[SMM Morning Meeting Summary: The US Fed Held Rates Unchanged, and LME Zinc Came Under Pressure] Overnight, LME zinc opened at $3,220.5/mt. In early trading, LME zinc briefly rose to a high of $3,227/mt, after which bulls reduced their positions, and LME zinc fluctuated downward throughout the session, hitting a low of $3,130/mt near the close. It finally closed down at $3,132.5/mt, a decrease of $100.5/mt, or 3.11%. Trading volume increased to 16,556 lots, and open interest fell by 6,295 lots to 208,000 lots.

According to the latest market news:South 32 revised Q2 ‘2026 CIF MJP Premium offer is US$353/mt.

In a 2-1 vote on March 12, the US International Trade Commission (ITC) ruled against imposing anti-dumping and countervailing duties ('AD/CVD') on graphite anode imports from China. The decision effectively kills proposed tariffs that would have surged to 169.5% for most Chinese exporters—and averts an initial petition that sought a staggering 920% duty rate. This ruling provides a highly positive economic outlook for the US battery energy storage system ('BESS') industry, sparing the sector from severe supply chain destabilization and price volatility.

[SMM Tungsten Express] Almonty Industries has completed Phase 1 commissioning at South Korea's Sangdong tungsten mine, restarting production after a 30-year hiatus. The mine processes ~640,000 tpa ore, producing ~2,300 tpa tungsten concentrate. Phase 2 expansion targeted for 2027 will double throughput to 1.2Mtpa and output to ~4,600 tpa, representing ~40% of ex-China global tungsten supply. Project investment exceeds US$100 million with 45+ year mine life.

SMM Nickel News, March 18: Macro and Market News: (1) "Fed Chairman whisperer" Nick Timiraos said the US Fed may be more inclined to remain silent this week. But forecasts force them to sketch out a path. Two former Fed Chairmen told me they hoped to avoid forecasting interest rate cuts in the near term. Whether current officials will adopt the same stance has become the core focus of this meeting, with both hawks and doves potentially sticking to their positions by pointing to the same shock. (2) US President Trump again expressed his personal dissatisfaction with NATO at the White House on March 17 local time. Trump said whether the US should withdraw from NATO "is indeed something we should consider." Spot Market: On March 18, the SMM price of #1 refined nickel fell by 1,950 yuan/mt from the previous trading day. In terms of spot premiums, the average price of Jinchuan #1 refined nickel was 6,550 yuan/mt, unchanged from the previous trading day; the range for mainstream electrodeposited nickel brands in China was -300-400 yuan/mt. Futures Market: The most-traded SHFE nickel 2605 contract continued to fluctuate downward during the session and closed the morning session at 135,110 yuan/mt, down 1.49. Heightened geopolitical tensions in the Middle East pushed up oil prices and intensified inflation concerns. The market expects the US Fed may slow down the pace of interest rate cuts, while the US dollar continued to strengthen, creating clear pressure on nickel prices. Although macro pressure remained significant, the industrial support logic has not changed. The market is still concerned that supply of nickel intermediate products tightens. Short term, the most-traded SHFE nickel contract is expected to move sideways in the 135,000-145,000 yuan/mt range.

India added 119 GW of solar module manufacturing capacity and over 9 GW of cell capacity in 2025, bringing cumulative totals to 210 GW and 27 GW, respectively. According to a new report from Mercom India, this massive expansion was driven by a robust utility-scale pipeline, the 'PM Surya Ghar' residential rooftop program, and the domestic cell mandate under 'ALMM List II'. With declining demand for mono PERC and rising capital requirements shifting market share toward larger, more efficient manufacturers. On the trade front, India imported 99 GW of solar modules and cells in 2025 (which solar cells accounts for 75%), while domestic players exported around 5 GW of modules, predominantly to the US, and 192 MW of cells, mostly to the UAE.