ore prices remained relatively stable, with 66 grade iron ore concentrates wet basis ex-factory prices at 745-755 yuan/mt; feedback from local mines and beneficiation plants indicated that during the Two Sessions next week, there may be some restrictions on explosives, further exacerbating the overall tightness of iron ore concentrates resources. Demand side, local steel mills are currently operating according to plan

[smm silicon-based pv morning meeting summary: upstream silicon market prices mostly stable over the weekend downstream module quotes show an upward trend] over the weekend, n-type recharging polysilicon quotes were 48-56 yuan/kg, the n-type polysilicon price index was 51.4 yuan/kg, and granular polysilicon quotes were 49-51 yuan/kg. polysilicon prices remained temporarily stable over the weekend. previously, the market sentiment was bearish, with limited transactions this weekend. the market is focusing on order signing conditions in early march, as well as the trend of silver prices amid international situations.

On March 2, the average price of SMM battery-grade nickel sulphate slightly declined compared to yesterday.

SMM March 2 Update: Aluminum Ingot: Today, the SMM A00 aluminum spot in Foshan was affected by the geopolitical situation in Iran, leading to increased market sentiment fluctuations. The discount slightly declined before recovering. Mainstream quotations against the front-month contract were -170 yuan/mt, with some supplies quoted at -180 yuan/mt, down 10-20 yuan/mt WoW. Transactions mainly concentrated at -20~-10 yuan/mt. A major player in Foshan was purchasing at -10 yuan/mt, with more low-priced supplies available and a few quotes rebounding to near parity. Downstream buyers primarily purchased for immediate needs at -10 yuan/mt, with overall procurement sentiment remaining sluggish. Aluminum Billet: Today, the average processing fee for SMM 6063 grade aluminum billets (Guangdong) Φ90/100 was 180 yuan/mt, while for Φ120 and above, it was 130 yuan/mt, up 20 yuan/mt from yesterday. The base price significantly rose, supported by cost factors and expectations of downstream restocking, making the processing fees generally firm, with minor adjustments to promote transactions. Strengthened prices during the day stimulated downstream willingness to buy at lower levels, with subsequent quotes fluctuating. Deals were made on a volume discount basis, enhancing market activity.

[SHFE Aluminum Morning Meeting Summary: SHFE aluminum consolidates narrowly in night session, downstream resumption slow, aluminum prices fluctuate] The Middle East turmoil triggered by the US-Iran conflict has become the largest geopolitical black swan for the global primary aluminum market, potentially causing supply disruptions at the million-mt level and pushing up smelting costs. Coupled with market risk aversion sentiment, aluminum price volatility may intensify. Going forward, it is necessary to remain vigilant against risks such as escalation of conflicts, strait blockades, raw material supply disruptions, and further macroeconomic disturbances impacting aluminum prices, and prudently address operational and investment risks brought about by supply chain fluctuations. Seasonal fundamental pressures remain prominent. On the supply side, new domestic and overseas aluminum projects are steadily ramping up production, with the liquid aluminum conversion ratio currently low. On the demand side, post-holiday processing material production is showing a steady recovery pace. However, under the current situation where seasonal supply exceeds demand and some goods are stockpiled at railway stations, it is expected that domestic aluminum ingot inventory will peak above 1.35 million mt after the holiday, setting a five-year high, which will be a key factor suppressing price rises. Overall, before and after the Chinese New Year, aluminum prices showed a trend of first declining then rising, and it is expected that SHFE aluminum will maintain a relatively strong consolidation pattern in the short term.