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  Aluminum Producers' Operating Rates Rebound to 61.9%; High Prices Challenge "Golden March" Peak Season [SMM Survey]

  [SMM Weekly Survey of the Aluminum Downstream Sector: Downstream Aluminum Operating Rate Continued to Rebound to 61.9%, with High Prices Suppressing the Peak "Golden March" Season] This week, the weekly operating rate of leading downstream aluminum processing enterprises in China rose 2.4 percentage points MoM to 61.9%, overall extending the post-holiday recovery trend, with all segments rebounding MoM, and the industry as a whole entering a normal production pace.

• ADC12 Prices Rose Again This Week[[Weekly Review of Aluminum Scrap and Secondary Aluminum]]

  [[Weekly Review of Aluminum Scrap and Secondary Aluminum]]Aluminum Prices Strengthened This Week, Rising Costs Drove Up ADC12 Prices

• [SMM Analysis] Cobalt Market Consolidates on Tight Supply, Awaits Restocking Catalyst

• Silicon Metal Prices Tested Higher as Market Transactions Remained in Stalemate, While Polysilicon Prices Trended Downward [SMM Silicon Industry Weekly Review]

  [Spot Silicon Metal Prices Probe Higher as Market Transactions Remain Stagnant; Polysilicon Price Trend Declines]: On the supply side, production release from silicon metal capacity that resumed production in early March increased total silicon metal supply compared with early March. Recently, there have been scattered production resumptions in Southwest China, but these have not yet become widespread, so their impact on supply growth has been very limited. On the cost side, spot prices of silicon coal and electrodes have remained temporarily stable recently, while petroleum coke prices rose slightly. Coupled with higher gasoline prices, road transport freight rates were raised slightly, providing relatively strong cost support for silicon metal. On the demand side, performance has mainly remained stable recently. During the week, spot silicon metal transactions were stagnant, inventory in the intermediate segment stayed at a high level, and downstream demand was weak, so silicon metal prices had limited room to rise or fall and were mainly range-bound in consolidation.

• Construction Steel Inventory Continued to Build Up, but the Pace of Inventory Buildup Narrowed Significantly

  Total rebar inventory stood at 8.2948 million mt this week, up 277,000 mt WoW, or 3.46% (previous: +11.33%), and up 363,200 mt from the same period of the previous lunar year, or 4.58% (previous: +4.6%).