Refined Nickel Inventory in Bonded Zone Increased This Week

According to SMM statistics, the comprehensive operating rate of the domestic aluminum wire and cable industry reached 52.89% in March 2025, up 5.62% MoM from February and up 0.48% YoY from February last year, maintaining a stable performance. By enterprise size, the operating rate of large enterprises increased by 12.16% MoM to 68.91%, medium-sized enterprises rose by 1.13% MoM to 45.71%, and small enterprises improved by 2.54% MoM to 26.27%. The current rebound in operating rates is mainly attributed to the significant recovery in the operating rates of leading enterprises, with large enterprises recording an operating rate of 68.91%, up 12.16% MoM, showing a remarkable performance, while small and medium-sized enterprises are in a phase of mild recovery.

March 2, 2025— After the Chinese New Year, the aluminum wire and cable industry resumed production at a steady pace. This week, the operating rate of leading enterprises reached 53%, up 2 percentage points MoM, primarily due to the orderly resumption of work as planned. However, compared to the 60% operating rate in the same period of 2024, the current rate still reflects a YoY decline of 7 percentage points. The weaker recovery in capacity compared to last year is mainly constrained by two factors: first, the industry's delivery peak has not yet arrived; second, the total volume of pending orders for enterprises is lower than the same period in 2024, directly impacting the momentum of operations.

[Hundreds of Boats Compete, the Brave Take the Lead—2024 Annual Review of the NEV Market] Global NEV sales in 2024 are expected to reach 17.15 million units, up 20% YoY; China's NEV sales are projected to be 12.85 million units, with domestic sales accounting for approximately 89% and exports about 11%, and the penetration rate of NEVs in China reaching 45%; sales in Europe are expected to reach 2.81 million units, down 4.7% YoY; US sales are projected to be 1.62 million units, up 11% YoY.

Rare earth elements (REEs) are a group of 17 chemical elements that play a significant role in various high-tech applications, particularly in the electronics industry. These elements are crucial for manufacturing a variety of electronic components, including smartphones, laptops, and electric vehicles. Their unique magnetic, optical, and electrochemical properties enable the production of smaller, lighter, and more efficient devices, making them indispensable in today's electronics market.

Yesterday, low-sulfur coking coal in Lvliang, Shanxi was quoted at 2,100 yuan/mt, while the quotation was 2,400 yuan/mt in Linfen and 2,100 yuan/mt in Tangshan.

This week, the prevailing price for domestic M10-182mm monocrystalline silicon wafers was 3.08- 3.10 yuan/piece, and for 210mm monocrystalline silicon wafers, it was 4.08-4.10 yuan/piece.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Sep 26, 2023

LME lead prices opened at $2,205/mt overnight with the low-end of $2,163/mt. LME lead finally closed at $2184.5/mt, down 1.09%.

#0 zinc in Guangdong was traded at 21815~21900 yuan/mt today.

In Tianjin, #0 zinc ingot was mostly traded at 22100~22340 yuan/mt, Zijin zinc 22180~22380 yuan/mt, and Huludao zinc 26820 yuan/mt.