Looking back at China’s magnesium market in the first half of 2026, the supply-over-demand dynamic shifted subtly amid earlier concentrated production shutdowns by magnesium smelters. Tight spot supply and low inventory levels created sound fundamental conditions for a periodic rally in magnesium ingot prices. Coupled with market sentiment stirred by news of surging magnesium alloy demand, speculative demand surged and purchasing sentiment across the market strengthened notably.

As the global green transition and the "dual carbon" goals advance further, the nonferrous metals industry is accelerating its shift toward low-carbon, smart, and high-end development. South China, as a core industry hub, boasts a well-established industry chain, outstanding resource endowments, and strong policy support, generating robust development momentum. Hosted by SMM, the is scheduled to be held from September 9 to 11 in Nanning, Guangxi. Centered on five key topics—price trends, market outlook, trade environment, policy direction, and low-carbon technology—the conference serves as a high-end industry platform for exchange and collaboration. Geely Baikuang Group Co., Ltd. sincerely invites colleagues from all sectors to gather in Nanning, join in this grand event, and jointly promote technological innovation and digital-intelligent transformation, helping enterprises seize opportunities and tackle challenges, and driving the high-quality development of the nonferrous metals industry. Click the to sign up and attend now! Booth No.: B6 Unleashing the Value of Resources for Sustainable Social Development Geely Technology Group was founded in 2017 and is affiliated with Geely Holding Group. It consistently adheres to the development philosophy of "innovation-driven, industry-based," advancing the transformation and upgrading of traditional industries and the growth of strategic emerging industries through technological innovation. The Group has four core industries: new materials (resources), motorcycle smart manufacturing, the low-altitude economy, and power and AI semiconductors, with strategic investments in commercial aerospace, new energy, and other businesses. It continues to strengthen its industry ecosystem advantages and consistently delivers valuable products and services to society. Currently, the Group's annual output value exceeds 100 billion yuan, with a workforce of more than 20,000. Geely Baikuang Group is an important member of the Fortune Global 500 company Geely Holding Group and one of the core enterprises in the new materials (resources) sector of Geely Technology Group. Its business spans multiple fields, including coal, electric power, aluminum, carbon, deep aluminum processing, and ecological manganese. Guangxi Baiming New Materials Co., Ltd. 's 50kt annual capacity project for electrical round aluminum rod represents a critical strategic initiative by Geely Baikuang Group, leveraging its existing liquid aluminum capacity to extend the aluminum industry chain and enhance product added value. It is also a concrete practice of the Group's active response to the strategic deployment for the "second entrepreneurial push" of the aluminum industry by the Autonomous Region and Baise City, while deepening supply-side structural reform. As a vital link in the circular development of Baise's eco-aluminum industry, this project will further optimize the regional aluminum industry layout, promote the efficient local conversion of resources, and strengthen the industry's overall competitiveness. The project is situated within the Longlin Aluminum Plant, part of the Gui-Qian (Longlin) Economic and Industrial Cooperation Park in Mugu Village, Pingban Town, Longlin Various Ethnic Groups Autonomous County. There, it fully leverages the raw material advantage of the Longlin Aluminum Plant's existing liquid aluminum capacity, facilitating the direct supply and conversion of nearby liquid aluminum, thereby significantly reducing remelting energy consumption and production costs. Total project investment is approximately 14.2 million yuan. Once completed and in operation, it is expected to form a production capacity of 50,000 mt per year of electrical round aluminum rod, achieve an annual output value of about 1 billion yuan, and generate annual tax revenue of approximately 2 million yuan. Company's Main Products The electrical round aluminum rods cover mainstream alloy designations such as 1A60, 1370, 1350, 8030, 8R76, 6201, and 8A07 high-conductivity rod, and specifications include wire diameters of Ø9.5, Ø12, Ø15, etc. They are widely used in conductor manufacturing for power cables and fiber optic cables, as well as in electromagnetic wire, enamelled wire, and air-conditioning condenser tubes, providing high-performance materials for motors, transformers, electronic components, and NEV parts, thereby strengthening the foundation for power and signal transmission. The project introduces smart integrated equipment, integrates multiple processes, and precisely controls aluminum semis processing, practicing the principles of high quality, low energy consumption, high efficiency, and sustainability, breaking through traditional limitations, and supporting the green and low-carbon development of China’s aluminum industry. Aluminum Processing Industry The aluminum processing industry is a key breakthrough sector for Geely Baikuang Group to achieve transformation and upgrading. It shoulders the major mission of extending Guangxi’s aluminum industry “second startup” toward advanced aluminum processing. Currently, it includes aluminum wheel hubs, refined aluminum, etc. The aluminum wheel hub project relies on Geely’s systematic advantages in the automotive industry and enjoys huge market demand. For the 10-million-unit-per-year aluminum alloy wheel hub project, Phase I with 5.2 million wheel hubs was launched into production in 2021. Refined aluminum has completed construction of 10,000 mt capacity, with aluminum purity reaching 99.99%, mainly applied in high-tech fields such as electronics and aerospace. At the same time, Geely Baikuang Group is establishing an integrated system covering R&D, production, and sales, and advancing the construction of the aluminum plate/sheet, strip and foil project and the production base for NEV all-aluminum vehicle-supporting aluminum products and parts, to meet the huge demand for aluminum-based composite materials from the NEV industry, enrich Baise’s aluminum industry structure, and promote the high-quality development of Guangxi’s aluminum industry second startup. Manganese Industry The manganese industry is an emerging industry of Geely Baikuang Group, currently including manganese carbonate ore, electrolytic manganese metal, etc. The Geely Baikuang Jingxi Ecological Manganese Industry Integrated Park is one of the important manganese ore industrial bases in Guangxi and even China, with existing manganese carbonate ore resources of 20 million mt, Envision reserves of 40 million mt, and an annual output of 330,000 mt of manganese carbonate ore; electrolytic manganese metal capacity of 60,000 mt has been completed and put into operation. Geely is vigorously promoting NEV production, and Geely Baikuang will actively transform and upgrade toward new energy battery manganese-based materials, providing raw materials to new energy battery enterprises. Aluminum Smelting Industry Contact Information Huang Xiaoma 18177800977 SMM Conference Contact Ding Weiquan 18029344837

The SMM average price for 10-12% high-grade NPI fell WoW by 2.2 yuan/nickel unit to 1,127.2 yuan/nickel unit (ex-factory, tax included), while the Indonesia NPI FOB index price average fell WoW by $0.42/nickel unit to $145.34/nickel unit.

In July 2026, China’s scrap power battery cell market continued to drift lower overall, with clear divergence across subcategories: scrap ternary and LCO battery cells pulled back persistently, while scrap LFP battery cells fluctuated in tandem with lithium carbonate prices.

[ADC12 Price Daily Review: Aluminum Alloy Futures Weakened, Spot ADC12 Held Steady Amid Wait-and-See Sentiment] Today, ADC12 market quotes generally continued to hold steady, with the industry showing little willingness to adjust prices. Looking at the driving factors, while the cost side provided a certain floor for prices, end-use demand was lackluster. Downstream procurement pace slowed down, and a slight pullback in aluminum prices fueled a stronger wait-and-see sentiment, jointly curbing the upside room for prices.

[New 301 Tariffs Strike, Limited Upside Room for Aluminum Prices in the Short Term] Overall forecast: recently macro front sentiment has slightly improved, with sustained geopolitical risk premium in the Middle East and China’s continued destocking of aluminum ingots jointly supporting aluminum prices. However, the continuous addition of long-term aluminum capacity outside China, weak traditional end-use demand in China, coupled with repeated macro perspective uncertainties, put obvious pressure on the upside room for aluminum prices, and in the short term, aluminum prices will maintain a consolidation pattern.

Futures: Overnight, LME lead opened at $1,892/mt, swung wildly during Asian trading hours, touched a high of $1,910/mt entering European hours, before giving back all gains late in the session due to increased bearish positions, falling to a low of $1,886/mt, and ultimately settled at $1,887/mt, down 0.32%. Overnight, the most-traded SHFE lead 2609 contract opened high at 15,910 yuan/mt, then drifted lower on long liquidation, hitting a low of 15,755 yuan/mt late in the session before settling at 15,765 yuan/mt, down 0.88%. On the macro front: The US imposed tariffs of 10% to 12.5% on 60 economies to replace the expiring global import tariffs. The US Treasury: Despite narrowing US-Japan interest rate differentials, yen weakness persisted, and excessive yen volatility was unwelcome. The ECB left rates unchanged as expected but kept the door open for a September rate hike. The People's Bank of China: On July 24, it will conduct a 500 billion yuan MLF operation with a one-year tenor. MOFCOM: China and the US are soliciting opinions on tariff reduction arrangements and will push for implementation as soon as possible. The Ministry of Foreign Affairs: China consistently opposes the politicization and weaponization of technology, economic, and trade issues. Shanghai: Promote continuous deepening of reforms on the STAR Market and expand the application scope of the fifth set of listing standards on the STAR Market. Changxin Technology: to list on the STAR Market of the Shanghai Stock Exchange on July 27. Spot fundamentals: SHFE lead stopped falling and rebounded, boosting suppliers' willingness to sell. Quotations in Jiangsu, Zhejiang, Shanghai were limited, while primary lead smelters had ample EXW cargoes and offered mostly at discounts. Quotations from mainstream production areas were at discounts of 50-30 yuan/mt against SMM #1 lead average price, EXW. In the secondary lead sector, most smelters were in reduced or suspended production, leaving limited circulating supply. Some secondary refined lead was offered at premiums of 0-50 yuan/mt against SMM #1 lead, EXW, forming an inverted price structure versus primary lead. Downstream enterprises, making just-in-time procurement, favored primary lead. Warrant cargoes traded moderately, while EXW cargoes saw relatively improved transactions. Inventory: On July 23, LME lead inventory was unchanged from the previous day at 449,325 mt. As of July 23, SMM lead ingot social inventory across five locations totaled 62,400 mt, down 9,400 mt from July 16 and down 1,400 mt from July 20. Lead price forecast for today: As late July arrives, the July long-term contract for lead ingot is about to expire. Medium- to large-sized downstream enterprises are waiting for the new monthly long-term contract, reducing their procurement enthusiasm for lead ingot. Meanwhile, some downstream enterprises plan to suspend operations for a break due to high temperatures, further dampening lead ingot procurement demand. Next week, primary lead enterprises in central China are about to enter maintenance, while new secondary lead capacity in east China will ramp up, leaving mixed supply-side factors. If lead consumption remains sluggish, destocking of lead ingot social inventory will be difficult to sustain; subsequently, the possibility of renewed inventory buildup cannot be ruled out, which could weigh on the lead price trend.

According to SMM on July 23, SS futures consolidated and strengthened. Driven by the rise of SHFE nickel, SS futures rallied simultaneously, with the most-traded SS contract closing at 14,855 yuan/mt. Spot market, the continuous rise in futures boosted market sentiment, but downstream end-users showed limited acceptance of high-priced cargoes, causing spot price gains to lag behind the futures; inquiries for low-priced resources in the market were moderate, and transactions concentrated in lower-tier materials. The most-traded SS futures contract. At 10:15 a.m., SS2609 was quoted at 14,845 yuan/mt, up 50 yuan/mt from the previous trading day. In the spot market, the average price of Wuxi cold-rolled 201/2B coil rose 50 yuan/mt; cold-rolled mill edge 304/2B coil prices were flat in Wuxi and flat in Foshan; cold-rolled 316L/2B coil prices in Wuxi were flat; hot-rolled 316L/NO.1 coil prices in Wuxi were flat; cold-rolled 430/2B coil prices in both Wuxi and Foshan were flat. This week, macro side, US CPI data pulled back, inflation expectations cooled, and market risk appetite recovered slightly. Coupled with Indonesia's Ministry of Energy and Mineral Resources confirming that only a moderate, small amount of additional nickel ore production quotas would be added for the year, limited growth space and a continued tight raw material supply landscape provided solid bottom support for the spot market, driving SHFE nickel and SS futures to stop falling and rebound. Spot and inventory side, steel mills' efforts to hold prices firm, along with a dual improvement in transactions and arrivals, caused spot prices to strengthen steadily, and inventories achieved a significant destocking. This week, mainstream steel mills showed firm determination to hold prices firm, effectively stabilizing market trading sentiment. The market remained in the traditional consumption off-season, with overall weak end-user just-in-time demand. Downstream users showed insufficient acceptance of high-priced cargoes after the price increases, and cautious wait-and-see sentiment persisted, limiting the strength of spot price gains, which significantly lagged the futures. However, driven by the futures rebound, the market's "rush to buy amid continuous price rise and hold back amid price downturn" mentality warmed up, releasing phased restocking demand from end-users, and the market trading atmosphere improved notably from the previously sluggish pattern. Meanwhile, typhoon weather this week disrupted logistics and transportation, leading to insufficient spot arrivals and a slowed pace of cargo replenishment in the market. The recovery in transactions combined with reduced arrivals effectively accelerated spot cargo destocking, pushing the social inventory of stainless steel to pull back significantly this week. The off-season inventory buildup pressure that had been weighing on the market was phasedly alleviated, and spot fundamentals improved marginally. Cost and profit side, this week the price trends of finished steel and raw materials diverged, with steel mill smelting profits achieving MoM recovery and the profitability environment continuing to improve. During the week, steel mills maintained pressure on raw material prices, with high-grade NPI procurement prices remaining in the doldrums, and the raw material cost center shifted steadily downward. Spot side, supported by mills' price-holding stance and transaction recovery, finished steel prices drifted higher. The sustained expansion of the price spread between finished steel and raw materials directly drove a notable increase in stainless steel smelting profit margins, further enhancing the industry's overall profit resilience, and continuously easing profit pressure on the production side. Overall, this week the stainless steel market showed a pattern of firm spots, falling inventory, and profit recovery. The tight nickel resource outlook underpinned the industry's bottom, mills' price-holding stance established the spot price center, phased off-season restocking and reduced logistics drove inventory destocking, and raw material weakness further expanded steel mill profit margins. However, the core issues of sluggish off-season just-in-time demand and insufficient acceptance of high prices have not fundamentally improved, and spot cargoes lacked sustained significant upward momentum.

Over the past three weeks, the domestic spot market for platinum group metal (PGM) compounds has exhibited the following pattern: raw materials fluctuate sharply in tandem with macro sentiment, compound quotations passively rise and fall accordingly, while trading volume remains sluggish and dominated by rigid demand. Platinum and palladium raw materials have been pulled back and forth by Federal Reserve interest rate expectations and geopolitical conflicts in the Middle East, triggering wide swings on the Guangzhou Futures Exchange platinum and palladium futures market. Mainstream compounds including chloroplatinic acid, chloropalladic acid and rhodium nitrate adjust in line with primary metal feedstocks. However, processing margins for compounds remain thin, resulting in weaker price volatility compared with primary platinum and palladium ingots. The market features low inventory levels, slow shipments and batch-based purchasing. Midstream manufacturers avoid exposure risks to raw material prices, while downstream end-users adopt production-based procurement strategies. The signing of long-term contracts slows down, spot bulk orders account for a higher share, and widespread market caution prevails. Divergence across PGM compound varieties persists: platinum-based compounds receive incremental demand support from hydrogen energy and semiconductor sectors; palladium-based compounds remain under pressure; minor varieties including rhodium, ruthenium and iridium show greater independent price swings subject to fluctuations in segmented orders. Platinum-based Compounds Stable rigid demand stems from capacity expansion of electronic glass fibre fabrics, catalytic precursors for hydrogen fuel cells, and catalysts for nitric acid chemical production. Demand for diesel vehicle exhaust aftertreatment stays steady. Diversified demand offsets headwinds from the automotive catalyst segment. Palladium-based Compounds Output of internal combustion engine vehicles faces downward pressure, while July and August mark the seasonal low for automobile manufacturing. Several automakers conventionally arrange high-temperature production shutdowns and maintenance from late July to August, dragging down shipment momentum. Rhodium-based Compounds Rhodium raw material prices have trended higher over the past month amid divergent market expectations between buyers and sellers. Downstream clients prioritise inventory drawdown and procure only as needed. Holders are reluctant to cut prices substantially to offload stocks, extending negotiation cycles for spot orders and leading to generally slow shipment speeds. Ruthenium & Iridium-based Compounds Ruthenium raw material prices have surged significantly and traded at elevated levels in mid-to-late July. Trading merchants and smelters hold back supply out of reluctance to sell. They prioritise fulfilling existing long-term contracts and delay releasing spot supplies. The spot market sees quoted prices paired with limited available material, with abundant enquiries but limited concluded trades.

[Secondary Aluminum and Aluminum Scrap Weekly Review: Cost Support and Weak Demand in a Tug-of-War; Short-Term ADC12 Prices Maintain Sideways Movement] This week, ADC12 prices continued to move sideways. As of today, the SMM ADC12 quotation was adjusted down by 100 yuan/mt from last Thursday to 24,000 yuan/mt. During the week, cost support from aluminum scrap remained, and enterprises showed little willingness to voluntarily cut prices. However, constrained by weak off-season demand, prices lacked upward momentum. The overall market exhibited a tug-of-war pattern characterized by "selling at stable prices and transacting based on orders.