GREW Solar has received approval under India’s Approved List of Models and Manufacturers (ALMM) for 3 GW of manufacturing capacity at its Dudu, Rajasthan facility. The approval covers its G12R bifacial n-type TOPCon modules, which feature efficiencies up to 23.14% and power output ratings of up to 635 W. Inclusion in the ALMM allows these modules to be deployed in government-mandated and open-access projects. The company claims the high-power G12R series can reduce module count by 6-8% per MW, lowering balance-of-system (BOS) costs like cabling and land. GREW plans to expand its total module capacity to 11 GW by late 2026 and is establishing an 8 GW cell facility in Madhya Pradesh.

[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!

[Market Activity Remains Low, Post-Holiday GO Silicon Steel Prices Expected to Remain in the Doldrums] Futures side, HRC futures fluctuated downward this week, exerting some downward pressure on the cost side of silicon steel, with some traders adopting a cautious wait-and-see approach. Demand side, affected by the approaching Chinese New Year holiday, downstream enterprises gradually suspended operations for the holiday, leading to a significant contraction in procurement demand. Market transactions were largely stagnant in the latter part of the week, with only minimal just-in-time procurement sustaining market activity.

[SMM Magnesium Express] U.S. Magnesium's bankruptcy deepens. The plant, once responsible for 92% of Utah's toxic air emissions, left unlined ponds leaking dioxins & heavy metals into Great Salt Lake groundwater. It claims inability to pay >$100M cleanup costs while its billionaire-controlled parent Renco Group looks on. Utah acquired assets for $30M, but massive ecological restoration bill remains unresolved.

[SS Futures Daily Review] Indonesian Nickel Ore News Boosts SS Back Above 14,000 Yuan/mt, Stainless Steel Spot Market Remains Stable During Holiday SMM, February 11 — SS futures showed a strong upward trend. Last night, the 2026 Indonesian nickel ore approval quota was officially announced, driving SHFE nickel and stainless steel futures higher; during the day, SS futures once again climbed above 14,000 yuan/mt, finally closing at 14,145 yuan/mt. On the spot market side, despite the strong performance of SS futures, most spot trading was suspended as traders and downstream enterprises were largely on holiday, resulting in minimal actual transactions and stable prices. The most-traded SS futures contract strengthened and probed higher. At 10:30 am, SS2604 was quoted at 14,010 yuan/mt, up 160 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 160-360 yuan/mt. In the spot market, the average price for 201/2B cold-rolled coil in Wuxi was reported at 8,500 yuan/mt; the average price for 304/2B cold-rolled mill-edge coil was 14,100 yuan/mt in Wuxi and 14,050 yuan/mt in Foshan; the price for 316L/2B cold-rolled coil in Wuxi was 26,600 yuan/mt, and 26,600 yuan/mt in Foshan; the price for 316L/NO.1 hot-rolled coil in Wuxi was reported at 25,750 yuan/mt; the price for 430/2B cold-rolled coil was 7,800 yuan/mt in both Wuxi and Foshan. This week, repeated fluctuations in macro sentiment, combined with a significant pullback in precious metals prices, dragged down nonferrous metals futures overall, with stainless steel futures also...

On February 11, the SMM battery-grade nickel sulphate index price was 31,628 yuan/mt, with the quotation range for battery-grade nickel sulphate at 31,400-32,500 yuan/mt, and the average price remained unchanged from the previous day.

[SMM Silicon-Based PV Morning Meeting Minutes] Polycrystalline silicon N-type recharging polysilicon quotes 48.5-58.8 yuan/kg, granular polysilicon quotes 49-51 yuan/kg, the polysilicon price index is 52.6 yuan/kg, polysilicon prices rise slightly, mainly due to some manufacturers being affected by cost delineation subsequently raising expectations slightly, mainstream prices remain stable. Approaching Chinese New Year, market transactions slow down, overall atmosphere shows no significant changes.

[Lead-Acid Battery Enterprise Dynamics] Recently, Camel Group stated on the interactive platform in response to investor inquiries that the company focuses on a dual-cycle strategy for lead-acid and lithium batteries, continuously improving its green and sustainable circular economy industry. Due to intensified industry competition and rising procurement costs for raw materials from scrap batteries, the company enhanced its overall efficiency by adjusting the production and sales pace, optimizing processes, and focusing on high-value-added products. In H1 2025, the company achieved a production of 245,000 mt of lead and lead products; it procured 3,262 mt of scrap lithium batteries and sold 1,424 mt of recycled materials.

[SMM Tungsten Daily Review: Tungsten Market Rises on Long-Term Contract Price Increases Amid Pre-Holiday Shrinking Volume] SMM February 10 – Today, tungsten product prices maintained an overall upward trend. Approaching the Chinese New Year, factors such as production cuts at mines and stricter control over tax-exclusive business contributed to scarce circulation in the tungsten ore market, driving transaction prices up significantly. Last Friday, an enterprise in Luoyang auctioned 25% tungsten concentrate, with transaction prices concentrated in the range of 10,155–10,160 yuan/mtu. Shipments from other mines remained scarce ahead of the holiday.

Pre-holiday, titanium concentrate prices softened amid weak downstream demand, while titanium dioxide saw inventory draws and price support from exports and pre-holiday restocking. Sponge titanium stabilized with export-led growth. Post-holiday demand will guide price trends across the chain.