At first glance, the market reaction to the outbreak of war following U.S. and Israeli strikes on Iran appeared deeply counterintuitive.

The question now arises: why did this rally occur so suddenly, and will it continue in the future? To address this, *Jagran Business* spoke with Ajay Kedia, Director of Kedia Advisory. He outlined a strategy for investors based on four key points, which will determine whether the current rally is sustainable or if the market is likely to witness a decline once again.

It is worth noting that the overall overseas ternary cathode demand outlook for 2026 remains subdued. The U.S. market has been sluggish since the fourth quarter of last year, prompting many overseas manufacturers to place their hopes on the European market.

[SMM Daily Review: Smelter Maintenance Sparks Shortage Expectations, High-Grade NPI Quotation Activity Increases] February 25 (SMM) - The average price of SMM 10-12% high-grade NPI was 1,070 yuan/mtu (ex-factory, tax included), up 16.5 yuan/mtu MoM from the previous trading day.

During the Chinese New Year holiday, overseas tungsten prices surged past China. By Feb 20, Rotterdam APT averaged $1,800/mtu, up 13.56% WoW, while European scrap drill bits jumped 12.5% to €90/kg. Indian scrap followed, with alloy blade FOB hitting $110-115/kg. Post-holiday, domestic APT opened at ¥1.05 million/mt, with a major producer hiking long-term prices by ¥100,000/mt. Global supply tightness continues to drive synchronized upside across markets.

[Gearing Up for 2026! Magnesium Market Wraps Up a Stable January, Nearly 300,000 mt of Additional Demand to Boost Industry's New Prosperity] The magnesium market's performance for the year has now concluded. Price fluctuations in the magnesium market during 2025 may not have stood out among nonferrous metals, but it is precisely this past stability that is expected to foster the potential for nearly 300,000 mt of additional magnesium alloy demand growth in 2026. The magnesium metal market in 2026 is set to embark on a year of prosperity, marking a crucial step toward a thriving future. The industry is poised to write a new chapter of growth, which is highly anticipated across the sector. As we bid farewell to the old and welcome the new, on behalf of the SMM Magnesium Team, I would like to extend our sincerest gratitude to colleagues in the industry, magnesium enterprise partners, experts, and scholars who have long cared for and supported SMM. Wishing everyone a prosperous New Year, immediate success, abundant wealth, and lasting good fortune!

SMM, February 6 - According to SMM’s investigation of market information, a large smelter in northern China began public bidding for a certain quantity of indium ingots and bismuth ingots starting yesterday. Market sources indicate that the starting price for these indium ingots exceeds 4,000 yuan per kilogram, while the starting price for bismuth ingots is above 150,000 yuan per ton. The bidding results are expected to be announced before the Spring Festival. Market participants note that, given the clear trend of sluggish trading activity ahead of the Spring Festival, the timing of this bidding is not ideal. However, the relatively favorable starting prices have generated considerable market anticipation for the outcome of the bidding.

On January 28, GAC Lingcheng and Remote New Energy Commercial Vehicles signed a strategic cooperation agreement in Guangzhou. Attendees included Qin Haining from Guangzhou Public Transport Group, Fan Xianjun from Remote Commercial Vehicles, and Zhang Zhiyong from GAC Lingcheng. The two parties will engage in comprehensive cooperation to jointly promote the green and intelligent transformation of commercial vehicles. Leveraging their respective strengths in R&D, manufacturing, and distribution channels, the two sides will deepen collaboration in areas such as technological development and market expansion. By complementing each other's advantages, they aim to accelerate technological iteration and market popularization, thereby enhancing industry competitiveness. This cooperation aligns with the "dual carbon" goals and the industry trends of new energy adoption and intelligent transformation. It represents a significant strategic move for both parties and is expected to inject new momentum into the new energy transition of commercial vehicles. Zhang Zhiyong stated that as a top-tier enterprise in the industry, Remote Commercial Vehicles possesses strong capabilities. He expressed anticipation that the collaboration would achieve a "1+1>2" effect, creating high-quality products and empowering users and industry development. Fan Xianjun pointed out that GAC Lingcheng has profound expertise in vehicle manufacturing. This cooperation is an important implementation of Remote's open strategy. The two sides will jointly build a green and intelligent transportation ecosystem to promote high-quality industry development. Qin Haining expressed high expectations for the cooperation, hoping that both parties would leverage the public transport scenarios in Guangdong to develop innovative products characterized by "Guangzhou R&D, manufacturing, and application," thereby contributing to urban green transportation construction and the realization of "dual carbon" goals. As the new energy transition of commercial vehicles enters a critical phase, this collaboration is expected to set an industry example in areas such as technological breakthroughs and shared infrastructure development. It will accelerate the large-scale application of commercial vehicles with multiple technological routes and support emission reduction in the transportation sector. This powerful alliance demonstrates the strategic foresight of the enterprises. It will break through technological bottlenecks, reduce costs, expand markets, enhance the level of China's new energy commercial vehicle industry, and lay a foundation for achieving the "dual carbon" goals.

Today, precious metals prices retreated significantly, and sellers were reluctant to sell. In the Shanghai market, some suppliers offered TD premiums of 3,500-3,800 yuan/mt or premiums of 3,000 yuan/kg against the SHFE silver 2604 contract in the morning session. Downstream buyers only made just-in-time procurement in small quantities. Although TD premiums of 3,800-4,000 yuan/mt or even higher were still seen in the market, sellers mainly held prices firm and were reluctant to sell, making actual transactions difficult. Today, smelters reduced their offers, and spot cargo supply in the spot market remained tight. Despite the sharp decline in futures, neither the Shanghai nor the Shenzhen market saw lower premiums for sales. Suppliers held back goods in anticipation of price increases, while some downstream producers took early holidays due to difficulties in raw material procurement and the approaching Chinese New Year holiday. Investment demand and traders' willingness to purchase were weak, leading to thin trading in the spot market today.

[SMM Tungsten Express] Masan High-Tech Materials (MSR) of Vietnam reported a return to profitability in its 2025 financial results, driven primarily by tungsten products. Revenue reached VND 74.4 trillion, up 19% year-on-year; full-year net profit was $423,000, with Q4 net profit surging to $8.5 million, a multi-quarter high. Tungsten product revenue rose 33% to $171.5 million, boosted by APT prices hitting 14-year highs. The company's Nui Phao mine, the largest outside China, underscores its strategic value. The market has revalued MSR's position in the global tungsten supply chain, with its share price rising in anticipation.