[[Weekly Review of Aluminum Scrap and Secondary Aluminum]]Secondary Aluminum Market Consolidated at High Levels, Intensifying the Tug-of-War Between Cost Support and Weak Demand

[SMM Magnesium Weekly Review: Tight Supply and Recovering Demand Drove Magnesium Prices Steadily Higher This Week, Breaking 17,500] This week, China's magnesium industry chain as a whole held up well. On the raw material side, the dolomite market remained stable. Part of the suspended output in core production areas was supplemented by supply from surrounding regions, while stable operating rates at downstream primary magnesium smelting plants supported demand and the supply-demand balance. Affected by rising crude oil prices, subsequent delivered prices may rise slightly. The magnesium ingot market stayed firm, and both production and sales in major producing areas were strong. Geopolitical disruptions pushed up energy expectations, prompting producers to hold back sales and tightening supply. Rigid downstream demand, export order lock-ins, and a boost from industry conferences jointly drove magnesium prices higher. Offshore quotations were adjusted in line with ex-factory prices, and although bidding-based shipment prices were low at the beginning of the week, they rebounded later, while new orders declined. Magnesium powder remained firm, supported by higher magnesium ingot prices, while increased operating rates at magnesium plants ensured supply and both domestic and overseas demand recovered. The magnesium alloy market also stayed strong, with stable operating rates at top-tier enterprises, new capacity coming on stream, and downstream end-use demand being released, supported by ample orders and a supply-demand balance.

SMM, March 20: The SMM weekly operating rate of secondary lead across four provinces stood at 39.57% from March 13 to March 19, 2026, up 10.42 percentage points WoW. Production at enterprises in Anhui was relatively stable, while the resumption progress at other smelters was slow; raw material inventory among enterprises in Henan diverged, with mixed changes in operating rates; enterprises in Jiangsu, affected by losses, showed intentions to cut or suspend production; and a large secondary lead smelter in Inner Mongolia resumed production, driving a sharp increase in the operating rate this week. Next week, enterprises resuming production will continue to release capacity, and market attention should focus on whether loss-making enterprises will implement production suspensions in the secondary lead operating rate. 》Subscribe to View Historical SMM Metal Spot Prices

[SMM Titanium Spot Update: High Costs Drive a Second Titanium Dioxide Price Increase Within the Month, While Diverging Domestic and External Demand Tests the Sustainability of the Hike] In mid-March, titanium dioxide enterprises in China collectively issued a second round of price increase notices within the month, raising domestic prices by 500 yuan/mt and export prices by $100/mt, mainly because elevated sulphuric acid prices forced cost pass-through. At present, enterprises are operating at full capacity, but mediocre domestic demand and foreign trade constrained by geopolitical factors have intensified market divergence. Expectations of tighter sulphuric acid supply still support confidence to hold prices firm, but the sustainability of the price increase remains to be verified by follow-up demand.

On March 13, the average price of SMM battery-grade nickel sulphate rose slightly.

Tianli Lithium Energy issued an announcement on February 26, stating that its wholly-owned subsidiary, Sichuan Tianli Lithium Energy Co., Ltd., has completed the scheduled production line maintenance plan and fully resumed production operations on February 24, ahead of the originally planned date of February 28. It is understood that the production suspension for maintenance at Sichuan Tianli began on January 14, 2026, with the core objective of ensuring the efficient, stable, and safe operation of the lithium iron phosphate production line, thereby guaranteeing the smooth progress of subsequent safe production. During the maintenance period, Sichuan Tianli conducted a comprehensive inspection and upkeep of the production line, simultaneously carrying out upgrades and renovations.

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

According to SMM, as the Chinese New Year holiday approaches, multiple lead-zinc mines in China will enter the conventional production suspension period for the holiday, lasting from one to two weeks. Additionally, some smelters in north China have started their winter break early, with shutdowns lasting two to three months. The supply of lead concentrates in China declined as expected. In the imported ore market, lead concentrate TCs for February remained at -150 to -160 US dollars per dmt. Due to the Chinese New Year holiday, combined with the completion of winter stockpiling by smelters, maintenance shutdowns, and a pause in quotations, market trading activity weakened. This week, approaching the holiday, smelters generally delayed their raw material procurement needs until after the holiday. Precious metal prices consolidated sideways, and the payable indicator for silver contained in lead concentrates showed no significant changes or negotiations. Some smelters adopted a wait-and-see stance temporarily to avoid risks from declining silver processing margins and lower operational expectations. The situation seen in 2026, where smelters "scrambled" for silver-bearing raw materials at the cost of lower TCs, has eased as the overheated precious metals market cooled down. In the short term, TCs for lead concentrates with medium to low silver content remain generally stable.

From January 28 to 29, 2026, the Rubaya coltan mining area in North Kivu Province, eastern Democratic Republic of the Congo (DRC), was hit by massive landslides triggered by persistent heavy rainfall. The disaster caused the collapse of multiple artisanal mining tunnels. All mining operations at the affected mining area have been fully suspended, and nearby residents have completed emergency evacuation.

On January 30th, Saifutian issued an announcement stating that its holding company, Anhui Meidalun Photovoltaic Technology Co., Ltd., plans to temporarily suspend production in the near future. The expected duration of the temporary production suspension is no more than 60 days.