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  2025 Consumption Sees a Slight Increase, 2026 Die-Casting Zinc Alloy: Steady Demand with Underlying Concerns

  According to SMM data, the average annual operating rate of domestic die-casting zinc alloy in 2025 increased by 0.48 percentage points YoY, with the full-year operating rate showing a divergent trend of "rising sharply in H1 and pulling back in H2." The slight improvement in the 2025 operating rate was primarily driven by the export rush in H1 due to expectations of Sino-US tariffs, coupled with the traditional peak season effect of "Golden March and Silver April," which led to a phased increase in industry operating rates. However, the pullback in industry prosperity in H2 also introduced multiple variables for market development in 2026.

• High-Level Zambian Delegation Visits SMM to Explore Strategic Cooperation in Energy & Minerals

  On January 17, a high-level delegation of 10 officials from key Zambian institutions—including the Zambia National Assembly, Ministry of Energy, Ministry of Finance, and Zambia Electricity Supply Corporation (ZESCO) — visited Shanghai Metals Market (SMM).

• [SMM Nickel Sulphate Daily Review] January 19: Market Transactions Relatively Sluggish, Nickel Salt Prices Remain Stable

  On January 19, the SMM battery-grade nickel sulphate index price was 33,400 yuan/mt, with the quotation range for battery-grade nickel sulphate at 32,700-34,500 yuan/mt, and the average price remained unchanged from the previous day.

• Copper Prices Pull Back, Downstream Restocking Increases, Inventories Decline, Spot Trades Improve [SMM Southern China Spot Copper]

• Silver Prices Fluctuate at Highs, Spot Market Maintains Premium Trading [SMM Daily Review]