Latest Update in the SMM Titanium Market

[SMM Analysis: Separation Plants Resume Operations, Medium-Heavy Rare Earth Oxide Production Up MoM] In February 2025, China's medium-heavy rare earth oxide production saw a significant increase compared to January. Jiangxi and Jiangsu, as the main production areas of medium-heavy rare earths in China, boast a well-developed industry chain and advanced technological capabilities. After resuming production, enterprises in these two regions quickly ramped up capacity, becoming the primary contributors to the production growth in February.

SMM, February 28: According to SMM estimates, China's bauxite production in February 2025 (28 days) was down 10.9% MoM, up 11.8% YoY, mainly due to the low production levels in Shanxi and Henan regions in February 2024. Currently, domestic bauxite production remains at a low level, but the supply of imported bauxite has increased significantly, leading to an improvement in the supply and demand fundamentals of bauxite.

[SMM Analysis: February-March Secondary Lead Production Plans in Detail, Closely Monitoring the Impact of Raw Material Supply on Smelter Production Growth] SMM, February 28: With the end of the Chinese New Year holiday, the production resumption plans of China's secondary lead smelters are gradually becoming clear, indicating that the market's supply-demand pattern is expected to undergo new changes. According to the latest data, smelters in multiple regions have already arranged detailed timetables for resumption, and production is expected to gradually recover in March...

[SMM Analysis: Multi-Metal Plants Expand Production, Pr-Nd Production Increased MoM in February] In February 2025, domestic production of Pr-Nd oxide saw a significant increase compared to the previous month. This upward trend was also reflected in the production of Pr-Nd alloy, which experienced a substantial MoM increase as well. The main growth areas for Pr-Nd oxide were concentrated in Jiangxi, Sichuan, and Shandong, while the production growth of Pr-Nd alloy was more widely distributed across Jiangxi, Sichuan, Inner Mongolia, and Zhejiang.

[Electricity Prices and Alumina Prices Declined Together, Aluminum Costs in February Dropped Sharply by Nearly 3,500 Yuan/mt] SMM, February 28: According to SMM data, the average tax-inclusive full cost of China's aluminum industry in February 2025 was 16,909 yuan/mt, down 15.4% MoM and up 2.5% YoY. The main reason was the sharp pullback in spot alumina prices during the period. The average SMM alumina index price in February was 3,490.5 yuan/mt (January 27 to February 25), down by approximately 1,600 yuan/mt compared to the previous month's average. The average SMM A00 spot price in February 2025 was about 20,484 yuan/mt (January 27 to February 25), and the average profit of the domestic aluminum industry was approximately 3,575 yuan/mt, marking a shift to a significantly profitable state for the industry.

In this week's market, the average price of SMM 8-12% high-grade nickel pig iron (NPI) was 978.4 yuan per nickel point (ex-factory, tax included), an increase of 9.6 yuan per nickel point from last week. Meanwhile, Indonesia's NPI FOB index rose by $1.1 per nickel point compared to last week. This week, the high-grade NPI market continued to show an upward trend.

[SMM Analysis: Indonesia's NPI Metal Content Fell Approximately 7.32% MoM in February, Expected to Rise Approximately 1.54% MoM in March] In February 2025, Indonesia's NPI metal content fell approximately 7.32% MoM, up approximately 14.85% YoY...

The Impact of the SIMBARA System Launch in 2025 on the Nickel Industry Starting from early 2025, the SIMBARA system will be officially launched, requiring all nickel mines in Indonesia to complete all approvals within the system before legal sales can proceed. Meanwhile, the Mineral and Coal Online Monitoring System (MOMS) digital platform, developed by the Ministry of Energy and Mineral Resources, is seamlessly integrated with SIMBARA, providing real-time monitoring and management functions for coal, tin, and nickel commodities. MOMS is designed to be scalable and will gradually expand in the future to include more mineral commodities.