According to data from China Customs: Combined for January–February 2026, China imported 265,100 metric tons of high-carbon ferrochrome in total, a year-on-year decline of 51.6%. Breakdown by origin: imports from South Africa were 40,700 metric tons, down 83.3% year-on-year; imports from Kazakhstan were 158,400 metric tons, down 19.7% year-on-year.

In February 2026, the operating rate of secondary copper rod was 7.98%, above expectations of 7.46%, down 9.7 percentage points MoM and down 23.72 percentage points YoY. In February 2026, China’s secondary copper rod market, jointly driven by the Chinese New Year holiday and policy uncertainty, went through a full cyclical evolution of “pre-holiday volatility and positioning...

[SMM Analysis]Secondary Aluminum Alloy Enterprises Steadily Resume Operations After Chinese New Year

【SMM Copper Cathode Rod Update】Regarding copper rod enterprise inventories after the Chinese New Year resumption, enterprises maintained a cautious approach to stockpiling and did not engage in concentrated restocking immediately after resumption, basically maintaining just-in-time procurement. On the finished product inventory side, due to incomplete production recovery and some pre-holiday stockpiling, the current focus is on digesting pre-holiday inventories.

[Zinc Price "Year-End Hurdle": Pre-Holiday Hedging and Post-Holiday Pace Management Suggestions]With the 2026 Chinese New Year approaching and the last trading week before the holiday, SMM has summarized several key points to focus on in the zinc market before and after the holiday:

[SMM Analysis: Production Recovery After Maintenance, May's Primary Lead Output May Fully Recover from Decline] It is understood that in April, large enterprises in Henan province conducted equipment maintenance as planned, which was one of the main factors contributing to the decline in primary lead output this month. Meanwhile, lead prices fell sharply in April compared to March, with the most-traded SHFE lead contract dropping from a peak of 17,805 yuan/mt in late March...

According to official information released by Vale, the company's nickel sales in Q1 2025 increased by 18% YoY, with a growth of 5.8k mt. Despite the strong sales growth, the decline in nickel prices had a negative impact on overall financial performance. Vale stated that its adjusted all-in nickel cost, after adjustments by its Indonesian subsidiary PTVI, decreased by 4% YoY to $15,730 per mt, reflecting improved cost efficiency in the nickel business. Total nickel production reached 43.9k mt, up 11% YoY (an increase of 4.4k mt), primarily driven by the production recovery at Onça Puma following the blast furnace reconstruction in Q1 2024, improved performance of Canadian assets, and continued production growth from the VBME project.

According to SMM, the resumption of lithium hydroxide production after the holiday this month showed a significant increase, with a growth rate of over 25%, but a YoY decrease of over 5%. From the raw material perspective, the smelting sector saw an increase of over 25%, basically flat YoY. Most producers resumed normal production after the holiday, resulting in a considerable supply increase. However, due to the slower growth in downstream demand for lithium hydroxide and the generally high inventory levels in the smelting sector, some companies' flexible production lines leaned towards lithium carbonate production. Consequently, the production recovery fell short of previous expectations, with a slight decrease compared to the normal output level before the holiday. The causticisation sector's production increased by over 30% MoM, but decreased by nearly half YoY. A few companies saw a slight increase in production after the holiday, coupled with the ramp-up of new production lines, resulting in a noticeable MoM increase. However, the overall operating rate remained low, contributing limitedly to the overall supply level. Due to the high concentration of lithium hydroxide supply, the production of top-tier enterprises remained relatively stable recently. Therefore, the April production is expected to be basically flat with the March forecast, with a YoY decrease of nearly 30%.

【SMM HRC Daily Review】Ferrous Metals Series Fluctuate Downward, Spot Market for HRC Remains Sluggish Throughout the Day HRC futures fluctuated downward today, with the most-traded contract closing at 3,342 yuan/mt, down 0.86% for the day. Spot market transactions were moderate. On the news front, the National Bureau of Statistics (NBS) reported that the manufacturing PMI for March stood at 50.5%, up 0.3 percentage points MoM, indicating a continued rebound in manufacturing activity. According to the steel industry PMI surveyed and released by the Steel Logistics Professional Committee of the China Federation of Logistics & Purchasing, the steel PMI for March was 46%, up 0.9 percentage points MoM, marking the second consecutive month of MoM growth. During the day, the most-traded coking coal contract fell below the 1,000.0 yuan/mt mark, hitting its lowest level since October 2016. From a fundamental perspective, as we enter April, the impact of previous maintenance is expected to gradually weaken, leaving room for a rebound in HRC production. Demand side, the peak season demand from March to April has limited further upside potential, and the market may experience high volatility before mid-month. With a relatively small short-term imbalance, attention should be paid to the pace of production recovery and inventory levels. Before the HRC imbalance becomes apparent, HRC prices are expected to continue fluctuating rangebound in a weak trend.

SMM Analysis: China's Refined Tin Industry Operation Analysis and Trend Outlook for March 2025: According to SMM's data based on market exchange processing, China's refined tin production in March 2025 increased by 7.33% MoM, but decreased by 3.06% YoY. Although the Chinese New Year holiday has ended, the continuous tightening of the tin concentrates and scrap tin supply chain has imposed rigid constraints on capacity, resulting in a limited rebound in the overall operating rate, falling short of market expectations.