SMM News, March 23: The most-traded SHFE lead 2605 contract opened at around 16,390 yuan/mt during the day. After the opening, bulls remained strong, pushing SHFE lead prices sharply higher to an intraday high of 16,500 yuan/mt. Prices then dropped back slightly and fluctuate rangebound in the 16,440-16,470 yuan/mt range, overall holding up well. During the session, the price center of SHFE lead moved lower, touching a low of 16,320 yuan/mt. Near the close, SHFE lead prices rebounded slightly and finally closed at 16,395 yuan/mt. A small bullish candlestick was recorded, up 105 yuan/mt, or 0.64%. Supply side, discounts quoted by primary lead smelters narrowed slightly from last Friday, while secondary lead quotes held firm and willingness to sell was cautious. Demand side, downstream battery plants mainly purchased on a rigid-demand basis through long-term contracts, while wait-and-see sentiment for spot orders was strong. On the downside, lead prices were supported by rigid scrap battery costs, selling reluctance amid losses in secondary lead, and firm spot premiums. On the upside, pressure came from the impending entry into the demand off-season and weak macro demand. SMM expects lead prices to fluctuate at lows and repair, with limited room both upward and downward. 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, March 23: Last Friday, LME lead opened at $1,893/mt. In early trading, prices consolidated within the range of $1,882–1,895/mt, and briefly dipped to $1,880/mt intraday. Bulls then stepped in, driving prices sharply higher to a high of $1,908/mt. After consolidating at high levels, bullish momentum weakened somewhat, and LME lead turned into a fluctuating downward trend. LME lead prices saw wide swings within the range of $1,888–1,898/mt, and finally closed at $1,889/mt. It posted a small bearish candlestick, down $8/mt, or 0.42%. Last Friday night, the most-traded SHFE lead 2605 contract opened higher with a gap at 16,360 yuan/mt. In early trading, SHFE lead prices fell rapidly, hitting a low of 16,325 yuan/mt. SHFE lead then fluctuated upward, but failed to break through resistance, and lead prices fluctuated downward again. After 22:30, prices gradually stabilized and rebounded, reaching a high of 16,445 yuan/mt. SHFE lead prices then fluctuated rangebound within the range of 16,410–16,445 yuan/mt. It finally closed at 16,415 yuan/mt. It posted a small bullish candlestick, up 125 yuan/mt, or 0.77%. Supply side, with lead prices running at low levels, primary lead enterprises showed weak willingness to sell, while secondary lead enterprises held prices firm and were reluctant to sell on cost support, leaving overall market trading sluggish. Demand side, downstream battery plants only maintained rigid-demand procurement through long-term contracts, while remaining cautious and wait-and-see toward spot order purchases. SMM expects SHFE lead prices to remain in the doldrums in the short term.

[SMM Tin Midday Commentary: The Most-Traded SHFE Tin Contract Continued Its Weak Consolidation, and Market Wait-and-See Sentiment Was Strong]

SMM News, March 23: Aluminum ingot: On March 23, SMM A00 aluminum (Foshan) was reported at 23,410, down 650, at a discount of 175 against the current-month contract, narrowing by 5 (unit: yuan/mt). After plunging in the night session, the SHFE aluminum 04 contract rebounded slightly. Affected by aluminum prices remaining in the doldrums, the South China spot market stayed barely firm, while buyers' overall purchasing sentiment today was overall satisfactory. Current prices were significantly below the monthly average price, and sellers generally held prices firm, but with inventory buildup over the weekend and ample circulating supply, overall price support was clearly constrained by shipment pressure. Today, mainstream transaction prices in the market were mainly concentrated at premiums of -180 yuan/mt to -170 yuan/mt against the SHFE aluminum 04 contract.

[SMM Silicon-Based PV Morning Meeting Summary: Polysilicon Prices Remained Slightly Weak, While Module Prices Were Overtly Stable but Softened in Practice] Over the weekend, N-type recharging polysilicon was quoted at 39.5-47.5 yuan/kg, the N-type polysilicon price index stood at 43.64 yuan/kg, and granular polysilicon was quoted at 40-43 yuan/kg. Polysilicon prices still appeared slightly weak over the weekend, with reports of some transactions concluded at low prices. Bearish sentiment among upstream and downstream enterprises persisted, and prices were expected to remain weak.

[SMM Tungsten Daily Review: Slight Price Collapse in the Scrap Tungsten Market, Ore and Upstream Smelting Products Consolidated Sideways] SMM News, March 23 In the short term, prices across the tungsten industry chain still showed divergence between primary and recycled materials. China was currently in a transition period marked by tightening supply on the raw ore side and a rising utilization rate of recycled materials. Smelters still needed some time to adjust their restocking practices and complete the adaptation and transition from a long-term contract pricing model led by the ore side to a scrap tungsten market procurement model featuring higher-frequency transactions and greater sensitivity to sentiment.