The European Emissions Trading System (ETS) is under significant pressure from member states due to sharply rising energy costs driven by the tightening supply of certificates, with prices tripling from around €25/t CO2 in 2019 to approximately €75/t in 2025. With the ETS scheduled for a major revision by July 2026, several EU countries led by Italy recently called for the review process to be suspended. Last week, Polish President Karol Nawrocki went a step further, urging his government to advocate for the complete abolition of the ETS to prevent further industrial relocation outside the EU. Industry experts note that any modification, suspension, or national exemption of the ETS would have immediate and direct consequences for the Carbon Border Adjustment Mechanism (CBAM).

SMM, March 20: The SMM weekly operating rate of secondary lead across four provinces stood at 39.57% from March 13 to March 19, 2026, up 10.42 percentage points WoW. Production at enterprises in Anhui was relatively stable, while the resumption progress at other smelters was slow; raw material inventory among enterprises in Henan diverged, with mixed changes in operating rates; enterprises in Jiangsu, affected by losses, showed intentions to cut or suspend production; and a large secondary lead smelter in Inner Mongolia resumed production, driving a sharp increase in the operating rate this week. Next week, enterprises resuming production will continue to release capacity, and market attention should focus on whether loss-making enterprises will implement production suspensions in the secondary lead operating rate. 》Subscribe to View Historical SMM Metal Spot Prices

Based on China’s 2025 aluminum wire and cable export data to the Middle East, Saudi Arabia was the largest export destination in the region, with annual exports of 9,426.752 mt, accounting for 31.88 of the Middle East total

[Weekly Operating Rates in the Aluminum Processing Industry: China's Aluminum Processing Sector Sees Modest Growth Amid Peak Season Demand] This week, the weekly operating rate of leading downstream aluminum processing enterprises in China edged up 1 percentage point WoW to 62.9%.

The suspension of equivalent tariffs! LME zinc center moved upward. Overnight, LME zinc opened at $2,550/mt, then fluctuated along the daily average line, hitting a low of $2,515/mt. During the night session, LME zinc fluctuated upward, reaching a high of $2,620/mt at the end of the session, and finally closed up at $2,620/mt, an increase of $67/mt, a gain of 2.62%. The trading volume decreased to 132,000 lots, and the open interest decreased by 269 lots to 218,000 lots.

On May 20, Baolong Automotive and WEIFU Group announced the formation of a joint venture aimed at entering the emerging market of fully active suspension systems.

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BeijingWest Smart Mobility Group (BWSM), a parent company of BWI Group, recently secured contracts from a leading Chinese automaker for its magneto-rheological suspension systems.

SMM, January 24: According to reports, as of January 24, the in-plant inventory of primary lead major delivery brands stood at 3,600 mt, an increase of 2,100 mt compared to January 17. In the week before the Chinese New Year, lead smelters conducted final clearance sales, causing spot premiums for primary lead to decline continuously, even turning into discounts. As of January 23, spot quotations for refinery spot orders in major regions were quoted at discounts of 50 yuan/mt to premiums of 50 yuan/mt against the SMM 1# lead average price on an ex-factory basis. Meanwhile, most downstream enterprises had entered holiday mode, logistics operations gradually ceased, and some smelters experienced slight inventory buildup.

[SMM Analysis: Order Competition Before Logistics Suspension, Silicone DMC Bidding Starts] This week, the transaction center of silicone monomer enterprises' DMC dropped to 12,700 yuan/mt, but overall market quotations changed relatively little. The low-price bidding atmosphere was significantly more intense WoW. However, with logistics expected to suspend operations, downstream enterprises mainly focused on a wait-and-see approach in procurement. Some downstream enterprises have already pre-booked post-holiday orders, leading to order competition in the market this week and a rapid decline in DMC transaction prices.