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[SMM Aluminum Express News] Danantara officially began construction on a major aluminum smelter and alumina refinery (SGAR) in Mempawah, West Kalimantan, on February 6, 2026. The total investment is Rp 87.7 trillion. The project, managed by Inalum and Antam, will have a 1-million-ton annual capacity.

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

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.

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.

Lead prices were in the doldrums this week, with some downstream battery producers buying the dip and stockpiling as needed. Additionally, the scale of production cuts and shutdowns at secondary lead smelters expanded, slowing down the supply pace. Combined with downstream demand and tightening supply, weekly finished product inventories of secondary lead dropped by 9,100 mt to 25,700 mt.

Downstream battery producers have successively entered the holiday period, with low purchase intentions; coupled with low lead prices, most secondary lead smelters are also gradually suspending production. Due to expectations that environmental protection-related controls in Anhui will be lifted next week, local operating enterprises indicated that production is expected to resume.

At the beginning of the week, enterprises in production in Anhui Province implemented production restrictions due to environmental protection-related controls. Coupled with the additional enterprises that suspended production and took holidays over the previous weekend, the regional operating rate decreased by more than 16 percentage points this week.

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.