[SMM Daily Brief Review on Coking Coal and Coke] In terms of supply, most coke producers still faced slight losses, suppressing their willingness to increase production, and overall supply remained temporarily stable. Meanwhile, shipments from coke producers improved, and coke inventory continued to destock. Demand side, blast furnaces at steel mills resumed operations and production, and hot metal production is expected to increase. In addition, steel mill profits improved somewhat, and finished steel shipments recovered, boosting steel mills' production enthusiasm. However, downstream buyers mostly maintained just-in-time procurement and lacked willingness to purchase for restocking. In summary, the supply-demand imbalance in the coke fundamentals still existed, and the coke market may remain stable next week.

Downstream Purchasing Activity for Nickel Intermediate Products Increased, Tight Supply and Demand Drove Prices Higher

SMM News, March 20: Lead prices weakened this week, and secondary lead smelters lowered scrap battery purchase prices due to profit pressure. Today, the average scrap battery purchase prices at smelters were: waste e-bike battery at 9,825 yuan/mt, waste automotive lead-acid battery (white shell) at 9,875 yuan/mt, and waste automotive starter lead-acid battery (black shell) at 10,125 yuan/mt. Recyclers also followed the decline, and after prices were cut, downstream collection outlets held back cargoes, with recycling volume decreasing WoW. Smelter inventory diverged, with low-inventory smelters holding only enough for one week of production, while high-inventory smelters made limited just-in-time procurement after small price cuts. According to the SMM survey, market expectations for lead prices were weak, and if prices continue to weaken next week, scrap battery prices are expected to be lowered again. This week, the mainstream self pick-up price at major ports for imported crude lead was at a discount of 50-0 yuan/mt against the SMM #1 lead average price, while some cargoes were at a premium of 50 yuan/mt. Domestic secondary crude lead cargoes were quoted firmly due to insufficient operating rates caused by cost pressure. As of this Friday, the mainstream tax-excluded ex-factory prices stood near 15,200 yuan/mt. Going into next week, imported lead is still expected to arrive at ports one after another, and downstream enterprises have been active in making inquiries. SMM expects domestic secondary crude lead supply to remain tight. » Subscribe to View Historical SMM Metal Spot Prices

Based on China’s 2025 aluminum wire and cable export data to the Middle East, Saudi Arabia was the largest export destination in the region, with annual exports of 9,426.752 mt, accounting for 31.88 of the Middle East total

SMM, March 20: The SMM weekly operating rate of secondary lead across four provinces stood at 39.57% from March 13 to March 19, 2026, up 10.42 percentage points WoW. Production at enterprises in Anhui was relatively stable, while the resumption progress at other smelters was slow; raw material inventory among enterprises in Henan diverged, with mixed changes in operating rates; enterprises in Jiangsu, affected by losses, showed intentions to cut or suspend production; and a large secondary lead smelter in Inner Mongolia resumed production, driving a sharp increase in the operating rate this week. Next week, enterprises resuming production will continue to release capacity, and market attention should focus on whether loss-making enterprises will implement production suspensions in the secondary lead operating rate. 》Subscribe to View Historical SMM Metal Spot Prices

SMM News, March 20: This week, secondary refined lead was mostly quoted at premiums of 0-75 yuan/mt against the SMM #1 lead average price, with some cargoes available for delivered premiums of 50 yuan/mt. Affected by falling lead prices, downstream wait-and-see sentiment, and relatively cautious procurement, suppliers showed weak willingness to sell, and overall market transactions were sluggish. This week, secondary lead smelters lowered scrap battery purchase prices, easing raw material cost pressure, and losses narrowed WoW; as of March 20, 2026, the theoretical comprehensive profit/loss for large-scale enterprises stood at -337 yuan/mt, versus -541 yuan/mt for small and medium-sized enterprises (the model's by-product revenue did not include tin and antimony). As smelters that resumed production continued to release capacity, ample supply weighed on lead prices. Combined with the wide range of cargo types available to downstream enterprises, spot order premiums for secondary refined lead are expected to narrow next week, while actual prices will still depend on changes in raw material costs. > Subscribe to View Historical SMM Metal Spot Prices