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 Chrome Daily Review: Price Gains Slowed, and the Chrome Market Operated Steadily] March 23, 2026 News: Quotations for chrome ore and ferrochrome remained unchanged for the time being...

[SMM Stainless Steel Daily Review] News-Driven Disturbances Pushed SS Futures Higher to Test the Upside, Confidence in the Stainless Steel Spot Market Gradually Recovered SMM News, March 24: SS futures rose strongly. Affected by market fluctuations triggered by news of geopolitical conflict yesterday, SS futures rose sharply in the night session, and the daytime session maintained a fluctuating but relatively strong trend, closing at 14,290 yuan/mt by midday. In the spot market, boosted by the sharp rise in SS futures, market confidence somewhat recovered; although the increase in traders' spot quotations was limited, both inquiries and transactions showed signs of recovery during the week. The current market is heavily disturbed by news factors, and changes in the geopolitical conflict still need close attention. The most-traded SS futures contract strengthened and moved higher. At 10:15 a.m., SS2605 was quoted at 14,305 yuan/mt, up 125 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 115-315 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi rose by 50 yuan/mt; for cold-rolled trim-edge 304/2B coils, the average price in Wuxi rose by 50 yuan/mt, while the average price in Foshan was unchanged; cold-rolled 316L/2B coils in Wuxi were unchanged; for hot-rolled 316L/NO.1 coils, Wuxi quotations were unchanged; cold-rolled 430/2B coils in both Wuxi and Foshan were also unchanged. As the market entered the traditional peak consumption season of "Golden March and Silver April," although the stainless steel market ushered in a seasonal recovery window, end-use demand fell short of expectations, downstream wait-and-see sentiment gradually intensified, and the procurement side only maintained a restocking pace for rigid demand, with none of the transaction momentum typically seen in the peak season emerging. The market's view on stainless steel prices...

Silver prices fluctuated and stabilized today, and the spot-futures price spread between TD and the most-traded SHFE silver contract widened slightly. Suppliers' premium quotations rose slightly from yesterday. In the Shanghai market, during early trading, mainstream quotations from suppliers of national-standard silver ingots were at premiums of 100-120 yuan/kg against TD, or at a premium of 50 yuan/kg against the SHFE silver 2604 contract. A few suppliers were reluctant to sell small volumes at premiums of 120-150 yuan/kg against TD. After negotiations, mainstream transaction prices for mt-level volumes in the market were close to premiums of 70-100 yuan/kg against TD, or near parity against the 2604 contract. Downstream enterprises actively negotiated and bought the dip, and consumption improved slightly compared with yesterday.

[SMM Daily Review: High-Grade NPI May Still Have Downside Room Under the Dual Pressure of End-Users and Steel Scrap] March 24 News: SMM's upstream sentiment factor for high-grade NPI was 2.88, up 0.01 MoM, while the downstream sentiment factor for high-grade NPI was 1.59, down 0.04 MoM.

[Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to remain in a tug-of-war. Copper prices declined somewhat during the day, and downstream enterprises showed stronger restocking sentiment, but considering the heavy concentrated purchases already made last week, actual incremental buying was relatively limited. Inventory side, according to SMM, combined social inventory in Shanghai and Jiangsu fell by about 41,600 mt, showing a sharp destocking trend. During the day, supplier quotations were steady at first and then declined, with suppliers actively selling as premiums rebounded, and the sell-off put pressure on spot prices. In addition, some suppliers had already quoted against the SHFE copper 2604 contract using cargoes with invoices dated next month during the day, indirectly reflecting moderate sales volume within the month and strong willingness to sell among suppliers. Overall, amid the tug-of-war between faster destocking and supplier sell-offs, Shanghai spot copper premiums are expected to remain at the current level tomorrow.