[SMM Analysis: Impact of Chinese New Year and Weak Demand - How Did Domestic Primary Aluminum Billet Production Perform at the Start of the Year?] Comprehensive Production Cuts! Affected by the combined impact of multiple factors during the Chinese New Year holiday, domestic primary aluminum billet production in January 2025 plummeted by over 100,000 mt, with the decline exceeding expectations. January and February are traditionally the off-season for the primary aluminum billet industry. During the Chinese New Year holiday, factors such as employees returning to their hometowns, downstream shutdowns, and annual equipment maintenance have led to widespread production cuts or partial shutdowns among aluminum billet enterprises, which was anticipated. However, due to strong aluminum prices during the month and the influence of multiple factors, downstream operations halted slightly earlier this year, extending the vacuum period on the demand side for aluminum billets. To avoid excessive in-plant inventory causing financial and sales pressure, aluminum billet enterprises showed a relatively low willingness to produce during the Chinese New Year holiday. The daily average production of domestic primary aluminum billets decreased by 4,000 mt MoM to around 43,000 mt/day...

[SMM Science Popularization: Exploring Rare Metal Tungsten: A Key Pillar in the Industrial Sector] Recently, the Ministry of Commerce and the General Administration of Customs issued an announcement, deciding to impose export controls on items related to tungsten, tellurium, bismuth, molybdenum, and indium. This news has drawn global attention, with tungsten, as an important rare metal, garnering significant focus for its critical role in the industrial sector.

February 2025 marks a surge in the automotive market, with over 20 new models already launched or expected to hit the market across both new energy and oil-fueled vehicle segments.

[SMM Analysis] In February 2025, the Ministry of Industry and Information Technology (MIIT) released the draft for approval of the industry standard "Technical Requirements for Energy Consumption per Unit Product of Lithium-Ion Battery Cathode Materials," establishing a multidimensional energy consumption control system centered on the "dual carbon" goals.

[SMM Analysis: In Response to High-Quality Development of the Copper Industry, Multiple Departments Have Initiated Relevant Work] Currently, various national departments have already commenced relevant work. For instance, starting in March 2024, recycling resource utilisation enterprises across regions are being encouraged to apply for compliance with the regulatory conditions for the copper and aluminum scrap industry. As the year-end approaches, the Department of Energy Conservation and Comprehensive Utilisation of the Ministry of Industry and Information Technology (MIIT), in accordance with the management measures outlined in the "Regulatory Conditions for the Processing and Utilisation of Copper and Aluminum Scrap Industry,"...

[SMM Analysis: Aluminum Plate/Sheet, Strip and Foil Market Gradually Recovers After Holiday; Seasonal Rebound Expected Amid Structural Divergence] Although the post-Chinese New Year recovery in the aluminum plate/sheet, strip and foil market has fallen short of expectations, the operating rates in the two major sectors are expected to continue their gradual upward trend as the traditional peak season in March approaches. However, attention should be paid to the divergent trends caused by differences in overcapacity, overseas bargaining, and policy effects across various sub-sectors.

[SMM Silicon Market January-February Brief: After the Price Decline in January, Silicon Prices Entered a Consolidation Phase Again. What Lies Ahead for Silicon Prices?] In early January 2025, silicon metal prices experienced a continuous decline, stabilizing by late January. From January 28 to February 4, during the Chinese New Year holiday, the domestic silicon market was effectively closed. After the holiday, upstream and downstream enterprises gradually resumed operations, with inquiries from downstream buyers and traders increasing, though most remained cautious, resulting in sluggish transactions. Post-holiday, supplier quotations for silicon were basically flat compared to pre-holiday levels. As of February 14, above-standard #553 silicon in east China was priced at 10,800-10,900 yuan/mt, down 100 yuan/mt MoM, while #421 silicon was priced at 11,500-11,700 yuan/mt, down 50 yuan/mt MoM.

[SMM Analysis | Insufficient Support, Magnesium Prices Fluctuate Downward] After the holiday, the magnesium market remains sluggish. Affected by persistently weak downstream demand, some factories are highly motivated to sell in order to quickly secure profits. The selling price is negotiable for actual transactions, and the overall trend of magnesium ingot market prices shows a downward movement...

Operating Rates of Copper Cathode Rods Rebounded as Expected, Weak Recovery Under the Constraint of Copper Prices [SMM Analysis]: This week, the SMM survey covered the production and sales performance of major medium- and large-sized copper rod enterprises in China. Overall, the operating rate stood at 62.10%, up 44.36 percentage points MoM, but 0.53 percentage points lower than the expected value. Based on the lunar calendar, the operating rate still declined by 4.1 percentage points YoY. The details are as follows...

February 15, 2025— The State Grid released over 200,000 mt of aluminum wire and cable orders at the beginning of 2025, including 130,000 mt from ultra-high voltage (UHV) projects and 80,000 mt from power transmission and transformation projects, injecting a strong boost into the industry chain. SMM believes that the current order structure is reshaping the industry cycle: the short-cycle, fast delivery of power transmission and transformation projects (production preparation in April, delivery in May-June) and the long-cycle, stable demand of UHV projects (continuous release starting in August) form a momentum relay. Considering that the State Grid's tendering process started 2-3 months earlier than in previous years, a new round of order releases is expected by the end of Q2. Coupled with the implementation of the 650 billion annual investment target, the aluminum wire and cable industry is likely to emerge from the "order gap period" and achieve a systemic rebound in capacity utilisation rate in H2.