In recent years, the PV industry has entered a period of deep adjustment, with module prices continuing to decline, and both upstream and downstream segments of the industry chain facing severe profit compression. Driven by the imperative of "extreme cost reduction," PV glass, a key auxiliary material for PV modules, has imposed increasingly stringent requirements on the cost and quality of upstream raw materials.

[SMM Silicon-Based PV Morning Conference Summary] Silicon Metal: Post-Chinese New Year, the market exhibited strong wait-and-see sentiment, with silicon enterprise offers remaining basically stable compared to pre-holiday levels. Yesterday, SMM assessed oxygen-blown #553 silicon in east China at 9,200-9,400 yuan/mt and #441 silicon at 9,300-9,600 yuan/mt. The most-traded futures contract fluctuated near 8,350-8,450 yuan/mt, while some futures-spot traders saw their spot-futures price spread quotes strengthen slightly. On the first trading day after the holiday, market activity was dominated by inquiries, with limited spot transaction volumes. Silicone: Yesterday's transaction price stood at 13,800-14,000 yuan/mt, holding steady from pre-holiday levels. During the Chinese New Year holiday, demand remained stagnant. Post-holiday, as downstream plants resumed operations and the first wave of rigid restocking demand gradually emerged, coupled with low operating rates on the supply side and the upcoming silicone monomer industry conference in Zhejiang from late February to early March, silicone prices are still expected to rise.

[SMM Aluminum Price Weekly Review: Global Macro Presents a Weak Balance and High Fluctuations Pattern, Continuous Inventory Pressure Limits Aluminum Price Upside Room]

[SMM Zinc Morning Meeting Minutes: LME Zinc Ingot Inventory Remains Low, LME Zinc Fluctuates at Highs] Overnight, LME zinc opened at $3,387.5/mt, fluctuated upward after opening, touched a high of $3,416.5/mt, then pulled back all the way, approaching the end of the session, LME zinc touched a low of $3,362.5/mt, then rebounded from the low to near the daily average line, and finally closed down at $3,387/mt...

[SMM Aluminum Morning Meeting Minutes: Macro Front Sees Mixed Sentiments, Aluminum Ingot Inventory Accumulation Caps Price Upside Room] Fundamental seasonal weakening pressure becomes more pronounced. Supply side, domestic and overseas aluminum new projects steadily ramp up production. Demand side, attention should be paid to the pace of downstream enterprise resumption after the holiday. Currently, under the influence of seasonal supply exceeding demand, the market generally expects the post-holiday inventory peak to reach 1.3 million mt, hitting a five-year high, which will be the core factor suppressing prices. Overall, aluminum prices are expected to move sideways in the short term.

According to Mining.com, Antimony Resources Corp. recently announced the expansion of the Marcus West Zone at its Bald Hill project in New Brunswick, Canada, and the discovery of "massive" stibnite ore. Through continuous trenching and sampling along the strike, the field team identified additional mineralization in the host rock. Stibnite is typically mined for the extraction of antimony. As global antimony supply tightens, Canada and the US are ramping up antimony exploration and development to meet the demand for this critical raw material in national defense and high-tech industries. The new discovery at Bald Hill is part of the company's 2026 exploration program, which also includes a 10,000-meter drilling program at the Main Zone. This exploration plan involves soil sampling, reconnaissance, and sampling. The company stated that an aerial survey is also under consideration. Drilling at the Marcus West Zone is set to begin shortly, with plans to complete up to six shallow holes to test mineralization at depths between 30 and 50 meters. Unexplored areas, including the Central Zone, will also be assessed. In 2010, trench sampling at the Central Zone revealed mineralization over 8.18 meters with an antimony grade of 2.90%, including intervals of 1.75 meters at 5.79% and 1.53 meters at 8.47%. Trenching by the company at the South Zone indicated stibnite mineralization over 150 meters. "We are very pleased to see the mineralized samples collected by our geologists using an excavator," said Jim Atkinson, CEO of the company, in a news release. "Clearly, this intensely mineralized area and the 'massive' stibnite are highly attractive," Atkinson noted. He also mentioned that drilling at the Main Zone is progressing well. The company stated that a second drill rig has recently been added.

SMM February 24 News: According to market rumors, the recent open sales tender for over 20 mt of crude selenium by a major northern plant, which has drawn market attention, is said to have been fully and smoothly concluded. Although the official transaction price is not disclosed, sources from some market participants involved in the bidding revealed that the final actual transaction price was no less than 185 yuan/kg. Market participants indicated that, based on the tender results for selenium, the price is indeed not low and may even be considered to have set a new high. This suggests that the upward trend in selenium prices continues unabated, indicating that crude selenium market resources remain relatively tight, and buying interest from end-users and speculative buyers shows no signs of weakening.

On February 3, 2026, the United States and India formally signed a bilateral trade agreement, reaching a significant consensus on tariff arrangements for Indian goods exported to the US market. Under the terms of the agreement, the reciprocal tariff rate applicable to Indian goods (including solar modules and energy storage components) was reduced from 25% to 18%.

Looking ahead to March, production is expected to rebound as operations resume and the traditional demand recovery period begins. However, due to sluggish auto sales, weak overseas demand for ternary materials, and persistently high raw material prices, the pace of recovery may fall short of pre-holiday expectations.

I. Cobalt Price Review During Chinese New Year During the 2026 Chinese New Year holiday (February 15 to February 23), domestic refined cobalt electronic night session trading saw prices rebound slightly from previous lows. The spot market was relatively sluggish due to logistics suspensions. Overseas prices showed divergence: the low end of standard-grade refined cobalt remained stable, while the high end increased by $0.1/lb; both low and high ends of alloy-grade refined cobalt rose by $0.3/lb and $0.4/lb, respectively. CIF China cobalt hydroxide prices remained stable. II. Market Dynamics Cuba's fuel shortage will force Sherritt to suspend its nickel-cobalt operations: Due to ongoing tight fuel supply in Cuba, Sherritt International Corp. plans to suspend mining and processing operations at its Moa nickel-cobalt joint project and has already scaled down operations ahead of schedule, with suspension expected in the short term. Planned maintenance will be conducted during the shutdown. Failure to secure fuel deliveries is the direct cause of the suspension; the company is communicating with relevant parties and evaluating alternative input sources. The project, in partnership with state-owned General Nickel Company SA, typically ships semi-finished products to a refinery in Alberta, Canada, which has an integrated capacity of approximately 38,200 mt. However, this production accounts for a relatively small share of global nickel supply, so the impact on the international market is limited, though it will affect the company's finances and Cuba's economy. Meanwhile, Energas SA, an energy joint venture in which Sherritt holds a one-third stake, continues normal operations, supplying natural gas for power generation to Cuba's power grid, unaffected by this incident. Overall, the suspension reflects the direct constraints of Cuba's long-term economic and energy crisis on industrial projects. Sumitomo's Madagascar nickel-cobalt project shuts down due to cyclone damage: Japan's Sumitomo Corporation stated on February 18 that its Ambatovy nickel-cobalt project in Madagascar was shut down after Tropical Cyclone Ghezani hit the island last week, causing facility damage. Operations were suspended immediately once signs of the cyclone became apparent, with safety as the top priority, the company said in a statement. It added that a detailed assessment of the damage, including equipment conditions and the impact on revenue, is currently underway. Sumitomo will work to identify the extent of the losses as soon as possible and collaborate with relevant parties to implement appropriate recovery and reconstruction measures, the statement added. A company spokesperson said the timeline for restarting operations is undetermined and assessing the extent of the damage is expected to take several weeks. Ambatovy is owned by Sumitomo, with state-owned Korea Mine Rehabilitation and Mineral Resources Corp (KOMIR) producing approximately 28,000 mt of nickel and about 2,500 mt of cobalt in 2024. III. Post-Holiday Outlook Supply side, cobalt raw materials from the DRC are still unable to be replenished in the short term, and enterprises are facing pressure from raw material shortages. Coupled with production halts at some enterprises during the Chinese New Year holiday, production plans have been reduced. Refined cobalt production in February is expected to remain low, and the overall supply of cobalt salts is projected to decline slightly. Demand side, prior to the Chinese New Year, some downstream ternary cathode precursor enterprises showed increased purchase willingness and active inquiries due to concerns about rising cobalt sulphate prices after the holiday. However, as logistics were about to halt at that time, actual transactions were relatively limited. With the resumption of logistics after the holiday and downstream enterprises gradually resuming production and restocking, demand is expected to be gradually released. Looking ahead, against the backdrop of continued support from raw material costs, phased tightening of supply, and phased recovery in demand, refined cobalt and cobalt salt prices are expected to resume an upward trend.