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Titanium Concentrate This week, domestic titanium concentrate (TiO2≥46%) was quoted at 1580-1630 yuan/mt, with an average price of 1605 yuan/mt. The TiO2≥47% specification was quoted at 1900-1950 yuan/mt, with an average price of 1925 yuan/mt. The overall titanium concentrate market remained in the doldrums this week. In January, the downstream titanium dioxide industry generally scheduled maintenance, and although mine quotations fluctuated at highs, the response from downstream demand was insufficient. Entering the late month, ore prices pulled back slightly, reflecting that overall demand remained weak and buyers were cautious. Despite sporadic price adjustments, the overall atmosphere for price hikes was not strong. For imported ore, the market maintained a weak and stable trend, with no significant fluctuations in prices. Titanium Dioxide This week, the domestic titanium dioxide market saw rutile-grade titanium dioxide quoted at 12800-14200 yuan/mt, with an average price of 13300 yuan/mt; anatase-grade titanium dioxide was quoted at 12100-12500 yuan/mt, with an average price of 12300 yuan/mt; and chloride-process titanium dioxide was quoted at 13600-17000 yuan/mt, with an average price of 15300 yuan/mt. The titanium dioxide industry as a whole showed signs of recovery this month, driven by two main factors: one, foreign trade orders increased significantly, leading to continuous inventory digestion; and two, the rise in auxiliary material prices such as ferrous sulphate provided some support on the cost side. However, the industry still faced the pressure of weak domestic demand and high sulphuric acid prices. To boost market sentiment and convey positive signals, some enterprises issued price adjustment letters in late January, aiming to set expectations for price hikes in 2026. Currently, most other enterprises are in a wait-and-see mode. Given the significant inventory reduction this month, if demand follows up after the Chinese New Year, the market has the potential for further price increases. Titanium Slag This week, acid-soluble titanium slag (Sichuan) was quoted at 5820-5845 yuan/mt, and the mainstream quotation for ordinary 90 titanium slag was 5200-5400 yuan/mt. The titanium slag market this week showed a pattern of high slag under pressure and weak acid slag stability. High titanium slag, influenced by both cost relaxation and downstream pressure for lower prices, experienced downward pressure, with a bearish market sentiment. Acid slag, supported by raw material prices and low operating rates, buffered the downward pressure, with prices mainly consolidating in the short term. Continued attention should be paid to the trend of raw material prices and the recovery of downstream demand. The overall market is expected to continue its divergent operation. Sponge Titanium This week, grade 0 sponge titanium was quoted at 46000-47000 yuan/mt, with an average price of 46500 yuan/mt; the FOB average price for grade 0 sponge titanium was $6950/mt. Grade 1 sponge titanium was quoted at 45000-46000 yuan/mt, with an average price of 45500 yuan/mt; grade 2 sponge titanium was quoted at 44000-45000 yuan/mt, with an average price of 44500 yuan/mt. In late January, sponge titanium production remained stable, with Grade 0 product transaction prices concentrated around 46,000 yuan/mt. Currently, domestic trade demand remains sluggish, and the industry as a whole is operating steadily. In terms of foreign trade, due to recent incidents where ships bound for Japan were detained and inspected, related logistics cycles have been extended, and uncertainties have increased, leading to additional port fees and risk costs being factored into FOB quotes, causing prices to rise slightly. Titanium Materials This week, TA1 titanium ingot prices were 55-57 yuan/kg, TA2 titanium ingot prices were 54-55 yuan/kg, and TC4 prices were 62-64 yuan/kg. Hot-rolled titanium plate (3-8mm) was quoted at 64-65 yuan/kg, titanium welded pipe at 115-125 yuan/kg, pure titanium rod at 100-105 yuan/kg, and pure alloy rod at 115-125 yuan/kg. Overall, this week's titanium material market prices were stable, but there was a significant structural divergence in the industry chain, characterized by strong military and weak civilian sectors. High-end military demand served as the core support for the market. Orders for high-end TC4 casting ingots, military thin plates, and titanium rods were robust, with production schedules extending into H1 next year. Relevant enterprises maintained high-load production, and prices were steady with an upward trend. The civilian sector, however, was generally sluggish. Transactions for civilian-grade casting ingots, medium-thickness plates, and titanium rod wire decreased, and small and medium-sized enterprises faced weak demand and difficulties in collecting payments, leading some to take early holidays or reduce operations, resulting in low market activity. Supported by costs, mainstream quotations remained stable overall, but the market actually showed a state of stable prices with reduced volumes, and the civilian end had already seen low-price stock clearance. It is expected that before and after the Chinese New Year, this divergent pattern will continue, with strong production and firm prices in the military field, while the civilian market remains sluggish. Weekly Summary This week, various segments of the titanium industry chain showed differentiated performance, presenting a pattern of "partial recovery, overall weakness." The titanium concentrate market continued to be weak, with average prices for mainstream domestic specifications at 1,605 yuan/mt and 1,925 yuan/mt. Downstream titanium dioxide maintenance led to weak demand, and ore prices pulled back slightly in the latter part of the month, while imported ore remained in the doldrums. The titanium dioxide market showed signs of recovery, with average prices for various specifications ranging from 12,300 to 15,300 yuan/mt. Increased foreign trade orders and rising auxiliary material prices provided support, and some enterprises issued price adjustment letters, setting the stage for expectations for price hikes. The titanium slag market exhibited a "high slag weak, acid slag steady" differentiation, with high titanium slag prices under pressure, and acid slag prices remaining stable due to raw material support. Sponge titanium prices were generally stable, with foreign trade logistics uncertainties pushing up FOB quotes. Titanium material prices were stable, but there was a significant structural divergence, with the military sector having full orders and high production loads, while the civilian sector experienced weak demand, with some enterprises taking early holidays, showing a state of stable prices with reduced volumes. In the short term, the divergence pattern in the titanium industry chain will persist around the Chinese New Year. For titanium concentrate, affected by downstream maintenance, demand-side improvements are unlikely, and prices are expected to remain weak. Post-holiday attention should be paid to the recovery of downstream operating rates and changes in raw material procurement demand. In the titanium dioxide sector, inventory destocking has been significant, coupled with cost support from auxiliary materials and price increase guidance from some enterprises. If domestic trade demand follows up after the Chinese New Year, prices are expected to rise further. Additionally, attention should be paid to the foreign trade benefits brought by the US Fed's interest rate cuts and India's cancellation of anti-dumping duties. The divergence in the titanium slag market will continue: for high-titanium slag, focus on cost impacts and downstream pressure for lower prices; acid slag may remain stable due to low operating rates. Sponge titanium prices are expected to stay firm, influenced by raw material costs and uncertainties in foreign trade logistics, while domestic trade demand awaits post-holiday recovery. In the titanium materials sector, strong support from military demand will continue, with prices stable to rising. The civilian sector is unlikely to see significant improvement in the short term, and low-price stock clearance may persist. Long-term prospects are favorable for high-end titanium materials' import substitution and growth potential from emerging sector demand, with industry concentration expected to further increase.

Nickel Ore " MOMS Delays and West Monsoon Slow Down Supply; HPM Sees Slight Dip Amid Policy Uncertainty" The price of Indonesian nickel ore remained flat this week. In terms of benchmark prices, the domestic Indonesian nickel ore benchmark for the first half of January was $16,427 per dry ton, up 12.28% from the previous period. Regarding premiums, according to SMM data for domestic Indonesian laterite nickel ore, the average premium for 1.4% grade was $22, $25.5 for 1.5% grade, and $26 for 1.6% grade, unchanged from last week. The delivered price of SMM domestic Indonesian laterite nickel ore (1.6% grade) was $54–56 per wet ton, unchanged from last week. For hydrometallurgical ore, the delivered price of SMM domestic Indonesian laterite nickel ore (1.3% grade) held steady at $23–24 per wet ton, unchanged from last week. Pyrometallurgical Ore: From a supply perspective, Major production hubs are in a sporadic rainy seasons in most parts of Sulawesi, although not as heavy as the early January. Most mines are currently facing shipping obstacles due to verification delays in the MOMS system (Mineral and Coal Online Monitoring System). At the same time, ongoing audits by the Forestry Task Force, combined with the MOMS delays, have created a "double regulatory" pressure. Consequently, miners are adopting a "wait-and-see" stance, showing reluctance to sell and maintaining conservative shipping schedules. From the demand side, procurement demand from several NPI smelters relatively increased this week due to supply constraints that happened due to the RKAB uncertainties in this month. Therefore, it is expected that the nickel ore premium and benchmark price to rise in the upcoming months. Hydrometallurgical Ore The supply side remained stable at year-end, with relatively ample availability of wet-process ore, while cross-island shipments remained at low levels. On the demand side, MHP production at some smelters declined, reducing their demand for nickel ore. Although some old 2026 RKAB quotas can be used in Q1, most mines are unable to ship normally due to delays in MOMS system verification. The recent surge in LME nickel prices is expected to drive a significant increase in the next HPM cycle, which should provide a strong floor for ore premiums. Market focus remains fixed on the Ministry of Energy and Mineral Resources (ESDM). In a press conference on the afternoon of January 8th, Minister Bahlil Lahadalia did not disclose specific figures for the 2026 RKAB (Work Plan and Budget) approvals. He stated that quotas are still being calculated and will be adjusted based on the total demand from smelting enterprises in 2026. Until the RKAB details are finalized, miners are expected to remain cautious, maintaining the current "steady-to-firm" pricing environment. Nickel Pig Iron "Large Gap Between Upstream and Downstream Offers, High-Nickel Pig Iron Prices Stabilize at Week's End" The average price of SMM 10-12% NPI average price rose by RMB 20.9 per nickel unit week-on-week to RMB 1053 per nickel unit (ex-works, tax included), while the Indonesia NPI FOB index increased by USD 2.99 per nickel unit to USD 133.26 per nickel unit. During the week, futures remained high, with a few high-priced transactions observed in the market, driving further gains in NPI prices. On the supply side, amid strong macroeconomic sentiment, upstream producers maintained firm pricing, though some chose to cash in profits, leading to a divergence in NPI transaction prices. On the demand side, stainless steel scrap remained more economically attractive, and with the approaching Lunar New Year, downstream steel mills adopted a wait-and-see approach. Only a few specialty steel mills made limited high-priced purchases, resulting in subdued overall market trading volume. Overall, while upstream players remained bullish and held firm on prices, downstream buyers maintained lower price expectations. Coupled with planned production cuts in 300-series stainless steel, weakening demand led to a stabilization of NPI prices after consecutive gains by the week's end. Looking ahead, NPI prices are expected to remain elevated in the short term, though some producers may face fundamental pressure due to pre-holiday sales needs.

According to SMM, as the Chinese New Year holiday approaches, trading activity in the ore market has slowed down, and lead concentrate offers showed no significant changes this week. Many smelters in Hunan province were expected to implement production cuts in February and undergo routine maintenance shutdowns during the Chinese New Year holiday, with some manufacturers planning to stock up on raw materials after the holiday. In regions such as Henan and Inner Mongolia, smelters' raw material inventories briefly accumulated after winter stockpiling supplies arrived at plants successively. Some lead-zinc mines gradually entered the winter break in February, leading to subdued trading in the ore market. In the domestic imported ore market, although lead concentrate TCs in January remained at -$150 to -$160/dmt, smelters still actively inquired and made just-in-time procurement due to recent import arbitrage opportunities for silver. Additionally, SMM learned that precious metal prices experienced significant fluctuations this week. Under such special market conditions, smelters maintained a strong wait-and-see sentiment. Despite the short-term pullback in silver prices, their medium and long-term expectations for precious metal price increases have not diminished.

In the spot market this week (January 26, 2026 - January 30, 2026), The lead spot market performed generally sluggish this week, as downstream stocking demand before the Chinese New Year holiday fell short of the same period in previous years. Lead smelter inventories accumulated in some regions this week, and spot discounts narrowed slightly towards the weekend due to factors such as expected supply reductions in Hunan. Suppliers in Henan offered discounts of 270-250 yuan/mt against the SHFE lead 2603 contract. At the beginning of the week, smelters in Hunan offered discounts of 30-40 yuan/mt against the SMM #1 lead average price. By the weekend, some suppliers shifted to offering near parity and held back sales, while the accumulation of smelter inventories in Hunan slowed down as expected. Downstream consumption in the refined lead market was generally sluggish overall, with downstream enterprises mainly making just-in-time procurement. Only a few downstream enterprises bought the dip after lead prices weakened. Market transactions are expected to remain sluggish before the Chinese New Year holiday.

During the week of January 23 to 29, 2026, the average operating rate of primary lead smelters in three provinces was 66.41%, down 0.44 percentage points from the previous week. Specifically, smelters in Henan Province maintained stable production levels. As expected, Hunan Province saw a decline in operating rates; although some plants that had previously undergone equipment maintenance resumed production, they had not yet reached full capacity. Regarding maintenance and production cuts, one plant reduced output due to maintenance of its crude lead production line and planned to begin routine shutdown maintenance the following week; two other plants were expected to cut some production next week in preparation for routine maintenance work during the upcoming Chinese New Year holiday. A smelter in Yunnan Province also implemented a slight production cut this week and planned to enter its standard pre-Chinese New Year maintenance phase ahead of schedule. In other regions, two smelters in South China and East China slightly increased production to normal levels this week after completing periodic maintenance.

On January 30, 2026, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content); in Sichuan and north-west China, the ex-factory price was 8,500-8,700 yuan/mt (50% metal content); in east China, offers for high-carbon ferrochrome were 8,700-8,800 yuan/mt (50% metal content), flat MoM from the previous trading day. For imported material, offers for Indian high-carbon ferrochrome were 8,600-8,700 yuan/mt (50% metal content); offers for Kazakh high-carbon ferrochrome were 9,300-9,500 yuan/mt (50% metal content), flat MoM from the previous trading day. This week, the ferrochrome market held up well. Winter stocking demand was gradually released, and stainless steel futures pulled back, cooling market sentiment. However, chrome ore futures and spot offers continued to rise, significantly pushing up production costs, providing solid support at the bottom of ferrochrome prices, and offers followed up slowly. Current ferrochrome production margins remained relatively attractive, so producers maintained high operating enthusiasm. Although ferrochrome production in January 2026 edged down 0.83% MoM, it remained at a historically high level overall, with operating rates staying high. Considering that many downstream stainless steel mills have maintenance and production cut plans in February, the ferrochrome market is expected to face surplus risks, which may limit further price increases. In the short term, the ferrochrome market is likely to hold up well, with attention on changes in market demand around the Chinese New Year holiday and the implementation of stainless steel mills' production cut plans. Raw material side, on January 30, 2026, spot offers for 40-42% South African concentrate at Tianjin port were 57-58 yuan/mtu; 40-42% South African raw ore were 52-54 yuan/mtu; 46-48% Zimbabwean chrome concentrate were 59-60 yuan/mtu; 48-50% Zimbabwean chrome concentrate ore were 60-61 yuan/mtu; 40-42% Turkish chrome lump ore were 64-65 yuan/mtu; 46-48% Turkish chrome concentrate ore were 65-66 yuan/mtu, all flat MoM from the previous trading day. For futures, the latest offer for 40-42% South African concentrate was $297/mt, up $10 MoM. This week, the chrome ore market held up well, with both futures and spot offers rising significantly. Spot side, boosted by higher futures offers, spot market confidence received strong support, with weekly gains of 1-3 yuan/mtu. However, as winter stockpiling entered its final stage, the procurement pace slowed down, leading to negotiations dominating the market, while high-price transactions awaited confirmation, and wait-and-see sentiment emerged. Futures side, offers from the main mine for South African concentrate rose noticeably, with reports of transactions at $300/mt. Additionally, South Africa's energy regulator approved a 35% reduction in electricity prices for ferrochrome production, lowering costs and stimulating production resumptions. Chrome ore supply is expected to tighten subsequently, with expectations for further price increases. Zimbabwe's futures offers remained high due to mining policies, making local purchases relatively difficult. The chrome ore market is expected to remain generally stable with a slight rise in the short term.

SMM January 30: This week, LME lead opened at $2,034/mt. At the beginning of the week, due to bears exiting the market and a weakening US dollar index, LME lead rose to a high of $2,067.5/mt; it then gradually pulled back and moved sideways in the range of $2,010-2,040/mt. In late trading, the US dollar index fell again, and SHFE lead followed with a slight increase. However, approaching the close, bulls exited the market, putting LME lead under pressure and causing it to fall below the $2,000 mark, hitting a low of $1,995/mt. As of 15:00 Beijing time on January 30, 2026, it finally closed at $2,009.5/mt, down $25.5/mt, a decrease of 1.25%. This week, the most-traded SHFE lead 2603 contract opened at 17,170 yuan/mt. From the beginning of the week to mid-week, lead prices showed stable movement, mainly fluctuating within the range of 16,920-17,220 yuan/mt. In the late trading phase, driven by a broad rise in the nonferrous metals sector, SHFE lead moved unilaterally upward, once surging to a high of 17,370 yuan/mt, setting a new high in nearly half a month. Subsequently, due to mixed factors from bulls and bears in the spot market, lead prices came under pressure and pulled back, touching a low of 16,850 yuan/mt. It finally closed at 16,865 yuan/mt, down 230 yuan/mt, a decrease of 1.35%. 》Order to View SMM Metal Spot Historical Prices

Overseas Market Dynamics Price-wise: Lanthanum oxide FOB prices held steady at $870-930/mt, cerium oxide FOB prices remained stable at $1,677-1,762/mt, cerium oxide CIF (Rotterdam) prices were at $2,330-2,340/mt, praseodymium oxide FOB prices were raised to $112-116/kg, neodymium oxide FOB prices were raised to $140-160/kg, neodymium oxide CIF (Rotterdam) prices were at $195-215/kg, terbium oxide prices were at $1,130-1,168/kg, dysprosium oxide FOB prices remained stable at $271-311/kg, lanthanum metal prices held steady at $3-3.1/kg, neodymium metal FOB prices were raised to $131-151/kg, praseodymium metal FOB prices were raised to $155-158/kg, terbium metal prices remained at $1,400-1,420/kg, yttrium metal FOB prices held at $33-38/kg. Transaction-wise: Lanthanum oxide/cerium oxide FOB/cerium oxide CIF (Rotterdam)/lanthanum metal FOB/cerium metal FOB prices remained stable, as no significant changes occurred in the supply and demand landscape recently. Supply side, major producers maintained stable production; demand side, application demand in traditional sectors such as catalysts and glass additives remained steady. Neodymium oxide FOB/CIF and praseodymium oxide FOB prices showed a clear upward trend, primarily driven by the rapid increase in domestic Chinese neodymium oxide/praseodymium oxide spot prices boosting offshore quotations. Simultaneously, supply remained tight due to factors like restricted operations at domestic separation enterprises, leading to reduced export supply, resulting in a situation where overseas neodymium oxide had prices but limited market activity. Dysprosium oxide FOB/terbium oxide FOB/terbium metal FOB prices remained stable. Although domestic prices were gradually declining, international circulation volumes were low due to various constraints, so prices did not fall significantly. Neodymium metal FOB/praseodymium metal FOB prices were noticeably raised. This slight increase was due to rising domestic neodymium metal prices; constrained by cost support, export prices increased rapidly.   Overseas Rare Earth Sector News Briefs This week, the diversification of the global rare earth supply chain accelerated significantly, with key developments in the US, Asia, and Latin America. The US government strengthened domestic rare earth capacity through large-scale funding injections, a Malaysia-France cooperative project made substantial progress, Brazil formulated a national rare earth strategy to unlock resource potential, and India contemplated mining policy adjustments to enhance extraction efficiency. These measures collectively reflect high priority on supply chain security, but technical, cost, and capacity bottlenecks remain common challenges. US: $1.6 Billion Capital Injection into Domestic Rare Earth Companies, Supply Chain Autonomy Strategy Upgraded The Trump administration announced this week that it will provide $1.6 billion in funding to USA Rare Earth through a combination of equity and debt in exchange for a 10% stake, marking the single largest investment in the US rare earth industry to date. The funds will be used for the construction of the Sierra Blanca rare earth mine in Texas (expected to commence operation in 2028) and the magnet plant in Oklahoma (scheduled for H2 2026), aiming to meet demand in high-end sectors such as national defense and EVs. Previously, the US had provided subsidies to enterprises like MP Materials through the CHIPS and Science Act and attracted capital investment by setting price floors (e.g., a guaranteed price of $110/kg for Pr-Nd oxide). However, domestic US rare earth capacity still faces constraints from high costs (smelting costs are approximately 1.5 times those in China) and insufficient technological accumulation, with a full realization of supply chain autonomy requiring a cycle of over 10 years. Asia: Malaysia-France Project Enters Pilot Phase, India Optimizes Mining Rights Policy The collaborative project between Malaysia and the French rare earth technology company Carester has entered the pilot plant stage. The two parties will jointly develop rare earth separation technology, focusing on breakthroughs in light and heavy rare earth refining capabilities and extending downstream to magnet manufacturing. This project has attracted attention from the Japanese government and may attract more international partners in the future, promoting Malaysia as a regional rare earth processing hub. Meanwhile, the Indian government plans to tighten its mining rights auction policy, requiring bidding enterprises to undergo pre-qualification based on financial strength and imposing penalties on miners that fail to commence operations over the long term. This move aims to address the issue where only 82 out of 594 auctioned blocks have commenced production since 2015, but India still needs to concurrently overcome structural issues such as technological backwardness and inadequate infrastructure. Brazil: Launches National Rare Earth Strategy, Aims for Entire Industry Chain Layout Brazil's Ministry of Mines and Energy led the formulation of a national rare earth development strategy this week, clarifying the goal of transitioning from primary mining to high value-added processing. The plan involves attracting private capital through policy guidance and providing technical support in collaboration with institutions like the Inter-American Development Bank. Brazil holds 23% of global rare earth reserves but accounts for only 1% of production, currently relying on foreign investment to develop heavy rare earth resources in states like Minas Gerais (e.g., Viridis Company's $360 million Colossus Project). The government emphasized balancing resource development with environmental protection and leveraging renewable energy advantages to reduce the carbon footprint, but faces challenges such as a lack of separation technology and financing pressure.

This week, the price of 304 stainless steel scrap off-cuts in east China held steady, quoted at 9,700-9,800 yuan/mt; in Foshan, the same specification of stainless steel scrap off-cuts dropped back slightly, with a price range of 9,600-9,900 yuan/mt. From the perspective of raw material production costs, the current cost of producing stainless steel entirely using stainless steel scrap is approximately 13,535.53 yuan/mt, while the cost of using entirely high-grade NPI is 14,494.08 yuan/mt. This week, the pullback in stainless steel futures led to a slight decline in spot prices, while prices of raw materials such as high-grade NPI and high-carbon ferrochrome showed an upward trend. However, under this pattern, stainless steel scrap prices overall maintained temporary stability. In the current market, the need for capital repatriation ahead of the Chinese New Year holiday dominated trader operations, with most scrap yards showing a significantly enhanced willingness to sell; some regional yards had already suspended purchases early to wrap up operations. The economic advantage of stainless steel scrap relative to high-grade NPI remained prominent, and steel mills maintained a steady procurement pace. Supported by just-in-time procurement, market transactions did not show significant contraction. Looking at future expectations, affected by the Chinese New Year holiday in February, stainless steel industry production is expected to drop back noticeably, with end-user orders continuing to decrease. Combined with the sentiment pressure from the paused price increase in stainless steel this week, the stainless steel scrap market lacks a core independent driver for a rise. In summary, although the short-term stainless steel scrap market, supported by its cost-effectiveness and steel mills' just-in-time procurement, has no significant downside room for prices, constrained by pre-holiday wait-and-see sentiment and post-holiday weakening supply and demand, it is expected to mainly operate under pressure with fluctuations in the short term, making it difficult to chart an independent course.

During the year-end period, end-use consumption in the lead-acid battery market remained sluggish, and dealers' battery inventory digestion was slow, with some dealers holding 1-2 months of inventory. They are not expected to make additional stockpiling plans before the Chinese New Year. In addition, recent lead price fluctuations have been significant, and there have been rumors of price increases in the wholesale battery market. However, actual selling prices have not changed much; for example, the main model of e-bike lead-acid battery, 48V20Ah, is priced at 380-400 yuan per set. As a result, dealers are being cautious about stockpiling before the New Year and are only making just-in-time procurement. On the producer side, due to weak finished product orders, lead-acid battery enterprises have high finished product inventories, and many intend to take early holidays. Their conventional stockpiling of lead ingots is also quite limited, leading to sluggish trading in the spot market for lead.

According to reports, as of January 29, the in-factory inventory of primary lead delivery brands was 28,200 mt, an increase of 5,800 mt WoW. Recently, primary lead smelters in Hunan, Jiangxi, and other regions resumed production after maintenance, leading to an increase in lead ingot supply WoW. However, demand for lead-acid batteries remained sluggish, resulting in limited stockpiling by downstream enterprises before the Chinese New Year, as per tradition. Some enterprises even suspended production around the end of January. Trading in the spot market for lead was sluggish, and smelters' in-factory inventories shifted to an upward trend. Meanwhile, the price center of lead declined again this week, prompting suppliers to actively expand discounts for spot cargo sales or transfer lead ingots to social warehouses. Additionally, due to air pollution control measures in Henan, Shandong, and other regions, vehicle transport was partially restricted, causing some enterprises' inventories to accumulate.

[SMM Platinum and Palladium Weekly Review] This week (January 26 – January 30), the most-traded platinum contract PT2606 opened at 720 yuan/gram and closed at 630.55 yuan/gram, down 48.4 yuan/gram or 7.13% WoW; the weekly highest price was 762.85 yuan/gram, and the weekly lowest price was 616.20 yuan/gram. The most-traded palladium contract PD2606 opened at 527.9 yuan/gram and closed at 464.05 yuan/gram, down 34.85 yuan/gram or 7.00% WoW, with a weekly high of 548.55 yuan/gram and a weekly low of 455.35 yuan/gram. In futures trading: the most-traded platinum contract PT2606 had a total weekly trading volume of 151,783 lots, a total turnover of 106.332 billion yuan, and an open interest of 26,982 lots, a decrease of 1,170 lots WoW. The most-traded palladium contract PD2606 had a total weekly trading volume of 79,159 lots, a total turnover of 40.903 billion yuan, and an open interest of 10,574 lots, a decrease of 774 lots WoW.   Recent price movements for platinum and palladium were mainly driven by factors such as US Fed dynamics, exchange margin hikes, precious metals sector linkage, and rising international political uncertainty. The US Fed held rates steady as expected, pausing interest rate cuts at the January meeting, with Powell stating that rates are at the high end of the neutral range and maintaining monthly balance sheet expansion of 40 billion. Regarding exchange dynamics, CME issued a notice on January 27 local time, raising margin requirements for some platinum and palladium futures contracts, with platinum increasing from 9% to 12% and palladium from 11% to 14%, effective after the close on January 28 local time. In terms of precious metals sector linkage, recent platinum and palladium price changes largely benefited from sentiment transmission within the overall precious metals sector, with significant resonance among gold, silver, platinum, and palladium. Additionally, exchanges, banks, and funds cooled the gold and silver markets through margin hikes, raising investment thresholds, and temporary trading halts, which may have spillover effects on platinum and palladium. International political uncertainty rose significantly recently, with Trump signing an executive order declaring a national emergency and establishing a procedure to impose tariffs on goods from countries selling or otherwise providing oil to Cuba. Attention should also be paid to the results of US anti-dumping and countervailing duty investigations on unwrought palladium from Russia, details of new management announced by LME within the month, and the announcement of the Fed Chairman candidate.   On the spot side, the spot market was still mainly supported by investment demand, with end-users making limited necessary stockpiling for year-end purchases at high levels and showing heavy wait-and-see sentiment for large purchases, resulting in moderate overall market trading.

SMM January 30: Lead prices remained low, and the scale of production halts at secondary lead smelters expanded. Recycling enterprises were highly cautious of price declines. Coupled with their need to recoup funds before the holiday, the willingness to sell scrap batteries was relatively good during the week. Meanwhile, secondary lead smelting enterprises conducted routine pre-holiday stockpiling, leading to a significant increase in raw material inventory. SMM data showed that the raw material inventory of secondary lead enterprises increased by 34,000 mt WoW this week. Next week, as some scrap battery suppliers gradually enter the holiday period, while some secondary lead smelting enterprises still have stockpiling demand, SMM expects scrap battery prices to hold steady. Due to weak spot cargo digestion in the domestic market, the inflow enthusiasm for imported crude lead supplies declined, resulting in fewer offers this week. As of January 30, 2026, the ex-factory VAT-exclusive offers for domestic secondary crude lead were 15,450-15,550 yuan/mt, and transactions were also weak. As downstream enterprises gradually enter the holiday period, purchase willingness remained sluggish. SMM expects activity in the secondary crude lead market to decline further next week. 》Order to View SMM Metal Spot Historical Prices

SMM Jan. 30: Secondary lead suppliers maintained firm offers due to cost pressure, diminishing the price advantage of secondary lead. Additionally, weak end-use consumption led to low stockpiling willingness among downstream battery enterprises before the Chinese New Year. Weekly finished product inventories of secondary lead rose by 1,500 mt WoW to 35,000 mt. Most battery producers have completed pre-holiday stockpiling, with some planning to pick up goods under long-term contracts and halting spot order purchases. As production cuts and halts expand among secondary lead smelters and supply tightens, the pace of finished product inventory buildup is expected to slow down next week. 》Order to View SMM Metal Spot Historical Prices

SMM Jan 30: On a weekly basis, the SMM Zn50 domestic weekly TCs average was flat WoW at 1,500 yuan/mt in metal content, while the SMM imported zinc concentrate index fell $4.25/dmt WoW to $25.5/dmt. Domestic ore market. As the Chinese New Year holiday approached, some mines planned to suspend production in February, weakening domestic zinc concentrate supply. However, with previously purchased zinc concentrates arriving at domestic smelters, stockpiling for February was largely completed. Few domestic zinc concentrate deals were concluded this week, and TCs in many regions remained stable. Additionally, SMM learned that a zinc mine in North China awarded a tender this week, with the winning bid result at 2,600 yuan/mt in metal content (including a 20/80 sharing). Imported ore market. Traders were less willing to sell this week, and smelters had largely completed stockpiling for the Chinese New Year, showing low purchasing enthusiasm for imported zinc concentrates. Few imported zinc concentrate deals were concluded during the week. It was reported that the Antamina zinc mine tender result was around -$20/dmt this week, for a volume of 10,000 mt with shipment in March. SMM zinc concentrate inventories at China's main ports totaled 377,500 mt in physical content this week, up 81,000 mt WoW, with Lianyungang and Fangchenggang contributing the main increases.