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According to data released by Chilean Customs, Chile's copper exports in January amounted to 177.235 mt, with exports to China totaling 27,113 mt during the same month. Chile's exports of copper ore and concentrates in January reached 1,556,029 mt, of which exports to China accounted for 906,158 mt.

Canadian mining giant Capstone Copper said on Friday that the largest union at its Mantoverde copper-gold mine in Chile had approved a new three-year labor contract, ending a strike that began on January 2 and paving the way for a return to normal production. Previously affected by the strike, the mine's production had fallen to about 55% of normal levels.

Lead prices were in the doldrums, while secondary lead smelters maintained firm offers due to losses. The mainstream spot order ex-factory prices including tax narrowed the discount to the SMM #1 lead average price by 100 yuan/mt, shifting to a premium of 0–25 yuan/mt, with some smelters halting offers and sales.

Pre-holiday stockpiling by downstream enterprises had largely concluded, and a few had already entered the holiday period, completely suspending procurement. Next week, secondary lead smelters will enter a concentrated wave of production halts and holidays, resulting in sluggish trading activity in the spot market. Offers for spot refined lead orders were sparse, with prices moving in line with the market.

The domestic secondary crude lead market experienced sluggish transactions. As of February 6, 2026, the ex-factory tax-exclusive offers for domestic secondary crude lead stood at 15,250-15,400 yuan/mt. Downstream refined lead and alloy smelters gradually entered the holiday period, showing weak stockpiling willingness. Overseas lead ingot suppliers basically halted transactions with China due to poor consumption in the Chinese market, with only some previously concluded shipments maintaining normal in-transit transportation. The trading atmosphere in the secondary crude lead market will continue to weaken next week.

SMM data showed that raw material inventories at secondary lead smelters increased by 20,000 mt WoW. With more secondary lead smelters and scrap battery recycling enterprises entering holidays next week, both supply and demand in the market are expected to remain sluggish. SMM predicts that scrap battery prices will continue to fluctuate at lows.

Lead prices continued to weaken this week, with losses deepening for secondary lead smelters. Most enterprises proactively reduced scrap battery purchase prices to control costs. Meanwhile, recycling companies actively increased shipments due to risk aversion and capital repayment needs, leading to a noticeable rise in raw material inventories for secondary lead smelters.

According to the latest data from the Passenger Car Association, in December 2025, producers with new energy wholesale sales exceeding 10,000 units accounted for 93% of the total wholesale sales of passenger NEVs that month. Based on preliminary January data, these producers achieved sales of 830,000 units in January. As most producers have already locked in their major sales figures, by applying the structural proportion from the previous month to the current month's data, the estimated wholesale sales of passenger NEVs nationwide in January were 900,000 units. According to comprehensive preliminary monthly association data: the estimated wholesale sales of NEVs by national passenger car producers in January 2026 were 900,000 units, up 1% YoY.

据中国汽车工业协会整理的海关总署数据显示，2025年12月，汽车整车进口3.0万辆，环比下降30.4%，同比下降56.1%；进口金额14.7亿美元，环比下降23.6%，同比下降52.5%。2025年，汽车整车进口47.6万辆，同比下降32.4%；进口金额236.4亿美元，同比下降39.7%。

According to CCTV News, on February 5, Canadian Prime Minister Mark Carney announced a new electric vehicle strategy, including the reinstatement of car purchase subsidies, and stated that Canada will cooperate with China to promote the local production and export of EVs in Canada. According to a statement released by the Prime Minister's Office of Canada, the country will make full use of existing and newly established trade agreements, including a recently reached EV cooperation agreement with China, to facilitate large-scale investment in this sector, diversify Canada’s automotive export markets, and position Canada as one of the global leaders in the electric vehicle industry.

In early 2026, the intelligent EV IM5 (the overseas version of the Zhiji L6) and IM6 (the overseas version of the Zhiji LS6) from Zhiji Auto successively entered the UAE and Tunisia, marking a further deepening of the brand's strategic presence in the Middle East and North Africa markets. According to the plan, Zhiji Auto is expected to use the UAE as a hub to accelerate its expansion into surrounding regions and achieve comprehensive coverage across the entire Middle East market within the year.

Xiaomi Auto announced that the latest OTA update has been gradually rolled out, lowering the safety mileage threshold for assisted driving. Xiaomi Auto explained that the safety mileage requirement for assisted driving has been reduced from 1,000 km to 300 km. This threshold is set to allow users to gradually familiarize themselves with assisted driving functions and develop sufficient safety awareness. Xiaomi Auto reminds users that assisted driving is not autonomous driving; please always pay attention to road conditions and maintain timely control of the vehicle.

Dongfeng Motor announced that in January 2026, it sold 185,000 vehicles, up 29.5% YoY. Among them, NEV sales reached 83,000 units, up 112% YoY, while sales of self-owned brands totaled 123,000 units, up 75% YoY.

In January, the silicon metal market experienced a relatively loose supply-demand balance, with a theoretical inventory buildup of approximately 30,000 mt. In February, both supply and demand contracted simultaneously, and the market is expected to show a tight balance or minor destocking. The current high industry inventory still requires time to be digested, and the sustainability of destocking remains a key variable affecting price trends and market sentiment.