This week, ferrous metals retreated after a rapid rise. At the beginning of the week, the market said that Asia had shifted to coal-fired power generation due to a natural gas supply deficit, while Indonesia would increase coal production and impose export taxes. The rise in international coal prices was transmitted to China, and coking coal and coke led the gains in ferrous metals; mid-week, the Middle East situation remained volatile, and the U.S. and Iran held differing attitudes toward war, with ferrous metals consolidating at high levels; the pullback in the second half of the week was also mainly due to the weakening of the cost-side logic, as market rumors said long-term iron ore contract negotiations had been completed, expectations for tightening iron ore supply declined, and raw materials turned into the main driver of the pullback. In the spot market, speculative trading and end-user purchase sentiment improved in the first half of the week, while rigid demand remained dominant in the second half, and the spot-futures price spread widened somewhat......

Dalian iron ore futures rose in early trading today before slowly pulling back. The most-traded contract I2605 finally closed at 812 yuan/mt, down 0.49% from the previous trading session. Spot prices fell by about 2-5 yuan from the previous trading day. Traders were mediocre in offering quotations, while steel mills restocked as needed; overall transactions in the spot market were limited. Fundamentals, according to the SMM survey, port inventories began to decline slightly this week, with total inventory across 35 ports nationwide down 610,000 mt WoW to 155.78 million mt, a decrease of 0.39%. Meanwhile, port pick-up volume increased by 110,000 mt WoW to 2.855 million mt. Although support below ore prices gradually strengthened along with the pace of hot metal production resumptions, supply side still faced the risk of further increases as weather-related disruptions eased and iron ore returning from the Middle East arrived in China. Overall, upward pressure on ore prices had not yet eased significantly, and with downside support gradually strengthening, prices were expected to fluctuate at highs in the short term.

[China Iron Ore Brief: Domestic Iron Ore Prices May Have Some Upside Room Next Week] This week, prices in China’s iron ore concentrates market showed mixed performance. By region, prices in Tangshan, Qian'an, Qianxi and other areas of Hebei were raised slightly by 1-5 yuan/mt; prices in Chaoyang, Beipiao, Jianping and other areas of western Liaoning remained relatively stable; east China also saw gains of 15-20 yuan/mt. Looking ahead to next week, domestic iron ore resources were still tight. Demand side, according to SMM

[SMM Daily Brief Review of Coking Coal and Coke] News side, some steel mills are expected to raise wet-quenched coke prices by 50 yuan/mt and coke dry quenching prices by 55 yuan/mt, effective from 00:00 on April 1, 2026. In terms of supply, coke producers currently saw good shipments, and coke inventory remained at a relatively low level. Meanwhile, coking costs increased significantly, strengthening coke producers' willingness to increase prices. Demand side, steel sales improved, and steel mills were in the stage of resuming work and production, with hot metal production trending upward, boosting their willingness to procure coke. Overall, the first round of coke price increases may be implemented next week, and the coke market is likely to hold up well in the short term.

[Australia’s Atlantic Lithium Secured Ghanaian Parliamentary Approval to Develop the Ewoyaa Project] Australia’s Atlantic Lithium secured approval from Ghana’s parliament to develop the Ewoyaa project—the country’s first lithium mine—under revised royalty terms linked to market prices. The approved 15-year lease introduced a sliding royalty scale for spodumene concentrates, set at 5% when prices are below $1,500/mt and 12% when they exceed $3,200/mt, replacing Ghana’s previous fixed 10% rate. The new structure followed broader reforms to the lithium and gold royalty framework passed earlier this month, paving the way for the project. The approval formally backed plans for the mine and processing plant, enabling Atlantic Lithium to advance financing discussions and move toward a final investment decision. The project had stalled after lithium prices pulled back from their peak at the end of 2022, prompting the company to push for more flexible fiscal terms. According to the company, Ewoyaa is expected to produce 3.6 million mt of lithium ore concentrates over 12 years, making it Africa’s third-largest lithium project under development. Atlantic Lithium said the project is the only lithium mine development project on the African continent aligned with the US, standing in sharp contrast to other projects backed by Chinese investment. Half of Ewoyaa’s production has been committed to Elevra Lithium, the merged entity of Piedmont Lithium and Sayona Mining, which had previously signed offtake agreements with Tesla and LG Chem. Company executives said details of the work completed in H2 2025 to improve project economics amid continued lithium price fluctuations and help define the next stage of development will be announced soon. Source: https://www.mining [Yahua Group Signed a Five-Year Spodumene Concentrates Procurement Agreement] Yahua Group announced on March 25 that it recently signed an Offtake and Sales Agreement with MGLIT EMPREENDIMENTOS LTDA (“MGLIT” or the “seller”), under which Yahua Group will purchase spodumene concentrates from MGLIT for five years after MGLIT achieves stable production of spodumene concentrates. In each contract year, the seller shall sell and deliver to Yahua Group no less than 120,000 dry metric tons of spodumene concentrates products. The signing of the agreement will provide multi-channel resource security for the company’s production of lithium chemical products. Source: https://www.cls.cn/telegraph [Atacama Salt Lake Expansion Will Drive Chile’s Lithium Production Growth in 2026] Chile is the world’s second-largest lithium producer after Australia. The country’s lithium metal production is expected to rise 10.1% in 2025 to 64,100 mt, mainly supported by higher production from SQM’s Atacama salt lake operations, driven by ongoing capacity expansion. Chile’s lithium production mainly consists of lithium carbonate sourced from brine in the Atacama salt lake in the Antofagasta Region. SQM and Albemarle are the country’s two major lithium producers, underscoring the high concentration of Chile’s lithium production landscape. Looking ahead, as capacity expansion continues to advance, supported by sustained growth in supply from the Atacama salt lake mine, the country’s lithium production is expected to increase by a further 4.9% in 2026 to 67,300 mt. Source: https://www.mining-technology.com/ [Exide Industries Announces Major Investment in Lithium-Ion Battery Cell Manufacturing] Strategic Investment Positioning in the Evolution of India’s Battery Manufacturing Industry Exide Industries’ investment in lithium-ion battery cell manufacturing marks a pivotal moment for India’s battery manufacturing ecosystem. Traditional energy storage enterprises must navigate between the mature lead-acid battery market and emerging opportunities in lithium-ion batteries. The transformation of this industry reflects broader changes in the global energy storage landscape, driven by the electrification trend. The electrification trend demands higher energy density, faster charging capability, and longer cycle life, performance metrics that traditional battery chemistries cannot meet. In addition, the systematic approach to capital deployment in India’s lithium-ion battery cell manufacturing sector reflects a mature investment pace aligned with production milestones and stages of market development. Recent industry developments indicate that established battery manufacturers are using multi-stage financing structures to maximize operational flexibility while minimizing execution risk as much as possible. Source: https://discoveryalert.com.au/

Dalian iron ore rose in the morning session today and then slowly pulled back. The most-traded contract I2605 finally closed at 817 yuan/mt, up 0.18% from the previous trading session. Spot prices rose by about 5-8 yuan from the previous trading day. Traders were moderately active in offering quotes, while steel mills maintained a steady procurement pace; overall spot market transactions were limited. Morning gains in futures were driven more by market rumors that core suppliers were about to cut production. According to this week’s SMM data, hot metal production steadily rebounded to 2.4049 million mt this week, up 15,000 mt WoW, indicating strong price support from the demand side. In terms of supply, IOCJ fines and PB lump continued to see relatively large destocking, while Newman fines and MAC fines inventories kept rising, indicating that structural tightness at ports still existed. However, due to elevated prices and mixed market news, with rumors surrounding long-term contract negotiations and production cuts remaining confusing, market risks intensified, and most funds chose to stay on the sidelines. Overall, iron ore prices were more likely to break upward, with relatively solid support at the bottom, and ore prices are expected to fluctuate at highs in the short term.