This week, lithium ore prices continued to follow lithium carbonate in a fluctuating downward trend. Supply side, the volume of cargoes available for circulation in the market gradually decreased recently, while mines outside China showed stronger willingness to make shipments amid fluctuations, with some mines outside China conducting several auctions during the week. Demand side, inquiries and procurement sentiment for lithium ore remained relatively strong, but due to the large recent market fluctuations, back-and-forth negotiations between upstream and downstream intensified, and wait-and-see sentiment persisted, though overall transaction activity improved. Overall market transaction prices continued to follow the fluctuating trend in lithium carbonate futures.

SMM News, March 19: Data Brief: As of Thursday, March 19, copper inventories in SMM's major regions nationwide fell 8.85% WoW from last Thursday, while total inventories increased 176,700 mt YoY from the same period last year, with all regions posting destocking. By region, copper cathode inventories in Shanghai continued to decline, as arrivals of domestic material gradually decreased after the end of delivery, while warehouse withdrawals gradually exceeded warehouse inflows amid consumption support; in Jiangsu, inventories also continued to destock, as demand in northern China recovered, arrivals of domestic material decreased, and local consumption rebounded; in Guangdong, inventories also trended downward, supported by a marked recovery in downstream demand and slightly tighter supply. Looking ahead, on the supply side, imported material continued to arrive at ports, but arrivals of domestic material decreased due to the end of delivery; on the demand side, the sharp pullback in copper prices clearly stimulated downstream procurement. Based on the overall supply-demand pattern, supply is expected to remain tight next week while consumption steadily rebounds, and weekly copper cathode inventories are expected to continue destocking.

SMM Nickel News, March 19: Macro and Market News: (1) The US Fed kept interest rates unchanged at 3.5%-3.75%, while Governor Milan believed rates should be cut by 25 basis points. The impact of developments in the Middle East on the US economy remained uncertain. The dot plot maintained expectations for one interest rate cut in each of the next two years, but the distribution turned more hawkish. Market bets on the US Fed's rate cuts for the full year were reduced from about 20 basis points to less than 11 basis points. (2) Powell believed interest rates were at the high end of the neutral range, or slightly restrictive, leaving policy in a favorable position, and said the current situation was not stagflation. This energy supply disruption was a one-off event. Regarding whether he would remain in office, Powell stressed that he would not leave before the investigation concluded, and might not leave even after it concluded. If no successor was confirmed, he would continue to serve as acting chair. Spot Market: On March 19, the SMM price of #1 refined nickel fell by 3,100 yuan/mt from the previous trading day. In terms of spot premiums, the average price of Jinchuan #1 refined nickel was 6,750 yuan/mt, up 200 yuan/mt from the previous trading day; mainstream electrodeposited nickel brands in China were quoted at -300-400 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2605) plunged sharply during the session and closed the morning session at 131,760 yuan/mt, down 2.79%. Tensions in the Middle East remained elevated, and the escalating conflict between Iran and Israel triggered market concerns over rising energy prices, intensifying inflation, and economic slowdown. Safe-haven sentiment heated up. Combined with the US Fed keeping interest rates unchanged while raising inflation expectations, expectations for interest rate cuts were revised down, causing metal prices to fall sharply across the board. Pressure from the macro perspective may continue to dominate market sentiment, and nickel prices are expected to remain in the doldrums.

[China Iron Ore Brief Review: Tangshan Iron Ore Concentrates Prices May Fluctuate Within a Range] Domestic iron ore prices in the Tangshan area remained relatively stable, with the delivery-to-factory price, tax included, for 66-grade iron ore concentrates on a dry basis at 970-975 yuan/mt. Steel mills' procurement pace at high prices slowed down, constraining upward market momentum, but local and nearby ROM resources were tight and costs were high, leaving overall iron ore concentrates resources still relatively tight. Recently, iron ore prices fluctuated relatively sharply, and the market was relatively

[SMM Daily Chrome Commentary: Production Cuts and Maintenance Tightened Supply, While Elevated Costs May Have Led to Losses] March 19, 2026: Chrome ore prices continued to rise, while ferrochrome quotations remained unchanged...

This week, the second-life battery market showed clear structural divergence. On the cost side, although lithium carbonate prices saw a temporary uptick this week, they trended downward overall; nickel sulphate prices edged down slightly, while cobalt sulphate prices remained stable. The cost side was mainly affected by fluctuations in lithium carbonate prices. On the supply side, driven by terminal energy storage demand, inventories of new battery cells at battery cell manufacturers were critically low, and the supply of Grade A battery cells was heavily diverted, causing supply in the second-life battery market to remain tight. On the demand side, 280Ah and 314Ah energy storage battery cells were subject to concentrated procurement in the market, resulting in severe shortages and noticeably rising prices. Meanwhile, demand in the EV sector remained weak, inventory was relatively sufficient, and second-life power battery cell prices stayed stable.