News

[SMM Analysis: The "Key Anchor Point" in Great Power Rivalry: The US "Treasury Plan" and the Resource Reshuffle in Latin America] As the second phase of the Mirador copper mine project in Ecuador, developed by a Chinese enterprise, remains stuck in a "built but awaiting approval" deadlock, ten thousand kilometers away in Washington, the US Export-Import Bank, together with the President, is announcing a historic supply chain security initiative called the "Treasury Plan." In the pause and the start, a global covert battle over critical minerals such as copper, lithium, cobalt, and gallium is moving from behind the scenes to the forefront.

In summary, during the 2026 Chinese New Year period, the five segments of the aluminum industry chain exhibited differentiated operational trends.

With the Chinese New Year approaching, what are the holiday plans for domestic aluminum wire and cable enterprises in 2026? This SMM survey covers 10 aluminum wire and cable enterprises, involving a total capacity of 752,000 mt, and clearly categorizes them into three types based on their holiday schedules.

Bank of Canada Governor Tiff Macklem pointed out that Canada's economy is highly likely to fall into a recession if it loses preferential trade access to the US granted under the US-Mexico-Canada Agreement (USMCA). However, he emphasized that, despite recent trade frictions, such a scenario is not considered in the Bank of Canada's baseline outlook—the central bank's baseline forecast still assumes that Canada will maintain its exempt status.

【SMM News Flash】Hindalco Industries reported a 45% decline in Q3 profit, despite strong aluminum and copper prices, as rising costs and operational disruptions at its US subsidiary Novelis weighed on performance.The metal producer, part of the Aditya Birla Group, posted a consolidated net profit of 20.49 billion rupees for the three months ended December 31, down from 37.35 billion rupees a year earlier.The profit drop was mainly due to an exceptional expense of 26.1 billion rupees related to disruptions at the Oswego plant in New York.

Loretta Mester of the US Fed noted that the current policy stance of the US Fed is just right and may be approaching a neutral level, meaning it neither stimulates nor restrains economic activity. If inflation pulls back in the coming months and the labour market remains stable, there will be no need for further interest rate cuts. At the same time, Thomas Barkin of the US Fed also stated that the target interest rate set by the US Fed is already "close" to a neutral level, and interest rate policy is likely to remain unchanged "for a considerable period of time."

Tariff revenue helped the US government effectively reduce its budget deficit by 17% in the first four months of the fiscal year. Specifically, during the four-month period ending in January, the budget deficit decreased to $697 billion from $840 billion in the same period the previous year. However, this improvement was not enough to offset other deficit-expanding factors in Trump's economic plan. The Congressional Budget Office raised its 10-year total deficit projection by $1.4 trillion, partly due to President Trump's 2025 tax law and related immigration policies.

According to data released by CAAM, China's automobile production and sales reached 2.45 million units and 2.346 million units, respectively, in January this year. Compared with the same period last year, production increased slightly by 0.01% YoY, while sales decreased by 3.2% YoY. In the segmented market, NEVs performed remarkably, with production and sales reaching 1.041 million units and 945,000 units, respectively, up 2.5% YoY and 0.1% YoY. In addition, NEV exports continued their strong growth momentum, with exports reaching 302,000 units, doubling YoY.

During a closed-door meeting with Republican senators, US Treasury Secretary Besant reached a consensus to transfer the investigative authority over Fed Chairman Powell from the Department of Justice to the Senate Banking Committee. According to informed sources, this move aims to persuade Senator Thom Tillis to cease obstructing the nomination of Wash for the position of Fed Chairman.

According to SMM data, the average weekly production of domestic hot-rolled coils in February was 3.2004 million mt, up 0.80% MoM from January.