SMM Flash: Overall, steel export quotations saw relatively small increases today, with most order shipment schedules concentrated in May and June. Recently, as international crude oil prices continued to rise, ocean freight rates increased sharply, and most traders' CIF quotations were too high to secure deals. Meanwhile, according to an SMM survey, taking the Vietnamese market as an example, the CIF prices of supplies from India, Russia, and other sources also rose significantly, and their advantage over local supplies was no longer prominent, resulting in low market acceptance.

SMM Nickel News, March 24: Macro and Market News: (1) Iran’s Parliament Speaker Qalibaf denied having held talks with the US side and accused fake news of manipulating the financial and oil markets; Iran’s Islamic Revolutionary Guard Corps said it would launch new attacks on US targets and called Trump’s remarks “psychological warfare” (2) Israeli officials said Washington had set April 9 as the target date for ending the war. Talks between Iran and the US were expected to be held later this week in Pakistan, adding that Washington had not yet informed Israel of any contact with Iran’s Parliament Speaker Qalibaf. Spot Market: On March 24, the SMM price of #1 refined nickel fell 1,700 yuan/mt from the previous trading day. In spot premiums, Jinchuan #1 refined nickel averaged 6,250 yuan/mt, down 300 yuan/mt from the previous trading day; China’s mainstream brands of electrodeposited nickel were at -300-400 yuan/mt. Futures Market: After surging sharply in the night session, the most-traded SHFE nickel 2605 contract pulled back in the morning session, closing the morning session at 132,830 yuan/mt, up 0.69%. Current nickel prices were in a stage of intense tug-of-war between macro headwinds and supply risks. Short term, tighter Indonesian RKAB quotas, continued gains in ore prices, and the risk of sulfur supply disruptions provided solid support below, but high inventory and the slow recovery in end-use demand still capped upside room. The core trading range of the most-traded SHFE nickel contract was expected at 130,000-140,000 yuan/mt in the short term.

SMM, March 23: According to market sources, Nandan County Jilang Indium Co., Ltd. is expected to offer crude indium ingots for external sale on the 23rd of this month, with indium purity ≥99.00%, approximately 1,000 kg, subject to YS/T 1163-2016 Crude Indium. Delivery location: the warehouse of Nandan County Jilang Indium Co., Ltd. (Industrial Park, Chehe Town, Nandan County, Hechi City). The seller is responsible for loading and weighbridge measurement, and the freight shall be borne by the buyer. The bidding deadline is before 16:00 on March 23, 2026, after which it will be invalid.

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Strait of Hormuz disruptions and Iran tensions are driving up aluminum prices and premiums. Aluminium Bahrain and Qatalum have cut output, while feedstock is tight. Rerouting via Port of Sohar or Saudi ports raises costs and delays. Buyers are turning to China, India, Russia, Canada, and scrap to offset risk. Prolonged disruption could reduce Middle East market share and reprice it as higher-risk supply.

As of March 24, titanium dioxide prices continued to rise, with the SMM index up 4.6% since early 2026. Two rounds of price hikes were issued in March amid low inventories. Strong exports and production cuts supported gains, though sustainability post-peak season remains uncertain, hinging on downstream acceptance.