[SMM Rare Earth Price Flash] As of now, the quoted price of cerium oxide in Sichuan has been raised to 15,000 yuan/mt. Major cerium metal producers in Inner Mongolia have raised their quotations to 35,000-35,500 yuan/mt, while some smaller producers quoted 34,500-35,000 yuan/mt, and the lowest quotation in Sichuan was 35,000 yuan/mt.

[SMM Magnesium Weekly Review: Weak Supply and Demand Jointly Dominated Magnesium Price Trends, While Structural Divergence Emerged Across Segments] This week, operating trends across various products in China’s magnesium industry chain diverged, with the overall market characterized mainly by stability and rangebound fluctuations. The stalemate in market supply and demand became increasingly evident, and momentum for a unilateral market move remained insufficient. The upstream dolomite market maintained stable operations. Although a top-tier enterprise in the Wutai region suspended production, ample raw material inventory in place and timely capacity replenishment in major producing areas, coupled with a steady pace of just-in-time procurement by primary magnesium enterprises, kept prices stable without fluctuations. As the core product, magnesium ingot prices in China’s main producing areas consolidated at high levels, with mainstream transaction prices remaining stable. Market transactions showed mediocre performance, while producers demonstrated strong reluctance to sell. Against a backdrop of weak supply and demand, quoted prices fluctuated rangebound. On the export side, FOB quotations loosened slightly, and as ocean freight rates pulled back, inquiries from outside China recovered somewhat, with expectations for forward order placements. Supported by raw materials and boosted by the entry of export orders, the magnesium powder market saw firm quotations and held up well. In March, industry operating rates gradually recovered, and support from the demand side became increasingly evident. Magnesium alloy prices overall remained stable. On the supply side, as top-tier enterprises resumed production and newly added capacity gradually came on stream and ramped up output, downstream buyers mainly focused on just-in-time restocking, resulting in a pattern of strong supply and weak demand. Prices are expected to remain in the doldrums going forward. Looking across the entire industry chain, there have been no significant changes in current market fundamentals, and in the short term the market will still be dominated by steady fluctuations and marginal adjustments in some segments.

The 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum will be held in Tokyo, Japan, from May 11–12, 2026. The summit aims to bring together leading global enterprises, research institutions, industry experts, and policymakers in the fields of renewable metals and battery recycling.

On March 11, the Inner Mongolia Electric Power Group and the State Grid Corporation signed an agreement on the management of the construction of the 1000 kV AC transmission and transformation project of Dalat-Mengxi. According to the agreement, the State Grid Corporation will invest in the construction of the 1000 kV AC transmission and transformation project between Dalat and Mengxi, entrusting the Inner Mongolia Electric Power Group to undertake the construction management of the project site, and the UHV Construction Branch of the State Grid Corporation will participate in the technical and cost management. The signing of this agreement is an important result of the deepening of the strategic cooperation between State Grid Co., Ltd. and Inner Mongolia Electric Power Group.

On March 11, Inner Mongolia Power Group and the State Grid Corporation of China signed an entrusted construction management agreement for the Dalate–Mengxi 1,000 kV AC power transmission and transformation project. Under the agreement, the State Grid Corporation of China will invest in and build the Dalate–Mengxi 1,000 kV AC power transmission and transformation project, and will entrust Inner Mongolia Power Group with on-site construction management, while State Grid UHV Construction Branch will participate in technical and cost management. The signing of this agreement marked an important achievement in deepening strategic cooperation between the State Grid Corporation of China and Inner Mongolia Power Group.

SMM News, March 13: The SMM weekly operating rate of secondary lead in four provinces stood at 29.15% from March 6 to March 12, 2026, up 2.03 percentage points WoW. The operating rate in Anhui fluctuated around 15%, with no further signs of production resumptions at local secondary lead smelters; in Henan, the operating rate at a few smelters edged up as raw material inventory increased; in Jiangsu and Inner Mongolia, some smelters had yet to resume production, while operating smelters said raw material supply remained tight and constrained production growth. Next week, as large smelters in Shandong and Jiangxi resume production after the holiday and release capacity, weekly secondary lead production is expected to increase; actual market conditions still need to be monitored for constraints from factors such as raw material supply and downstream procurement sentiment. 》Subscribe to View Historical SMM Metal Spot Prices

[SMM Magnesium Weekly Review: Magnesium Market Continued to Consolidate at High Levels, with Cost Support and Demand Stalemate Persisting] This week, the overall magnesium industry chain continued to consolidate at high levels, with prices of all categories remaining largely stable. The raw material dolomite market operated steadily, with differentiated supply across regions but overall stability, while the procurement pace on the demand side remained steady. The magnesium ingot market remained in a supply and demand stalemate, as producers showed strong reluctance to sell, and low circulating inventory supported firm quotations. However, both domestic trade and foreign trade demand appeared weak, transactions were sluggish, and FOB quotations stayed at high levels, though actual deals were limited. The magnesium powder market remained stable with a firm tone, domestic trade demand continued to recover steadily, foreign trade growth was limited, and cost support remained in place. The magnesium alloy market's benchmark price held steady, processing fees remained firm, enterprise operating rates rebounded, and downstream demand gradually recovered, though the pace of growth slowed, with overall transactions remaining mild. Looking ahead, the tug-of-war between cost support and weak demand is expected to continue, and the market may continue to consolidate at high levels.

[SMM Weekly Magnesium Review: The Short-Term Volatile Pattern in the Magnesium Market Remained Unchanged, with Downstream Resumption and Geopolitical Developments Becoming Key Variables] This week, the domestic dolomite market held steady, with the supply side showing regional structural divergence: top-tier enterprises in the Wutai area halted production, while other major producing regions replenished capacity in a timely manner, keeping overall national supply broadly stable. On the demand side, operating rates at primary magnesium enterprises in Shaanxi, Shanxi, and Inner Mongolia remained stable, rigid demand was released in an orderly manner, and raw material inventory was ample, reinforcing the foundation for market stability. The domestic magnesium ingot market consolidated at high levels, the tug-of-war between sellers and buyers intensified, and prices fluctuated rangebound. On the supply side, support came from costs and tight spot cargo, enterprises showed strong reluctance to sell, low-priced supply was scarce, and bargaining room was extremely limited. On the demand side, both domestic and overseas demand were weak: in domestic trade, downstream buyers only restocked for rigid demand and purchasing intensity was relatively weak; in export markets, escalation in the Middle East situation disrupted shipping and pushed up ocean freight rates, export shipments were suspended, overseas purchasing plans were delayed, and amid the supply and demand stalemate, prices lacked momentum for a one-way move. The export market for magnesium ingot was hit by fluctuations in ocean freight rates and international developments, with strong wait-and-see sentiment across the industry, weak transactions, and rising uncertainty. The magnesium powder market, supported by raw materials, stayed stable with slight adjustments, mainly fulfilling earlier orders; new orders were few, and both domestic and export markets remained cautious. The magnesium alloy market held up well: magnesium ingot and aluminum ingot prices reinforced cost support, enterprise operating rates rebounded slightly, and demand recovered as downstream die-casting plants gradually resumed operations. Market transactions were mild, and prices were expected to remain largely stable in the short term.

SMM February 27: The weekly operating rate of secondary lead in four provinces was 29.73% from February 20 to February 26, 2026, up 1.07 percentage points WoW. Due to losses from market conditions, secondary refined lead smelters in Anhui showed low enthusiasm for production, and the progress of production resumptions remained slow. In Henan and Inner Mongolia, production cuts occurred during the Chinese New Year holiday and had not yet recovered, keeping the operating rate flat WoW. Although production cuts occurred in Jiangsu during the Chinese New Year holiday, operations gradually resumed this week, with the operating rate increasing by 7.71 percentage points. Entering next week, some secondary lead smelters will start production for furnace drying, but lead output will concentrate in late March. SMM expects the operating rate to remain stable next week. 》Order to View SMM Metal Spot Historical Prices

SMM, February 13: During the week of February 6-12, 2026, the weekly operating rate for secondary lead in four provinces monitored by SMM was 38.86%, basically flat WoW. Operating enterprises in Anhui that faced production restrictions last week due to environmental protection-related controls resumed operations this week. Notably, additional enterprises in Anhui suspended production for holidays this weekend, and the regional operating rate is expected to drop by 8.87 percentage points next week. Operating rates in Henan and Inner Mongolia remained stable. As next week falls during the Chinese New Year period, some local enterprises still have expectations for production cuts; the weekly operating rate is projected to decrease by 3-4 percentage points. This week, the operating rate in Jiangsu dropped by 6.58 percentage points due to workers leaving factories for the holiday, coupled with factors like logistics constraints and sluggish sales of finished products. The operating rate in Jiangsu is expected to decline by over 10 percentage points next week. 》Order and View SMM Historical Spot Metal Prices