[SMM Silicone Weekly Review: Silicone Market Transaction Center Stabilized, Downstream Purchased as Needed on Price Dips] This week, the transaction range in China's silicone DMC market was 13,800-14,300 yuan/mt, stable WoW. By regional quotes, monomer enterprises in Shandong quoted 14,000 yuan/mt, while mainstream monomer enterprises in other regions mostly quoted 14,300 yuan/mt. After the phased price fluctuations last week, the main transaction range gradually stabilized.

[Silicon Metal Market Sees Rising Bargaining Sentiment, Focus on Changes in Supply-Side Operating Rates]: This week, the silicon metal market held steady, with the price center of some specifications edging up slightly. As of March 26, SMM east China oxygen-blown #553 silicon was at 9,100-9,300 yuan/mt, up 100 yuan/mt WoW. #441 silicon was at 9,300-9,500 yuan/mt, flat WoW, and #3303 silicon was at 10,200-10,400 yuan/mt, also flat WoW. In the futures market, affected by sentiment and expectations around supply-side factors such as “self-discipline among silicon enterprises and anti-involution,” the most-traded silicon metal futures contract continued to hold up well over the past week, closing at 8,735 yuan/mt late on Thursday with a notable gain. In terms of quotations, silicon enterprises mostly kept shipment quotes stable, with some quotes testing slightly higher; the quote center of trading firms engaging in both spot and futures market rose markedly, and low-priced cargoes disappeared. As downstream acceptance of high prices was limited, high-priced transactions were difficult to conclude in the market.

This week, after the price spread between the TD price on the Gold Exchange and the SHFE April contract narrowed, it remained stable, but the import window for silver ingots closed, and traders’ imported silver ingot arrivals declined. As month-end approached, coupled with weaker precious metals prices and continued downward adjustments in spot premiums, spot transactions were sluggish, and transaction prices were still mainly concluded through negotiated discounts. As of Thursday, in the Shanghai market, the tradable quote for standard silver ingots against TD premiums was lowered to 50-100 yuan/kg. Suppliers of standard silver ingots still largely held prices firm and were reluctant to sell, while downstream buyers only made just-in-time procurement, and were likewise less willing to stockpile on price dips. Trading in the spot market continued to shrink. Inventory side, spot market consumption continued to weaken this week. Although downstream just-in-time procurement generally involved substantial price negotiations, suppliers held inventory and waited due to costs and other reasons, and social inventory of silver ingots posted a slight cumulative increase. In addition, the import window for silver ingots had basically closed, and both supply and demand in China’s spot silver ingot market declined. Social inventory of silver ingots is expected to see limited growth this week.

[SMM Daily Brief Review of Coking Coal and Coke] Supply side, costs increased further, losses at most coke producers widened, and willingness to push for a coke price hike strengthened, but a coke price hike is expected to be implemented, while coke production remained stable. Demand side, finished steel shipments improved somewhat, steel inventories began to decline, steel mills became more willing to produce, and daily average hot metal production continued to increase, raising acceptance of higher coke prices. In summary, coke fundamentals have turned tighter, and the coke market may remain generally stable with slight rise in the short term, with a coke price hike expected to be implemented.

[SMM Lithium Battery Electrolyte Market Weekly Review: Electrolyte Prices Remained Temporarily Stable This Week (2026.3.23-3.26)] From March 23 to March 26, 2026, electrolyte prices remained temporarily stable. Subsequent price trends will still need to focus on changes in upstream raw material prices

[SMM Magnesium Weekly Review: Magnesium Market Held Up Well, With Cost Support and a Tug-of-War Between Sellers and Buyers Continuing] This week, the overall magnesium industry chain held up well, with prices of all products generally raised. The raw material dolomite market remained stable, with ample supply and steady demand. Magnesium ingot prices consolidated at highs. At the beginning of the week, supported by rising energy costs such as ferrosilicon and coke and tight spot availability, prices jumped by 300 yuan/mt. Subsequently, downstream fear of high prices emerged, transactions failed to keep pace, and prices consolidated at highs. In foreign trade, the center of magnesium ingot FOB quotes moved up to $2,440-2,470/mt. Wait-and-see sentiment outside China remained strong, but influenced by bullish expectations in China, forward orders were gradually locked in. Magnesium powder prices remained firm, with strong cost support. Export data increased YoY, while domestic trade was mainly driven by just-in-time procurement. The benchmark price of magnesium alloy held up well, but the release of new capacity led to increased supply, processing fees stayed in the doldrums, and the market showed a pattern of strong supply and weak demand. Overall, cost support remained the core driver behind magnesium prices fluctuating at highs, while downstream acceptance of high prices was limited, and the market may continue this tug-of-war in the short term.