[SMM Tin Midday Review: Macro Expectations Shifted Again, SHFE Tin Contract Declined in a Stepwise Pattern During the Morning Session]

[Low Activity in Market Distribution — GO Silicon Steel Prices May Be in the Doldrums Next Week] This week, cold-rolled grain-oriented silicon steel prices remained generally stable, with strong wait-and-see sentiment in the market. Overall transaction performance was weak, as the industry widely awaited the latest pricing policy guidance from mainstream steel mills such as Baowu. Recently, ferrous metals futures were persistently in the doldrums, weighing on silicon steel market sentiment to some extent. Spot quotes remained generally stable, with minor room for negotiation on standard CGO grade resources. Price-wise, current high-permeability Hi-B silicon steel quotes remained relatively firm, while standard GO silicon steel quotes held steady.

[SMM Tin Midday Review: Continued Geopolitical Tensions Fueled Rising Wait-and-See Sentiment, Tin Prices Opened Lower and Traded Sideways in the Morning]

Today, DCE iron ore futures trended weaker overall. The most-traded contract I2609 ultimately closed at 766.5 yuan/mt, down 1.35% from the previous trading session. Spot prices fell 5-8 yuan/mt from the previous trading day.

DCE iron ore futures trended weaker overall today. The most-traded contract I2609 ultimately closed at 766.5 yuan/mt, down 1.35% from the previous trading session. Spot prices fell 5-8 yuan/mt from the previous trading day. Traders were only moderately active in offering, while steel mills were cautious in procurement with fewer inquiries; spot market transactions were mediocre so far. According to SMM survey data, daily average hot metal production increased by 8,400 mt WoW this week, reaching 2.439 million mt. Blast furnace capacity utilization rate rose to 90.02%. The number of blast furnaces under maintenance decreased significantly overall, providing strong support for rigid demand for iron ore in April. Despite the fundamentally positive conditions, the overall market trend was still influenced by news. Reports of breakthrough progress in negotiations triggered market concerns over potential future supply, leading to downward pressure on prices. Meanwhile, persistently sluggish spot market transactions also weighed on the iron ore market. Overall, iron ore prices are expected to continue a volatile and bearish trend going forward.

During the survey period (March 24–March 30), the operating rate of rebar in the Central China region remained temporarily stable, while the capacity utilization rate increased slightly; both the operating rate and capacity utilization rate of wire rod declined.