The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 19 Mar , 2026

[SMM Tin Midday Review: Resonance Between Macro Pressures and Supply Recovery Kept SHFE Tin Under Pressure and Continued to Weaken]

[SMM Flash] SHFE data showed that as of March 19, the total registered volume of cast aluminum alloy warrants was 50,319 mt, down 1,109 mt from the previous trading day. By region, the total registered volume was Shanghai (4,055 mt, down 211 mt), Guangdong (18,312 mt, down 119 mt), Jiangsu (6,043 mt, down 269 mt), Zhejiang (16,379 mt, down 510 mt), Chongqing (4,053 mt, increase 0 mt), and Sichuan (1,477 mt, increase 0 mt).

[Macro Pressures Combined With High Inventory, SHFE Aluminum Remained Under Pressure at Elevated Levels in the Short Term] Continued destocking in LME inventory provided bottom support for LME aluminum, but amid tightening fund liquidity and profit-taking by bulls, upward momentum was insufficient, and the backwardation structure weakened somewhat. In China, social inventory rose to a high for the same period in nearly five years, and the inventory buildup cycle had not ended. High inventory and weak spot fundamentals jointly weighed on upward momentum. The divergence between domestic and overseas drivers continued, the SHFE/LME price ratio kept weakening, and SHFE aluminum fell below the key threshold of 25,000 yuan/mt, remaining mainly under pressure at elevated levels in the short term.

March 18, 2026: The average warrant price was unchanged from the previous trading day, closed at $47/mt (price range: $42-52/mt); the average B/L price was unchanged from the previous trading day, closed at $46/mt (price range: $41-51/mt); the average EQ copper (CIF B/L) price rose by $1/mt from the previous trading day, closed at $26/mt (price range: $21-31/mt), with quotations referring to cargoes scheduled to arrive from late March to mid-April. Since last night, SHFE prices had continued to decline, while China spot premiums rose, opening the window for spot imports. Suppliers actively sought bonded warrants or B/Ls arriving in the near term. It was heard that a small volume of ER copper B/Ls arriving in late March was offered at $50-60/mt, QP April; EQ B/L offers for arrival in late March and early April were quoted at $35, while EQ B/Ls arriving in mid-to-late April were offered at $35/mt and traded at $30/mt, with both April and May QP available. Standard ER copper warrants for delivery within the week were offered at $50/mt, QP April.

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Opened Sharply Lower in the Night Session and Maintained a Fluctuating Trend at Lows, While Spot Market Transactions Gradually Recovered]