China Council for the Promotion of International Trade to Organize Delegation of Chinese Entrepreneurs to Visit U.S. February 28, Xinhua News Agency From the February routine press conference of the China Council for the Promotion of International Trade (CCPIT), it was announced that CCPIT will organize a delegation of Chinese entrepreneurs to visit the United States at an appropriate time. The visit aims to: Deepen province-state level economic cooperation between the two countries; Facilitate targeted collaboration between enterprises in investment, trade, technology, and other fields.

【NIO and Bosch Deepen Collaboration in Core Technologies for Intelligent EVs】During German Chancellor Merz's visit to China, NIO signed a strategic cooperation agreement with Bosch. The collaboration will cover NIO, ONVO Le Dao, and Firefly under NIO, focusing on in-depth cooperation in the core technology areas of intelligent EVs. The partnership encompasses key technologies such as wire-controlled chassis and battery management, including brake control, steering systems, drive systems, as well as auto body electronics and perception modules.

He Yongqian, spokesperson for the Ministry of Commerce, stated that during German Chancellor Merz's visit to China, the two countries engaged in in-depth exchanges in the economic and trade field and reached over ten commercial agreements spanning multiple industries. Regarding the strengthening of export controls against Japan, He Yongqian noted that China has included relevant Japanese entities in its export control list and watchlist. This measure aims to curb Japan's "remilitarization" and nuclear ambitions and is entirely justified, reasonable, and lawful.

On February 26, German Chancellor Merz arrived in Hangzhou, Zhejiang by plane and continued his China visit by taking a Hongqi car. During his stay in Hangzhou, the German delegation will engage with 10 Chinese enterprises, including those from the AI, humanoid robot, and NEV sectors.

[SMM Aluminum Express News] Russian Ambassador Sergei Tolchenov proposed cooperation with West Kalimantan on a nuclear power plant, aluminum processing facility, and educational programs. Accompanied by Russian investors from bauxite, aluminum, and nuclear sectors, he asked the province to identify strategic partners. Rosatom (Anna Belokoneva) presented reactor technologies from 100 MW to 1,200 MW with high safety standards. Rusal (Aleksey Mirskiy) offered to invest in an aluminum processing plant and invited Governor Ria Norsan to visit Rusal facilities in Russia. Governor Ria Norsan welcomed the offers, confirming a prepared site for a nuclear power plant on Semesak Island, Bengkayang District, and openness to Russian investment.

On February 25, BMW Group Chairman Oliver Zipse accompanied German Chancellor Friedrich Merz on a visit to China. During the visit, BMW Group and Contemporary Amperex Technology Co., Limited (CATL) signed a cooperation memorandum of understanding in Beijing, aimed at promoting collaborative carbon reduction in the power battery supply chain, thereby systematically reducing the carbon footprint of electric vehicles.

On February 25, Oliver Zipse, Chairman of the BMW Group, accompanied German Chancellor Merz on a visit to China and formally signed a Memorandum of Understanding for cooperation with CATL (300750.SZ). The two parties will deepen strategic cooperation in areas including power battery technology R&D, collaborative supply chain carbon reduction, and the industrialisation of next-generation battery cells, further consolidating their long-term partnership.

ArcelorMittal confirmed on February 16, 2026, a €1.3 billion ($1.5 billion) investment to build a new Electric Arc Furnace (EAF) at its Dunkirk site. The project, which was announced during a visit by French President Emmanuel Macron, will have a capacity of 2 million tonnes per year and is scheduled for start-up in 2029. This move is a central part of the company’s strategy to comply with the EU’s Carbon Border Adjustment Mechanism (CBAM), which enters its definitive phase this year.

According to reports, US President Trump is expected to visit China in early April, during which President Xi Jinping will meet with Trump. Additionally, sources revealed that the "truce" in China-US trade is anticipated to continue. In response, Foreign Ministry spokesperson Lin Jian stated that during the recent phone call between the two heads of state, President Trump once again expressed his intention to visit China in April, and President Xi Jinping reiterated the invitation for President Trump's visit. Both sides are currently maintaining communication on this matter.

Futures: Overnight, LME lead opened at $1,957/mt, moving sideways around the daily average during the Asian session. Entering the European session, the US dollar index strengthened before pulling back, and the broad-based gains in nonferrous metals boosted LME lead to rise all the way to a high of $1,996/mt. After small fluctuations at high levels, it finally closed at $1,995.5/mt, up $36/mt or 1.84%. Overnight, the most-traded SHFE lead contract opened at 16,715 yuan/mt, initially dipped to a low of 16,700 yuan/mt, then fluctuated upward, lightly touching 16,800 yuan/mt at highs, and finally closed at 16,790 yuan/mt, up 45 yuan/mt or 0.27%. On the macro front: US Trade Representative Greer recently stated that the US will continue to advance the 301 investigation into China's implementation of the Phase One trade deal and may take tariff measures. Against the backdrop of a rebound in risk appetite, market expectations for the US Fed to start interest rate cuts before mid-year have significantly cooled, with expectations for a June rate cut diminishing. German Chancellor Friedrich Merz paid his first official visit to China from February 25 to 26, accompanied by a high-level delegation including 30 representatives from the German business community. Spot fundamentals: In the Shanghai market, Chihong lead was quoted at discounts of 80-50 yuan/mt against the SHFE lead 2603 contract. SHFE lead maintained a consolidation trend, and as it was late February with the transition between old and new long-term contracts, some suppliers actively cleared inventory by shipping goods at discounts, while a few traders purchased on dips. Downstream enterprises were still in the early stages of resuming work, with limited rigid demand and few inquiries. In terms of secondary lead, some smelters had not yet resumed production, market quotations were scattered, operating enterprises held prices firm for shipments, and secondary refined lead was quoted at premiums of 0-25 yuan/mt against the SMM #1 lead average price ex-works. Downstream enterprises adopted a wait-and-see approach with minimal purchases, and spot order market transactions had not improved significantly. Inventory: On February 25, LME lead inventory decreased by 25 mt to 286,300 mt. As of February 24, the total social inventory of lead ingots across five regions tracked by SMM accumulated further, with the total jumping to a five-month high. Today's lead price forecast: This week, downstream enterprises gradually resumed work and production, with spot purchases mainly focused on long-term contract cargo pick-up, while spot order purchasing demand remained weak. On the supply side for refined lead, primary lead smelters in Hunan that underwent maintenance and production cuts during the holiday gradually resumed crude lead production; primary lead output is expected to recover sequentially from early March to mid-March, with quotations relatively firm. For secondary refined lead, supply recovery was limited by the end of February, but a concentrated recovery is anticipated in early March. Subsequently, the lead market is expected to see both supply and demand increase after the recovery in lead consumption. This week, as the supply of refined lead has not yet recovered concentratedly, support for lead prices remains moderate, and lead prices may continue to move sideways in the short term.