SMM News on March 26: According to SMM, starting from March 26, Shandong Humon Smelting Co., Ltd. conducted a public tender sale of its high-purity tellurium head and tail materials. Specifically, according to official information, the quantity was 2,000 kg, the packaging was iron drums, the delivery method was self pick-up by the buyer, freight was borne by the buyer, and the buyer was required to pick up the goods before April 20, 2026. The delivery location was Shandong Humon Smelting Co., Ltd. (No. 11 Jinzheng Street, Shuidao Town, Muping District, Yantai, Shandong Province). Sales contact: Wang Peng Tel: 17616212861 At present, the official side did not provide a starting bid price for the tender; instead, the highest bidder would win. The buyer should fill in the quotation based on its own circumstances. If the buyer's quotation did not reach the seller's reserve price, the seller had the right to refuse the sale. To ensure timely quotations, please send back the inquiry sheet, a copy of the participating party's business license, and invoicing information (stamped with the official seal) to 17616212861@163.com before 11:30 a.m. on March 27, 2026, and contact Humon personnel in a timely manner for collection.

Precious metals staged their first coordinated rally in nearly two weeks on Tuesday as the prospect of a diplomatic resolution to the U.S.-Iran conflict continued to lift market sentiment and weaken the dollar.

[SMM Daily Review: Macro Policies Drove a Rebound in Futures, with High-Grade NPI Quotes Edging Up] March 26 News: SMM's upstream sentiment factor for high-grade NPI was 2.86, up 0.03 MoM, while the downstream sentiment factor for high-grade NPI was 1.56, flat MoM.

SMM Nickel News, March 26: Macro and Market News: (1) On March 25, COSCO SHIPPING Lines issued a service notice announcing the immediate resumption of new bookings for services from the Far East to the following Middle East countries (dry containers): the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, and Iraq. The resumption of shipments did not mean that COSCO SHIPPING container vessels could pass through the Strait of Hormuz. (2) In the early hours of March 25, Tehran time, Iran's Permanent Mission to the United Nations said in a statement on social media that non-hostile vessels could safely pass through the Strait of Hormuz in coordination with relevant Iranian authorities, provided that the countries to which they belong or with which they are associated neither participate in nor support acts of aggression against Iran, and fully comply with the announced safety and security regulations. Spot Market: On March 26, the SMM price of #1 refined nickel rose by 1,550 yuan/mt from the previous trading day. In terms of spot premiums, the average premium for Jinchuan #1 refined nickel was 5,400 yuan/mt, down 750 yuan/mt from the previous trading day; domestic mainstream electrodeposited nickel was at -400-400 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2605) opened sharply higher in last night's session and then fluctuated downward, closing the morning session today at 135,250 yuan/mt, up 0.50%. 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 to rebound. 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 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.

SMM News, March 25: In early trading, SHFE aluminum 2604 fluctuated downward, but was slightly higher than the previous trading day. Overall market buying sentiment was good, and sellers held prices firm as aluminum prices remained at relatively low levels. Later in the morning, SHFE aluminum 2604 fluctuated upward, with its center running higher than the previous trading day. Some sellers still did not quote prices, while some showed a notably stronger willingness to hold prices firm. Overall market buying sentiment was good. Today’s mainstream transaction prices were concentrated around the average price of the SHFE aluminum 04 contract to a premium of 10 yuan/mt. Today, the east China market shipment sentiment index was 2.64, up 0.01 WoW; the purchasing sentiment index was 2.42, up 0.02 WoW. Today, aluminum prices stopped falling and rebounded. Affected by the fear of further declines over the previous two days, traders and downstream processing enterprises in central China showed slightly improved buying sentiment today from the previous day, but overall transactions had not yet returned to a fully active state, and buyers tended to purchase at wider discounts. Ultimately, actual transaction prices in the central China market ranged from a discount of 20 yuan to a premium of 10 yuan against the central China price. Today, the central China market shipment sentiment index was 2.64, up 0.01 WoW; the purchasing sentiment index was 2.42, up 0.02 WoW. Inventory side, aluminum ingot inventory in major consumption regions increased by 4,000 mt from the previous period today, with Guangdong being the main source of destocking. In the short term, aluminum ingot continued its post-Chinese New Year seasonal inventory buildup. Supported by bullish sentiment, premiums are expected to remain on a narrowing trend.