[SMM Analysis: China’s Aluminum Foil Exports Edged Down 0.74% YoY in January-February, Geopolitical Conflicts Disrupted the Middle East Trade Chain] According to customs data, China’s total aluminum foil exports in January-February 2026 (tariff codes 76071110, 76071120, 76071190, 76071900, 76072000) reached 214,800 mt, down 0.74% YoY from 2025, of which exports were 121,100 mt in January, up 2% YoY, and 93,700 mt in February, down 4% YoY.

[SMM Analysis]Analysis of Import and Export Data for Unwrought Aluminum Alloy, January-February 2026

According to data from the General Administration of Customs, China exported 12,052.46 mt of copper enamelled wire in January 2026, down 1.19% YoY; exports were 10,239.85 mt in February, up 39.64% YoY; cumulative exports in January-February 2026 reached 22,292.31 mt, up 14.14% YoY on a cumulative basis. (HS code 85441100)

This week, the cobalt chloride market atmosphere saw no significant change WoW, and the price stalemate continued. Top-tier enterprises remained firm in holding prices, with mainstream quotations still staying above 117,000 yuan/mt, and some offers probing 120,000 yuan/mt. However, downstream procurement sentiment remained cautious, with no signs of improvement. Constrained by weak end-use demand and relatively ample raw material inventory at material plants, market inquiry activity declined, and actual transactions were mainly scattered restocking, with the transaction center holding at 115,000 yuan/mt. Although some small traders occasionally made low-price shipments, this was difficult to materially impact the broader market. Overall, market gaming sentiment persisted, and prices were expected to remain largely stable in the short term, lacking drivers to break the stalemate. SMM New Energy Research Team Wang Cong 021-51666838 Ma Rui 021-51595780 Feng Disheng 021-51666714 Lv Yanlin 021-20707875 Zhou Zhicheng 021-51666711

[SMM Magnesium Weekly Review: Weak Supply and Demand Dominated Magnesium Price Trends, with Structural Divergence Across Segments] This week, trends across various products in China’s magnesium industry chain diverged, while the overall market maintained a core tone of stability with rangebound fluctuations. The stalemate in market supply and demand became more pronounced, with insufficient momentum for a unilateral market move. The upstream dolomite market remained stable. Although a top-tier enterprise in the Wutai region suspended production, ample raw material inventory in place and timely capacity replenishment in major producing areas, coupled with the steady pace of just-in-time procurement by primary magnesium enterprises, kept prices stable without fluctuations. As the core product, magnesium ingot prices in China’s main producing areas consolidated at high levels, and mainstream transaction prices remained stable. Market transactions showed mediocre performance, producers had strong sentiment to hold back sales, and under the pattern of weak supply and demand, quotations fluctuated rangebound. On the foreign trade side, FOB quotations loosened slightly. As ocean freight rates pulled back, inquiries from outside China recovered somewhat, and there were expectations for more long-term orders. Supported by raw materials and boosted by incoming foreign trade orders, the magnesium powder market saw firm quotations and held up well. Industry operating rates gradually recovered in March, and support from the demand side became increasingly evident. Magnesium alloy market prices overall remained stable. On the supply side, with top-tier enterprises resuming operations and newly added capacity gradually coming online and releasing volume, downstream buyers mainly focused on just-in-time restocking, presenting a pattern of strong supply and weak demand. Prices are expected to remain in the doldrums going forward. Looking across the entire industry chain, there have been no major changes in current market fundamentals, and in the short term, the market will still likely be dominated by steady fluctuations and localized marginal adjustments.

In 2026, the correction in lithium carbonate prices drove up lithium battery production costs. Coupled with uncertainties in lithium resources supply, cost pressure across the new energy industry became increasingly prominent. Leveraging the advantages of abundant sodium resources, balanced distribution, and controllable costs, sodium-ion batteries have leapt from being a “backup option” for lithium batteries to a key direction for industry breakthrough...