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  Post-holiday silicon metal market activity gradually recovers, focus on changes in operating rates on both supply and demand sides [SMM Silicon Industry Weekly Review]

  [Post-holiday silicon metal market activity gradually recovers; focus on operating rate changes on both supply and demand sides]: During the first workweek after the Chinese New Year holiday, downstream users of silicon metal mainly inquired about prices, with only small volumes of rigid demand restocking transactions concluded. Trading firms engaging in both spot and futures market quoted prices actively, while silicon enterprises mostly maintained stable offers and adopted a wait-and-see stance compared to pre-holiday levels. As of February 26, SMM oxygen-blown #553 silicon in east China was at 9,200-9,300 yuan/mt, #441 silicon at 9,300-9,500 yuan/mt, and #3303 silicon at 10,200-10,400 yuan/mt. On the export front, overseas users showed active inquiry performance after the holiday, but export order prices remained involutionary. In the futures market, the most-traded contract weakened on Thursday afternoon, closing at 8,335 yuan/mt at the end of the session. Throughout the week, the most-traded contract moved within a range of 8,330-8,495 yuan/mt. Most silicon enterprises maintained strong wait-and-see sentiment with stable offers, while futures consolidated at lows and trading firms engaging in both spot and futures market quoted actively, resulting in on-demand transactions in the market.

• MMi Daily Iron Ore Report (February 26)

  DCE iron ore futures were in the doldrums today, with the most-traded contract I2605 closing flat at 748.5 yuan/mt. Spot prices fell 2-4 yuan/mt from the previous trading day.

• [SMM Analysis] After the holiday, raw material prices and the price of ternary cathode precursors increased

  This week, ternary cathode precursor prices increased. Today, nickel sulphate prices rose slightly, cobalt sulphate prices remained stable, and manganese sulphate prices edged up only marginally.

• [SMM Analysis] This week's hydrometallurgy recycling market: Post-holiday market performance was sluggish, with most enterprises adopting a wait-and-see approach after resuming operations (2026.2.23-2.26)

  Raw material side, lithium carbonate and nickel sulphate prices continued to rise this week, while cobalt sulphate prices remained stable.

• [SMM Iron Ore Inventory] Port Inventories Accumulate Again; Divergence Seen Across Product Grades

  According to an SMM survey dated 26th February, total iron ore inventories across the 10 major ports monitored by SMM reached 118.87 million tonnes, marking an increase of 2.13 million tonnes from the pre-holiday level. A divergence in stock levels was observed among the four main product categories: inventories of coarse fines and lump ore recorded a slight accumulation, whereas stocks of concentrate and pellets experienced a minor destocking.