SMM News on March 20: The most-traded SHFE lead 2605 contract opened at around 16,461 yuan/mt intraday. Affected by broad declines across base metals, lead prices moved in a unilateral downward trend overall today, hitting a low of 16,270 yuan/mt during the session. Although prices edged up slightly toward the close, the rebound was limited, and the contract finally closed at 16,290 yuan/mt. A small bearish candlestick was recorded, down 125 yuan/mt, or 0.76%. Supply side, dragged down by low lead prices, suppliers of primary lead showed mediocre willingness to ship, while secondary lead producers held prices firm and were reluctant to sell due to cost pressure, leaving overall transactions sluggish. Demand side, downstream battery plants mainly purchased based on rigid demand under long-term contracts, while wait-and-see sentiment for spot orders remained strong. SMM expects SHFE lead prices to remain in the doldrums. Data Source Statement: Except for public information, all other data is processed and derived by SMM based on public information, market communication, and SMM's internal database models, and is for reference only and does not constitute decision-making advice.

SMM News, March 20: LME lead opened at $1,905/mt this week and fluctuated lower in early trading under the influence of sentiment. It then climbed to a high of $1,938/mt supported by buying interest. In the latter part of mid-week, bullish momentum weakened, and amid weaker macro conditions and a weaker base metals sector, lead prices fell again and touched a low of $1,872.5/mt. They then rebounded slightly and consolidated toward the end of the week, finally closing at $1,881.5/mt, down $23.5 from the beginning of the week, a decline of 1.23%. The most-traded SHFE lead contract opened at 16,585 yuan/mt this week. In early trading, bears entered the market, sending prices quickly down to 16,245 yuan/mt, after which it fluctuated at lows. Mid-week, as bears exited the market, SHFE lead prices rebounded to a high of 16,795 yuan/mt, but under pressure from slack spot supply and demand and bearish macro sentiment, it struggled to rebound and its center moved lower. Toward the end of the week, bears continued to exert pressure, and lead futures remained weak, finally closing at 16,290 yuan/mt, down 315 yuan on the week, a decline of 1.9%. > Subscribe to View Historical SMM Metal Spot Prices

[Market Participants Became More Rational in Sentiment, and Grain-Oriented Silicon Steel Prices May Fluctuate Rangebound Next Week] In terms of transactions, the procurement pace of end-use industries such as downstream transformers and power equipment slowed down, and purchase willingness remained cautious, with procurement mainly consisting of small-volume, as-needed restocking orders, while large-volume purchasing activity was scarce, resulting in relatively low actual market trading activity. In addition, resources from steel mills’ earlier directed orders arrived successively, and traders’ circulating inventory accumulated steadily. Some merchants offered slight price concessions to accelerate turnover and boost shipments, but the overall room for concessions remained limited and failed to effectively lift transactions.

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

[SMM Titanium Weekly Review: Cost-Driven Titanium Dioxide Price Hikes Took Effect, Market Adjustments Released Upward Signals] This week, the titanium industry chain showed a divergent trend. The titanium concentrate market remained in the doldrums, with imported ore prices falling लगातार under pressure from downstream efforts to push for lower prices and accumulating port inventory. Titanium dioxide, meanwhile, saw the second round of collective price adjustments in mid-month under persistently high sulphuric acid costs. Mainstream enterprises in China raised domestic prices by 500 yuan/mt and export prices by $100/mt, pushing the quoted center up to 14,000-14,500 yuan/mt, though follow-up from domestic demand remained mediocre and foreign trade orders showed clear divergence. The titanium slag market stayed in the doldrums, with prices under pressure amid weak costs and demand. In the titanium sponge market, leading enterprises took the lead in raising prices, with domestic prices up 2,000 yuan/mt and international prices up $300/mt. Supported by restocking demand for titanium materials and low inventory, the market showed a strong willingness to hold prices firm, but downstream processing segments still maintained a wait-and-see stance, and titanium ingot and titanium plate/strip prices only edged up slightly. Overall, cost support and structural demand divergence coexisted, and future price trends still depended on substantive improvement on the supply and demand side.

This week, ferrous metals fluctuated at highs, with raw material ore and coking products outperforming steel. Against the backdrop of the escalating conflict in the Middle East, ore and coking products held up well, supported by higher shipping costs and transmission from coal and coke as energy substitutes. In the second half of the week, supply and demand data for hot-rolled coil and rebar were released. The increase in rebar inventory slowed markedly; however, hot-rolled coil demand was lower than the same period last year, and the pace of post-holiday recovery was relatively slow, leaving steel as a whole with limited upward momentum, while futures retreated after rapid rise. In the spot market, trading in the Chinese market was average this week.....