SMM, March 25: During the day, the most-traded SHFE lead 2605 contract opened at 16,495 yuan/mt. After the opening, driven by broad gains across the nonferrous metals complex, prices quickly surged to an intraday high of 16,590 yuan/mt, then fluctuated lower, giving back part of the gains and moving slightly around the daily average line. Near the close, the SHFE lead price center edged higher, fluctuating rangebound within the 16,488-16,542 yuan/mt range, while the tug-of-war between longs and shorts eased. It finally closed at 16,495 yuan/mt. A small bullish candlestick was recorded, up 75 yuan/mt, or 0.46%. Primary lead suppliers held prices firm, and premiums in Jiangsu, Zhejiang, Shanghai were raised slightly. Coupled with tight circulating supply caused by maintenance at some secondary lead enterprises, this supported lead prices. Downstream buyers mainly purchased as needed. As secondary lead prices inverted against primary lead prices, spot orders showed a stronger preference for primary lead. Overall, spot support remained strong, providing downside support for lead prices, but with more downstream bargaining and a lack of strong upward momentum, prices are expected to remain rangebound in the short term. Data source disclaimer: Except for public information, all other data is processed and derived by SMM based on public information, market communication, and SMM's internal database models, and is for reference only and does not constitute decision-making advice.

[SMM Silicon-Based PV Morning Meeting Summary] Silicon Metal: Spot silicon metal prices remained in a stalemate consolidation. Yesterday, SMM east China oxygen-blown #553 silicon was at 9,100-9,300 yuan/mt, and #441 silicon at 9,300-9,500 yuan/mt, unchanged from the previous day. The quote center of some silicon enterprises was slightly lower than that of trading firms engaging in both spot and futures market, while downstream users mainly transacted at lower prices, and overall market trading activity was subdued. Polysilicon: N-type recharging polysilicon was quoted at 38-47 yuan/kg. Polysilicon prices continued to decline somewhat recently, mainly affected by market sentiment and inventory clearance by some leading enterprises. At present, low-priced polysilicon has already fallen below the cost line of some manufacturers, and the sentiment to hold quotes firm has strengthened somewhat. The upstream market was also still watching wafer price movements.

[SMM Midday Tin Commentary: Improving Macro Sentiment Drove a Rebound in Tin Prices, While Follow-Through in Spot Transactions Remained Limited]

[SMM Cast Aluminum Alloy Morning Comment: Aluminum Prices Halted Their Decline, but Wait-and-See Sentiment Remained Unchanged; Rangebound Movement May Continue in the Short Term] Spot market, yesterday the overall ADC12 market continued to hold prices steady. Aluminum prices showed signs of halting their decline, but market sentiment recovered only limitedly, and enterprises generally chose to postpone price adjustments and mainly adopt a wait-and-see stance. Demand side, downstream orders did not improve significantly, and just-in-time procurement remained the main approach, with mediocre transaction performance. Against the backdrop of easing cost-side fluctuations and insufficient demand support, ADC12 prices may continue to fluctuate within a range and remain relatively stable in the short term, with relatively limited momentum for price adjustments. Further attention should still be paid to aluminum price trends and the recovery of end-use demand.

[SMM Daily Chrome Commentary: Cost Support Kept Offers Firm, with Limited Recent Market Fluctuations] March 25, 2026: Chrome ore quotations saw no adjustment, while low- and micro-carbon ferrochrome prices were raised somewhat...

[SMM Daily Brief Review of Coking Coal and Coke] In terms of supply, with costs remaining high, most coke producers saw wider losses and began to push for a coke price hike, but losses remained within an acceptable range, and coke production stayed stable. On the demand side, steel trading improved somewhat, steel mills became more willing to produce, and daily average hot metal production continued to increase, further boosting rigid demand for coke. Overall, coke fundamentals shifted toward tightness, but steel mills showed only average acceptance of higher coke prices, and the coke market may remain generally stable with slight rise in the short term.