[SMM Vanadium Flash News] In April, Phase I of Jiaozuo Scandium-Vanadium New Materials Industrial Park was officially put into operation, with a total investment of 1.08 billion yuan. Relying on the by-product resources of titanium dioxide, the project has an annual production capacity of 2,500 tons of high-purity vanadium pentoxide + 20,000 cubic meters of vanadium electrolyte, directly supporting long-term energy storage orders. High-purity vanadium is entering the high-end alloy and vanadium battery markets, while the electrolyte has established the industrial chain of "titanium dioxide - vanadium electrolyte - energy storage", significantly increasing the added value of by-products..

[SMM Flash News] Gansu Baomei Xitie Alloy ignited a 40,500 kVA ferrosilicon furnace with a daily production capacity of approximately 110 tons, supporting the 300,000-ton magnesium alloy project of Baowu Magnesium Industry in Gansu, backing the long-term plan of 500,000 tons, ensuring self-sufficiency in raw materials for magnesium smelting, and reducing costs.

[SMM Magnesium Express] On April 28, Wuzhongda Group Joint Stock Company (Wuzhongda) released its 2025 annual report. The report revealed that in the processing of magnesium-aluminum new materials, the full industrial chain layout has achieved positive results. In 2025, this segment achieved operating revenue of 2.787 billion yuan, with a year-on-year increase of 32.59%; total profit reached 222 million yuan, with a year-on-year increase of 66.92%. The report also disclosed that by the end of 2025, its subsidiary Qixin Alloy Materials Co., Ltd. had a primary magnesium production capacity of 73,000 tons, and it is expected that the production capacity will exceed 100,000 tons by the end of 2026, further consolidating its leading position in the primary magnesium smelting industry.

The core logic of the South American steel market is that end-user demand drives everything. Consumption demand is the starting point, filled jointly by local production and imports; imports act as a regulating valve rather than a driving force.

Metinvest Group’s Kametstal steelworks has launched a comprehensive overhaul of its Blast Furnace No. 9, with a total investment estimated at 162 million UAH. The project is scheduled to last 55 days and involves replacing the furnace lining, cooling systems, and upgrading environmental control equipment. While the maintenance will temporarily reduce Kametstal's pig iron production capacity, the upgrade is expected to enhance long-term operational efficiency and reliability. This planned shutdown may slightly tighten the regional supply of semi-finished steel products in the Ukrainian market during the second quarter.

SMM News, April 27: On April 24, 2026, market rumors emerged that Guinea would cap its bauxite export volume at 150 million tons, with the relevant policy to be officially released on April 25. The news drove a sharp rise in alumina during the overnight session that day. The main alumina contract 2609 hit a high of 2,899 yuan per ton and closed at 2,894 yuan per ton, up 2.76% from the previous settlement price. As of April 25, 2026, no updated official policy documents had been released on relevant government websites in Guinea. Per market rumors, Guinea’s bauxite exports will be restricted to 150 million tons. Should the final policy be implemented as rumored, based on Guinea’s general bauxite trade flow ratios and historical shipment volumes, SMM estimates that domestic bauxite imports from Guinea will drop to approximately 132 million tons in 2026. Customs data for 2025 showed domestic imports of Guinea bauxite stood at around 149 million tons, Australian bauxite imports at roughly 37.42 million tons, and non-mainstream source bauxite imports at about 14.26 million tons. If Guinea bauxite imports fall to 132 million tons in 2026, Australian bauxite imports remain largely stable, and non-mainstream bauxite imports edge down to around 12.5 million tons, the total domestic bauxite import volume is projected to decline to roughly 182 million tons. SMM forecasts domestic bauxite output to reach 79 million tons in 2026 (including volumes supplied for non-metallurgical alumina production), putting the total domestic bauxite supply at approximately 261 million tons for the year. SMM estimates domestic metallurgical alumina output at 87.22 million tons in 2026, sufficient to support a annually aluminum production capacity of 45.3 million tons. The alumina market will shift to a net import status. Factoring in bauxite demand for non-metallurgical alumina segments, overall bauxite total demand is expected to hit around 262 million tons. On the whole, the bauxite market fundamentals are set to shift into a tight balance in 2026. Amid raw material inventory buildup demand from newly commissioned alumina capacity, the bauxite market is theoretically poised to face mild tight supply conditions. However, actual market performance is expected to be looser than modelled calculations, for the following key reasons: Electrolytic aluminum production cuts in the Middle East have exacerbated overseas alumina surplus, while global bauxite supply contraction has lifted price expectations. Rising domestic bauxite prices will push up local alumina production costs, further enhancing the cost competitiveness of overseas alumina. Higher alumina imports will replace part of bauxite imports, easing domestic bauxite supply tightness. Elevated inventory levels will ease market tightness. In 2025, high price incentives drove a substantial increase in bauxite supply, resulting in a notable supply surplus and sharp inventory accumulation.Data from SMM showed domestic port bauxite inventories stood at 21.32 million tons and bonded ore inventories at alumina refineries at about 57.06 million tons by early 2026, with combined inventories reaching 78.38 million tons. Ample inventory buffers will keep actual market conditions looser than theoretical projections. In summary, if Guinea finalizes its policy to cap total bauxite exports at 150 million tons with no major fluctuations in ocean freight rates, bauxite prices are expected to trend a little bit higher. Nevertheless, substantial overseas alumina surplus and increased substitutable alumina imports will cap upside potential for bauxite prices. Barring unforeseen black swan events, neither bauxite nor alumina prices are likely to replicate the strong rally seen from late 2024 to early 2025. In the short term, both buyers and sellers in the bauxite market are adopting a wait-and-see stance, pending official updates on Guinea’s new policy. Market sentiment remains cautious, and prices are projected to move in a volatile range ahead of clear policy guidance.

Recently, the Hengfeng Ecological Environment Bureau of Shangrao City released the first environmental information public notice for the "Hengfeng Guosheng New Energy Technology Co., Ltd. New Energy Battery Comprehensive Utilization Industrial Project." According to the notice, the investment is 300 million yuan, and the construction site is located in the Hengfeng County Industrial Park, Shangrao City, Jiangxi Province. Upon completion, the project will have an annual production capacity to process 50,000 tons of retired lithium batteries.

On April 20, the completion environmental protection acceptance monitoring report for the "High-Purity Electronic Grade Sulfur Hexafluoride Gas Project" by Sichuan Zhongfluorine New Materials Technology Co., Ltd. was released. After completion, the facility will have an annual production capacity of 10,000 tons of high-purity sulfur hexafluoride, 2,500 tons of carbon tetrafluoride, 5,000 tons of nitrogen trifluoride, 300 tons of octafluoropropane, and 200 tons of fluorine gas mixture.

On April 8, the Lianyungang Ecological Environment Bureau released the acceptance public notice for the environmental impact report of the "Jiangsu Dejia Circular Recycling Technology Co., Ltd. Annual Resource Utilization of 50,000 Tons of Spent Lithium-Ion Battery Project." The project will construct one cascade utilization line and two recycling lines, achieving an annual resource utilization capacity of 50,000 tons of spent lithium-ion batteries, including ternary and spent lithium iron phosphate batteries. About 60% of the recovered waste batteries meet cascade utilization requirements, with the remainder entering recycling. Final production capacity:

On April 26, Guangdong Haomei New Material Co., Ltd. announced that, to improve its global strategic layout, the company planned to establish a subsidiary in Morocco through its Hong Kong subsidiary Haomei Aluminum Products as the investment entity and build a new aluminum extrusion production site. The total planned investment for this project would not exceed 510 million yuan, funded by the company's own and self-raised capital, primarily for land acquisition, factory construction, and working capital for operations. Upon completion, the project was expected to form an annual aluminum extrusion capacity of approximately 44,000 mt, with products covering automotive lightweighting, construction, and industrial aluminum extrusion.