[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...

China’s silver prices weakened this week, and the price spread between SGE TD prices and the SHFE April contract continued to narrow sharply. Imported silver ingots kept flowing into the market, but spot transactions turned noticeably sluggish in late March, with suppliers continuously lowering spot premiums to sell off inventory. As orders for PV silver powder and silver paste declined, silver nitrate enterprises generally said that after current order deliveries are completed, renewals of new orders will decrease, so raw material silver ingot procurement volume generally fell this week. As both silver prices and spot premiums showed signs of weakening, silver nitrate and other downstream enterprises mostly stayed cautious amid fears of further declines, negotiating for rigid-demand purchases and only buying the dip. As of Thursday, tradable quotes for Shanghai market standard silver ingots against TD premiums had been cut to below 100 yuan/kg. In Shenzhen, non-registered-brand silver ingots were occasionally quoted at parity or even at slight discounts for sale, but suppliers of standard silver ingots still mostly held prices firm and were reluctant to sell. After spot trading turned sluggish, the spot silver ingot market may see suppliers shift inventory and ship to delivery warehouses, and SGE or SHFE inventory is expected to post a slight buildup going forward. Inventory side, silver ingot inventory in Shenzhen posted a slight buildup this week, while inventories in some Shanghai warehouses did not increase significantly. Import profits for silver ingots narrowed sharply this week, and some smelters gradually began to fulfill export permits in late March, reducing domestic supply. Despite softer downstream consumption, silver ingot social inventory did not show a continued buildup trend this week.

SMM, March 19: According to market sources, Nandan County Jilang Indium Industry Co., Ltd. is expected to offer crude indium ingots for sale on March 19, with indium purity ≥99.00%, approximately 1,000 kg, in accordance with YS/T 1163-2016 Crude Indium. Delivery location: warehouse of Nandan County Jilang Indium Industry Co., Ltd. (Industrial Park, Chehe Town, Nandan County, Hechi City). The seller is responsible for loading and weighing, and the freight shall be borne by the buyer. The bidding deadline is before 16:30 on March 19, 2026, and submissions after the deadline will be invalid. No specific transaction details had yet been reported in the market at present.

[SMM Shanghai Spot Copper] As the delivery period approaches, spot discounts for SHFE copper are expected to continue narrowing steadily. From the perspective of market structure, the inter-month contango price spread between futures contracts has widened, significantly strengthening suppliers’ willingness to ship to delivery warehouses. In particular, inventory in Jiangsu is mainly in the form of warrants, and suppliers tend to opt for delivery rather than spot sales, resulting in persistently tight availability of deliverable spot cargo. In addition, spot premiums quotes in Jiangsu are slightly higher than those in Shanghai. Against this backdrop, suppliers showed a strong willingness to hold prices firm intraday, and quotes in the second session were raised slightly, making procurement more difficult for some downstream enterprises. Looking ahead to tomorrow, under delivery-driven dynamics, spot premiums in Shanghai are expected to remain at current levels.

SMM March 2nd News: According to official information, Nandan County Nonferrous Metals Co., Ltd. is offering cadmium ingots for sale. Quality specifications: 99.995%; Standard implemented: YS/T 72-2014, approximately 200 tons. The quoted price is the tax-included price (tax rate 13%) for delivery on truck at the seller's plant. The deadline for this quotation is 16:00 on March 3, 2026. Offers submitted after this time will be invalid. There is currently no minimum price set for this official offer.

SMM March 2nd News: According to official information, Nandan County Nonferrous Metals Co., Ltd. plans to offer indium ingots for sale today. Specifications: 99.995%; Standard implemented: YS/T257-2009, approximately 7000 kg. The quoted price is the tax-included price (tax rate 13%) for delivery on truck at the seller's plant. The deadline for this quotation is 15:00 on March 4, 2026. Offers submitted after this time will be invalid.