[SMM Weekly Review of Lead Concentrates] The domestic supply of lead concentrates remains tight, with the imported ore market dominated by seller quotes. Despite an increase in tender and bid prices for overseas silver mines, lead smelters are unable to accept a large quantity of these silver mines due to insufficient supply of lead concentrates and crude lead required for ore blending. Following the price reduction of imported ore pb60TC, smelters have adopted a cautious wait-and-see attitude, leading to a gradual decline in trading activities.

On March 28, China’s Ministry of Industry and Information Technology released a new Action Plan (2025–2027) for the aluminium industry, aiming to boost resource security, green development, and technological innovation. Key targets include a 3–5% increase in domestic bauxite reserves, 15 Mt of recycled aluminium output, and stricter energy and environmental standards for new alumina and smelting projects. The plan reinforces the primary aluminium capacity cap, promotes clean energy adoption, and encourages regional integration of aluminium production and processing. SMM expects minimal short-term supply impact but sees strong long-term support for sustainable and high-quality industry growth.

[SMM Analysis: February-March Secondary Lead Production Plans in Detail, Closely Monitoring the Impact of Raw Material Supply on Smelter Production Growth] SMM, February 28: With the conclusion of the Chinese New Year holiday, the production resumption plans of China's secondary lead smelters have gradually become clear, indicating that the market's supply-demand pattern is expected to undergo new changes. According to the latest data, smelters in multiple regions have already arranged detailed timetables for resumption, and production is expected to gradually recover in March...

[SMM Morning Comment on Alumina: Reports of Production Cuts at Some Northern Refineries Have Minimal Impact on Supply for Now] Supply side, some alumina refineries in northern regions reported maintenance this week, which may slightly affect alumina supply in the short term. Weekly operating rates of alumina refineries dropped slightly by 0.33 percentage points this week. Demand side, some aluminum production capacities in Sichuan and other regions, which had been cut for technological transformation, may gradually resume production, leading to an increase in alumina demand. Cost side, due to the sharp decline in spot alumina prices, alumina refineries have significantly reduced their acceptance of high-priced bauxite. As a result, bauxite holders have lowered their quotations, and imported bauxite prices have also fallen. Alumina production costs may decrease accordingly. However, the current spot transaction prices of alumina in northern regions remain below the theoretical marginal production cost. Overall, large-scale alumina production cuts have not yet occurred. The spot alumina market remains relatively well-supplied, and the downward trend in spot transaction prices persists, likely continuing to decline in the short term.

SMM News on March 4th: During the trading session on March 4th, the opening price of Shanghai nickel main contract was 135,500 yuan/ton, and the closing price was 136,620 yuan/ton, a decrease of 450 yuan/ton compared to the previous trading day's closing price. Trading activities within the session showed strength compared to the previous trading day, with a volume increase of 54,103 lots and a decrease in open interest of 1,575 lots.

SMM News on March 4th: During the trading session on March 4th, the opening price of the main Shanghai nickel contract was 135,500 yuan/ton, and the closing price was 136,620 yuan/ton, a decrease of 450 yuan/ton from the previous trading day's closing price. Trading during the session was stronger compared to the previous trading day, with an increase in trading volume of 54,103 lots and a decrease in open interest of 1,575 lots.

In 2023, China's steel exports exceeded 90 million mt