Price
News
- [SMM Hot Topic] Weak Domestic Demand + Export Diversion Cool the “North-to-South Steel Flow”
As supply and demand for construction steel were not fully matched across different markets, regional supply-demand mismatches created price differentiation, which in turn drove the cross-regional circulation of steel resources. When the regional price spread gradient was appropriate, regions with surplus construction steel capacity and production often shipped excess resources out, thereby rebalancing construction steel resources across regions.
Mar 24, 2026 15:54 - Gold just saw its biggest decline since 1983: what’s next
Gold is doing the opposite of what it should. The metal is falling for a reason most investors did not see coming. Wall Street's biggest banks have not changed their outlook. Here is why that matters.
Mar 23, 2026 11:29 - Construction Steel Inventory Growth Slows, Destocking Phase Expected Next Week
This week, total rebar inventory stood at 8.3525 million mt, up 57,800 mt WoW, or 0.7% (previously +3.46%). Compared with the same period of the lunar calendar last year, it increased by 281,200 mt, or 3.48% (previously +4.58%).
Mar 20, 2026 10:43 - Brief Review of Silver Market Prices and Expectations (March 19, 2026) [SMM Silver Market Weekly Review]
[Price Review] During the week, silver prices remained in the doldrums. In China, the Ag (T+D) contract on the Shanghai Gold Exchange broke below the support level of 18,000 yuan/kg, while LBMA silver prices kept probing lower after falling below $75/oz. From a macro perspective, escalating geopolitical conflict in the Middle East pushed oil prices to repeated new highs, while intensifying inflation concerns significantly cooled expectations for US Fed interest rate cuts and delayed the timing of the first cut to year-end. The simultaneous strength in the US dollar index and US Treasury yields became the core factors suppressing silver prices. On Wednesday local time, the US Fed announced that it would keep interest rates unchanged. In the statement released that day, it noted that the impact of the Middle East situation on the US economy remained uncertain and that uncertainty surrounding the US economic outlook was still elevated. In addition, speculative demand and ETF holdings continued to decline, and market sentiment kept cooling. As for the gold/silver ratio, because silver posted a deeper decline, the ratio continued to rise. As of March 18, the LBMA gold/silver ratio had climbed to 63, a recent high. [Important Data] Bullish: US preliminary March one-year inflation expectations came in at 3.4%, above expectations and unchanged from the previous reading Bearish: US API crude oil inventory for the week ended March 13 increased by 6.556 million barrels, above expectations and the previous reading US EIA crude oil inventory for the week ended March 13 increased by 6.156 million barrels, above expectations and the previous reading Data and macro releases to watch next week include: Continued hawkishness from the US Fed, the ECB rate decision, US inflation/employment data, COMEX silver delivery, together with the Boao Forum and geopolitical risks On March 19, the FOMC kept rates unchanged at 3.50%–3.75%, raised its 2026 PCE forecast to 2.7%, and expectations for US Fed interest rate cuts cooled sharply. US-Iran Situation: As of March 19, the military strikes by the US and Israel against Iran had entered their 19th day, with high-intensity confrontation, no sign of a ceasefire, and the conflict spreading to multiple Gulf countries. In terms of the current impact on precious metals, financial suppression outweighed safe-haven demand. Against the backdrop of surging inflation expectations, the US dollar and US Treasury yields continued to rise, the timing of US Fed interest rate cuts was delayed, and silver prices were suppressed. [Price Forecast] Silver prices are expected to maintain a fluctuating trend in the doldrums amid the interplay between macro disruptions and fundamentals. On the macro front, caution is still warranted over the risk of continued US dollar strength and heightened volatility from any further escalation in the US-Iran conflict. On the fundamentals side, as PV export rush orders gradually approached their end, rigid demand for raw material procurement by silver nitrate enterprises declined in late March, weakening support from industrial demand. In China's spot market, as investment demand and rigid industrial demand softened, coupled with replenishment from imported silver ingots, circulating supply of silver ingots in the spot market became ample, and suppliers generally lowered spot premium quotes to facilitate transactions. The abnormally high spot premiums in China's spot market will come to an end. At the same time, profitability on imported silver ingots will also decline sharply, and spot premium quotes in actual spot silver ingot transactions are expected to return to rational levels.
Mar 19, 2026 15:26 - 【SMM Analysis】Middle East Turmoil Triggers Trade "Mismatch": China Accelerates to Fill 2.3 MT Supply Vacuum in SEA
Middle East tensions have sparked a massive steel trade "mismatch." Iran's blocked exports created a 2.3-million-ton billet vacuum in Southeast Asia, while the Red Sea crisis stalled China's flat steel shipments to the Gulf. Consequently, China and India are rapidly absorbing SEA's diverted billet orders. SMM projects that blocked flat steel returning to China's domestic market, combined with surging overseas billet demand, will accelerate the narrowing of the domestic HRC-rebar spread.
Mar 20, 2026 09:51 - A Few Reasons Why Gold ETFs Failed to Surge Amid Iran War
Gold is a widely known safe-haven asset and tends to benefit during geopolitical turmoil, but the metal has remained largely range-bound amid the latest Middle East conflict involving Iran, the United States and Israel.
Mar 17, 2026 13:40
Announcements
SMM launches the "SMM China Titanium Dioxide Price Index" to provide a transparent pricing reference and reflect market trends, effective from March 20, 2026.
PriceMar 19, 2026 11:59Dear Users, Since the beginning of this year, imported titanium concentrate has impacted the domestic market, and its price fluctuations have garnered close attention from downstream enterprises such as titanium dioxide and sponge titanium producers. To promote international trade of titanium products, assist global upstream and downstream enterprises in grasping market dynamics, obtaining spot price information, reducing cross-border transaction risks and costs, and deepening industry chain research, SMM has decided to launch five new price points for titanium concentrate and rutile for market reference, effective from December 29th . The specific price point information is as follows: Price Point: Titanium Concentrate (Mozambique TiO₂ ≥46%) Price Definition: VAT included, spot transaction price at port Unit of Account: RMB/tonne Country of Origin: Mozambique Price Generation Regions: Major Chinese ports including Caofeidian Port, Qinzhou Port, Zhanjiang Port, Rizhao Port, etc. Product Standard: Conforms to YB/T 4031-2015 standard, with specifications: TiO₂ (dry basis): ≥ 46.00%, S: ≤ 0.25%, P: ≤ 0.06%, Fe₂O₃: ≤ 8.0%, H₂O: ≤ 1.0% Minimum Quantity Requirement: ≥30 tonnes Release Time: Before 11:30 AM Beijing Time on business days Price Point: Titanium Concentrate (Nigeria TiO₂ ≥50%) Price Definition: VAT included, spot transaction price at port Unit of Account: RMB/tonne Country of Origin: Nigeria Price Generation Regions: Major Chinese ports including Qinzhou Port, Rizhao Port, etc. Product Standard: Conforms to YB/T 4031-2015 standard, with specifications: TiO₂ (dry basis): ≥ 50.00%, S: ≤ 0.20%, P: ≤ 0.040%, Fe₂O₃: ≤ 7.0%, H₂O: ≤ 1.0% Minimum Quantity Requirement: ≥30 tonnes Release Time: Before 11:30 AM Beijing Time on business days Price Point: Titanium Concentrate (Australia TiO₂ ≥50%) Price Definition: VAT included, spot transaction price at port Unit of Account: RMB/tonne Country of Origin: Australia Price Generation Regions: Major Chinese ports including Caofeidian Port, etc. Product Standard: Conforms to YB/T 4031-2015 standard, with specifications: TiO₂ (dry basis): ≥ 50.00%, S: ≤ 0.20%, P: ≤ 0.040%, Fe₂O₃: ≤ 7.0%, H₂O: ≤ 1.0% Minimum Quantity Requirement: ≥30 tonnes Release Time: Before 11:30 AM Beijing Time on business days Price Point: Rutile (Sierra Leone TiO₂ ≥95%) Price Definition: VAT included, spot transaction price at port Unit of Account: RMB/tonne Country of Origin: Sierra Leone Price Generation Regions: Major Chinese ports including Qinzhou Port, etc. Product Standard: Conforms to common industry standards for rutile concentrate, with specifications: TiO₂ (dry basis): ≥ 95.00%, S: ≤ 0.02%, P: ≤ 0.020%, Fe₂O₃: ≤ 0.50%, H₂O: ≤ 0.50% Minimum Quantity Requirement: ≥30 tonnes Release Time: Before 11:30 AM Beijing Time on business days Price Point: Rutile (Sierra Leone TiO₂ ≥90%) Price Definition: VAT included, spot transaction price at port Unit of Account: RMB/tonne Country of Origin: Sierra Leone Price Generation Regions: Major Chinese ports including Qinzhou Port, etc. Product Standard: Conforms to common industry standards for rutile concentrate, with specifications: TiO₂ (dry basis): ≥ 90.00%, S: ≤ 0.05%, P: ≤ 0.040%, Fe₂O₃: ≤ 1.20%, H₂O: ≤ 0.80% Minimum Quantity Requirement: ≥30 tonnes Release Time: Before 11:30 AM Beijing Time on business days SMM Titanium Industry Research Team December 23, 2025
PriceDec 23, 2025 13:23In the past two years, the proportion of nickel ore exported from the Philippines to Indonesia has surged from less than 3% in 2023 to approximately 20% in 2024. This year, Indonesia’s domestic nickel ore supply is tightening under the dual pressures of progressively stricter government controls over nickel resources and prolonged rainy seasons. Consequently, exports of nickel ore from the Philippines to Indonesia are expected to increase further. Against this backdrop, the valuation and pricing mechanisms for Philippine nickel ore in the Indonesian market are drawing close attention from participants across the supply chain. To proactively address market shifts, meet the pressing need for price discovery of Philippine nickel ore on a CIF Indonesia basis, and enhance market transparency, SMM has decided: Commencing August 15, 2025, SMM will officially launch two new price: SMM the Philippines 1.3% Laterite Nickel Ore, CIF Indonesia, USD/wmt SMM the Philippines 1.4% Laterite Nickel Ore, CIF Indonesia, USD/wmt Details of this price point are as follows: Description: SMM the Philippines 1.3% Laterite Nickel Ore, CIF Indonesia, USD/wmt Quality: Nickel ore 1.3% Ni, 15-25% Fe, water content 33-35% Quantity: Minimum 50000 tonnes Definition: CIF Indoneisa main ports Brand Listing: CNC、NAC,etc Timing: 1-2 Months Unit: USD/wmt Payment Terms: L/C/TT at sight in USD , other payment terms normalized Pulication: Daily, by 12am Beijing Time Description: SMM the Philippines 1.4% Laterite Nickel Ore, CIF Indonesia, USD/wmt Quality: Nickel ore 1.4% Ni, 15-25% Fe, water content 33-35% Quantity: Minimum 50000 tonnes Definition: CIF Indoneisa main ports Brand Listing: CNC、NAC,etc Timing: 1-2 Months Unit: USD/wmt Payment Terms: L/C/TT at sight in USD , other payment terms normalized Pulication: Daily, by 12am Beijing Time SMM Nickel Industry Research Department August 8, 2025
PriceAug 8, 2025 16:19