[SMM Analysis: The Game Between Cost Support and Bearish Consumption in the Lead Market] SMM, February 21: Due to the accelerated resumption of production at secondary lead smelters after the holiday, the demand for used lead-acid batteries has significantly increased, leading to a considerable expectation of price hikes. Meanwhile, smelters are facing greater cost pressure, as rising raw material costs and sluggish selling prices have squeezed profits, with some smelters already operating at a loss.

[SMM Analysis: High Raw Material Prices Compress Profits, Stainless Steel Costs and Profits Continue to Compete] This week, the stainless steel market saw increased activity, with electronic trading showing steady improvement and spot prices rising slightly. The trading atmosphere downstream has warmed up. Raw material prices have a significant impact on costs, with costs and profits being inversely correlated. On February 21, the cost of 304/2B products exceeded the selling price, resulting in losses. Fluctuations in raw material prices determine profit margins. Looking ahead to next week, stainless steel finished product prices are expected to remain steady or rise slightly, with the market gradually releasing volume. However, limited improvement in demand and oversupply continue to suppress price increases.

[SMM Analysis: How Has the Resumption Progress of Lead-Acid Battery Enterprises Been Since the Chinese New Year?] It has been three weeks since the Chinese New Year holiday, and major lead-acid battery enterprises have resumed normal production. As the largest lead consumption sector, how is the post-holiday consumption situation in the lead-acid battery end-use market, and what is the operating rate of production lines after the producers resumed work...

[SMM Analysis: Rare Earth Prices Jumped Initially and Then Pulled Back, Is There Still Room for Further Increases?] This week, rare earth prices experienced significant fluctuations overall. Starting from the 17th, the Pr-Nd market showed a generally weak trend, with the actual transaction price of Pr-Nd oxide dropping to 432,000-433,000 yuan/mt. As top-tier enterprises increased their procurement, low-priced supplies decreased, but the actual transaction performance of downstream products remained poor, with the actual transaction price of Pr-Nd alloy falling below 530,000 yuan/mt on the 19th.

[How Will Ultra-High Voltage Investment Continue to Contribute to Zinc Consumption in 2025?] In 2024, the headquarters of the State Grid Corporation of China is expected to conduct ultra-high voltage project procurement in 26 batches, including 8 batches of equipment procurement, 6 batches of material procurement, and 12 batches of service procurement. By the end of 2024, ultra-high voltage equipment procurement will have reached a cumulative total of 27.16 billion yuan...

[SMM Commentary: SHFE Copper Declined This Week, Inventory Buildup Trend May Slow, Copper Market Awaits Clearer Direction] The uncertainty in the global trade outlook disrupted copper prices, with post-holiday copper inventory buildup exceeding the average level of the same period in previous years, putting pressure on copper prices. Additionally, copper price fluctuations have made enterprises, already in the off-season of demand, even more cautious in procurement. Although tight supply on the mining side provided strong support for copper prices, SHFE copper still declined this week. As of 16:37 on February 21, LME copper fell by 0.99% to $9,469/mt, with a slight weekly decline of 0.08%; SHFE copper dropped by 0.47%, with a weekly decline of 1.02%.