India is expected to increase domestic production of rare earth permanent magnets, such as lithium, targeting 5,000 mt by 2030. This move aims to reduce reliance on imports and gradually establish a solid foundation for critical minerals in China.

SMM, March 27: According to SMM, the Northwest Lead and Zinc Smelter of Baiyin Nonferrous Group Co., Ltd. planned to conduct a public tender sale of about 100 mt of crude cadmium under its operations. According to the official announcement, the bidding floor price was set at a discount of 1,000 yuan/mt to the average price on SMM, and the highest bidder would win after the auction. This project required at least three registrants for the auction to proceed normally. The registration deadline was 17:00 on March 30, 2026, and bidding would begin at 10:00 on March 31, 2026. Market participants said that, as cadmium prices had recently shown an upward trend, this tender was also well worth watching. To a certain extent, it could reflect the strength of market demand and provide some reference as to whether cadmium prices could continue to rise steadily.

[SMM Flash News] According to SMM data, cast aluminum alloy social inventory fell 13,900 mt WoW this week, with the decline widening further from last week. First, the spot-futures price spread widened, and spot traders accelerated shipments, driving a faster inventory drawdown; second, overall demand did not improve, low-price competition in the market intensified, and enterprises accelerated the pace of inventory digestion by cutting prices to compete for orders.

SMM Nickel, March 27: Macro and Market News: (1) On March 26 local time, multiple US officials and informed sources revealed that the US Department of Defense was formulating a so-called "final blow" military option against Iran, and the relevant plans may include the deployment of ground forces and large-scale airstrike operations. (2) In response to US President Trump saying that he would visit China in mid-May, Foreign Ministry spokesperson Lin Jian said at a regular press conference on March 26 that head-of-state diplomacy plays an irreplaceable strategic guiding role in China-US relations, and the two sides have remained in communication regarding President Trump's visit to China. Spot Market: On March 27, the SMM price of #1 refined nickel fell by 350 yuan/mt from the previous trading day. In terms of spot premiums, the average price premium of Jinchuan #1 refined nickel was 4,900 yuan/mt, down 500 yuan/mt from the previous trading day; spot premiums for mainstream electrodeposited nickel brands in China were -600-400 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2605) maintained rangebound fluctuations and closed the morning session at 137,010 yuan/mt today, up 0.01%. Policy expectations that Indonesia may impose a nickel export tax, together with firm ore prices on the raw material side and easing macro sentiment, jointly drove nickel prices higher. Nickel prices are expected to hold up well in the short term, with the core trading range of the most-traded SHFE nickel contract at 133,000-143,000 yuan/mt.

SMM News, March 27: Today, in Guangdong, spot premiums for #1 copper cathode against the front-month contract were quoted at 150 yuan/mt for high-quality copper, up 30 yuan/mt from the previous trading day; 50 yuan/mt for standard-quality copper, up 30 yuan/mt from yesterday; and a discount of 20 yuan/mt for SX-EW copper, up 20 yuan/mt from yesterday. The average price of #1 copper cathode in Guangdong was 95,495 yuan/mt, down 130 yuan/mt from the previous trading day, while the average price of SX-EW copper was 95,375 yuan/mt, down 140 yuan/mt from the previous trading day. Spot market: Guangdong inventory declined for nine consecutive days and has now fallen by more than 40,000 mt from the high seen earlier this year. As inventory kept falling, suppliers showed stronger willingness to hold prices firm. In early trading, standard-quality copper was quoted at a premium of 60 yuan/mt, but some downstream enterprises were unwilling to purchase at high prices, prompting some suppliers to slightly lower premiums for shipments. Today, copper cathode purchasing sentiment in Guangdong stood at 2.62, up 0.09 from the previous trading day, while shipment sentiment was 3.59, up 0.1 from the previous trading day (historical data is available in the database). Overall, inventory fell sharply, suppliers actively held prices firm, and spot premiums kept rising, with overall trading remaining moderate.

This week, the weekly operating rate of leading downstream aluminum processing enterprises in China rebounded 1.1 percentage points MoM to 64%.