This week, 304 stainless steel scrap off-cuts prices in east China held steady at 10,100-10,200 yuan/mt; prices for the same grade of stainless steel scrap off-cuts in Foshan dropped back slightly, with the price range at 9,700-10,000 yuan/mt. Raw material production cost side, the current cost of producing stainless steel entirely from stainless steel scrap was about 14,218.64 yuan/mt, while the production cost of using only high-grade NPI was 14,745.57 yuan/mt. This week, stainless steel scrap prices remained largely stable, mainly as supportive and constraining factors were intertwined, with no obvious one-way trend. Stainless steel finished product prices edged down under pressure from weaker SS futures, and market sentiment was somewhat disturbed, but this did not directly transmit to the stainless steel scrap market, where prices remained stable. Substitute furnace charge performed steadily, with both high-grade NPI and high-carbon ferrochrome prices largely stable this week and showing no obvious fluctuations in change, so their overall impact in driving stainless steel scrap prices was limited and failed to provide effective support or drag. Factors supporting the stable performance of stainless steel scrap prices were more prominent. The recent tightness in stainless steel scrap tax invoices eased somewhat, improving the market trading environment. Meanwhile, the economic advantage of stainless steel scrap over high-grade NPI remained in place. In addition, stainless steel mills' April production schedules stayed high, and steel mills increased their use of stainless steel scrap with economic advantages, lifting recent market trading activity, while previously accumulated inventory pressure also eased to some extent, providing strong support for stable prices. However, constraining factors also remained. Stainless steel finished product prices currently faced difficulty moving higher, and under this transmission effect, stainless steel scrap prices still faced some pressure to rise, making any obvious upward trend difficult to emerge. Overall, the stainless steel scrap market this week showed a pattern of "strong support, clear constraints, and stable prices." Supportive and constraining factors counterbalanced each other, and stainless steel scrap prices were expected to remain stable in the short term.

As production order fully resumed after the Chinese New Year, the sodium-ion battery industry chain saw a strong recovery in March. Production across the four major segments—cathode, anode, electrolyte, and battery cell—posted substantial growth both YoY and MoM, with industry prosperity rebounding markedly.

Australia's Transgrid is negotiating with developers of nine grid-forming battery energy storage system ('BESS') projects to bolster system strength in New South Wales as coal-fired plants retire. The shortlisted third-party batteries, expected online starting in the second half of 2026, were selected based on priority grid locations. Transgrid is targeting 5 GW of stabilizing services from batteries by 2033 to complement synchronous condensers, with future procurement rounds planned for 2026 and beyond to meet evolving transition needs.

The US solar industry added 26.5 GW of utility-scale capacity in 2025, driving the majority of the 36.5 GW in total new builds, according to 'FERC' data. Solar now constitutes 12.16% of total US generating capacity. In December alone, 993 MW of solar came online across 17 projects. The three-year outlook forecasts an 86.5 GW high-probability solar expansion by 2028. If the entire proposed pipeline is completed, solar could add up to 240 GW to the grid, while fossil fuels face massive retirements.

According to Iran’s state television, Iranian Foreign Ministry spokesperson Baghaei said that US President Trump’s earlier statement on social media claiming that the “president of Iran’s new regime had requested a ceasefire” was entirely fabricated fake news.

[SMM Lead Morning Meeting Summary: Macro Tailwinds Boosted Lead Prices Higher; Follow-up Focus on Alignment With Fundamentals] US President Trump said he would consider a ceasefire only if the Strait of Hormuz were opened. Recently, there have been signs of easing geopolitical tensions outside China, and market risk aversion sentiment has weakened, leading to a relative rebound in nonferrous metals, among which imported lead has flowed into the Chinese market...