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  Secondary Lead Production in China Plummets in February, Spot Trading Difficult to Improve After Holiday?

  With the Chinese New Year holiday falling in mid-February and weak end-use consumption, lead-acid battery producers scaled back pre-holiday stockpiling compared with previous years. The sluggish sales of lead ingots intensified finished product inventory pressure on secondary lead smelters. According to SMM, enterprises suspending production during the holiday started their breaks one week earlier YoY. Coupled with three fewer calendar days in February compared with January, secondary lead ……

• 【SMM Analysis】Sodium-Ion Battery Industry Chain in January 2026

  In January 2026, the sodium-ion battery industry entered a special operational cycle ahead of the Chinese New Year, with the industry chain exhibiting dual characteristics of "pre-holiday stocking demand support" and "the arrival of the traditional production off-season." Coupled with the rise in lithium carbonate prices at the beginning of the year, which pushed up lithium battery cell costs, market attention and substitution logic for sodium-ion battery products were further strengthened.

• Shanghai spot copper supply tightens, suppliers hold back sales and hold prices firm [SMM Shanghai spot copper]

  [SMM Shanghai Spot Copper] The Shanghai spot copper market is expected to continue exhibiting a weak supply-demand pattern. The contango spread between nearby months widened slightly, further encouraging suppliers to convert some spot cargo into warrants, limiting further tightening of spot liquidity. Some smelters have opted for stockpiling for delivery, coupled with suppliers' evident reluctance to sell and firm price-holding sentiment, resulting in limited tradable spot cargo in the market, which will support the spot discount structure. As the holiday approaches, downstream enterprises have generally slowed their procurement pace, with most having entered the final stage of pre-holiday stockpiling or production adjustment phases. Actual transaction activity is suppressed, and demand-side factors are unlikely to provide sustained boosts to prices. Amid intertwined factors such as high copper prices, tight supply, firm price-holding by suppliers, and pressure from the futures spread, spot discounts are expected to narrow slightly further tomorrow.

• Weak Supply and Demand Suppressed Operating Rates in January; Chinese New Year Impact to Extend Downtrend in February

• [SMM Nickel Sulphate Daily Review] February 4th: Weakness in Both Purchasing and Sales Sentiment, Nickel Salt Prices Remain Stable

  On February 4, the SMM battery-grade nickel sulphate index price was 31,976 yuan/mt, with the quotation range for battery-grade nickel sulphate at 31,700-32,800 yuan/mt, and the average price remained unchanged from the previous day.