[Domestic Iron Ore Brief Commentary: Iron Ore Concentrates Prices in the Tangshan Area May Remain in the Doldrums and Fluctuate] At the beginning of the week, iron ore concentrates prices in the Tangshan area were relatively stable, with the delivery-to-factory price, tax included, for 66-grade dry-basis iron ore concentrates at 960-970 yuan/mt; mines and beneficiation plants in the area are currently operating normally as expected. During the Two Sessions, no relevant explosives restriction notices were received locally, but overall iron ore concentrates supply remains tight, providing some support to prices. Demand side, some steel mills are currently undergoing maintenance.

[SMM Lead Morning Meeting Minutes: Bullish and Bearish Factors Coexisted in Domestic and Overseas Markets; Lead Prices Were Expected to Remain Consolidated] US Treasury Secretary Bessent: A 15% global tariff might be implemented this week, pledged to safeguard the Persian Gulf, and hinted that more measures were forthcoming. Recently, lead-acid battery enterprises in the domestic market basically resumed production, and the overall operating rate in March rebounded sharply from February…

[SMM Stainless Steel Daily Review] SS Futures Fluctuate Rangebound; Bullish Sentiment for Spot Stainless Steel Set Back SMM News on March 4: SS futures showed a fluctuate upward trend, overall fluctuating rangebound with limited upside momentum, and closed at 14,205 yuan/mt before noon. In the spot market, affected by factors including weakening momentum for further upside in SS futures, unchanged guidance prices from major mainstream stainless steel mills yesterday, a sharp increase in expected stainless steel production schedules within the month, and the buildup of social inventory, bullish sentiment was set back and quotes loosened. The most-traded SS futures contract fluctuated downward. At 10:30 a.m., SS2604 was quoted at 14,245 yuan/mt, up 80 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 275-475 yuan/mt range. In the spot market, Wuxi cold-rolled 201/2B coils were generally stable; for cold-rolled trimmed-edge 304/2B coils, the average price in Wuxi was stable while the average price in Foshan fell by 50 yuan/mt; cold-rolled 316L/2B coils in Wuxi were stable; for hot-rolled 316L/NO.1 coils, Wuxi quotes rose by 100 yuan/mt; cold-rolled 430/2B coils in both Wuxi and Foshan were stable. The stainless steel market is gradually recovering, and SS futures strengthened and moved higher. Driven by warming expectations for the traditional peak consumption season of “Golden March and Silver April” and the continued fermentation of news on Indonesian nickel ore, market participants’ bullish sentiment was strong. However, the recovery pace on the spot side was slow. Some traders and downstream end-users have not yet resumed operations, market trading activity has not fully recovered, and only a small number of rigid-demand orders were concluded during the week, presenting a clear pattern of “strong futures, weak spot.” On the inventory side, ...

SMM February 28 News: In February 2026, China's metallurgical-grade alumina output decreased by 10.6% month-on-month and also fell by 4.83% year-on-year. By the end of February, the national installed capacity stood at approximately 110.32 million mt, while operating capacity decreased by 1.06% month-on-month and 4.83% year-on-year, indicating a continued downward trend for the industry. The main reasons for the output decline this month were, on one hand, the concentrated implementation of maintenance and production cuts by enterprises, and on the other hand, the fewer natural days in February, which further impacted production schedules. Around the middle of the month, a company in the northern region implemented large-scale production cuts, coupled with equipment maintenance and production line upgrades by some enterprises. Simultaneously, some southern companies reduced operating loads, leading to a slight contraction in overall monthly output. Looking ahead to March, the overall oversupply situation in the alumina market is unlikely to change in the short term. Although the earlier maintenance and production cuts have led to a decrease in enterprise inventories and slightly eased overall shipment pressure, operational pressure within the industry persists. In March, some enterprises may continue to carry out maintenance and production line upgrades, and the industry will enter a phase of gradual destocking. However, the gradual release of new production capacity in the Guangxi region will offset some of the reductions, and overall operating capacity is expected to show a slow downward trend. Overall, it is projected that operating capacity in March will be approximately 85.11 million mt, and the market will still face oversupply pressure.

[SMM Silicon-Based PV Morning Meeting Minutes] Silicon metal: Yesterday, SMM oxygen-blown #553 silicon in east China was at 9,000-9,200 yuan/mt, and 441# silicon was at 9,200-9,500 yuan/mt. Yesterday afternoon, silicon metal futures prices fluctuated sharply due to macro disruptions; the most-traded contract fell below 8,200 yuan/mt at its low and closed at 8,205 yuan/mt in late trading. Some silicon enterprises in northern China lowered their quoted prices, but they still did not match the price advantage of spot-futures traders, and downstream users mainly bought the dip. Polysilicon: N-type recharging polysilicon was quoted at 46-53 yuan/kg, the polysilicon price index was 49.17 yuan/kg, and polysilicon prices have declined significantly recently, mainly due to pressure from wafer price cuts and the impact of related meetings. At present, as the wafer segment has yet to stop falling, market sentiment is weak, and there may still be some downside room going forward.

SMM Analysis: SMM's February 2026 blister copper RCs in sourth China were quoted at 2,200-2,500 yuan/mt, with an average of 2,350 yuan/mt, up 300 yuan/mt MoM...

Tianli Lithium Energy issued an announcement on February 26, stating that its wholly-owned subsidiary, Sichuan Tianli Lithium Energy Co., Ltd., has completed the scheduled production line maintenance plan and fully resumed production operations on February 24, ahead of the originally planned date of February 28. It is understood that the production suspension for maintenance at Sichuan Tianli began on January 14, 2026, with the core objective of ensuring the efficient, stable, and safe operation of the lithium iron phosphate production line, thereby guaranteeing the smooth progress of subsequent safe production. During the maintenance period, Sichuan Tianli conducted a comprehensive inspection and upkeep of the production line, simultaneously carrying out upgrades and renovations.

Tianli Lithium Energy (301152.SZ) announced that starting from January 14, 2026, in order to ensure the efficient, stable, and safe operation of the LFP production line and guarantee the smooth progress of safe production, Sichuan Tianli carried out a planned shutdown for maintenance on the production line. During the maintenance period, Sichuan Tianli conducted comprehensive maintenance, upgrades, and transformations on the production line, laying a solid foundation for subsequent safe, continuous, and efficient production. As of the date of this announcement, Sichuan Tianli has completed the scheduled maintenance plan and fully resumed production operations on February 24, 2026.

Federal Reserve Governor Mi Lan strongly advocates for implementing significant interest rate cuts as early as possible. In his view, there is currently no strong actual price pressure in the economy, and the maintenance of high interest rates is largely due to the unique nature of inflation measurement methods. Mi Lan reiterated that interest rates need to be cut by 100 basis points by 2026, emphasizing that such actions should be taken sooner rather than later to effectively hedge against potential economic downside risks in advance.

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