[SMM Titanium Spot Update: High Costs Drive a Second Titanium Dioxide Price Increase Within the Month, While Diverging Domestic and External Demand Tests the Sustainability of the Hike] In mid-March, titanium dioxide enterprises in China collectively issued a second round of price increase notices within the month, raising domestic prices by 500 yuan/mt and export prices by $100/mt, mainly because elevated sulphuric acid prices forced cost pass-through. At present, enterprises are operating at full capacity, but mediocre domestic demand and foreign trade constrained by geopolitical factors have intensified market divergence. Expectations of tighter sulphuric acid supply still support confidence to hold prices firm, but the sustainability of the price increase remains to be verified by follow-up demand.

March 16, 2026: The average warrant price rose by $1/mt from the previous trading day, closed at $47/mt (price range $42-52/mt); the average B/L price rose by $1/mt from the previous trading day, closed at $46/mt (price range $41-51/mt); the average EQ copper (CIF B/L) price rose by $4/mt from the previous trading day, closed at $25/mt (price range $19-31/mt), with quotations referencing cargoes arriving from late March to mid-April. During the day, a large number of buyers sought EQ and OG copper B/L cargoes arriving in the near term. It was heard that a small volume of pyrometallurgy B/L cargoes arriving in late March was offered at $50-60/mt, QP April; EQ B/L offers for arrivals in late March and early April were quoted at $35/mt, and EQ B/L for arrivals in mid-to-late April was quoted at $35/mt, QP May. General ER copper warrants for delivery within the week were quoted at $50/mt, QP April.

On March 17, the SMM average price of battery-grade nickel sulphate remained unchanged.

Today, the average spot price of #1 copper cathode in North China was reported at a discount of 60 yuan/mt against the front-month contract, down 120 yuan/mt from the previous trading day. The average transaction price was 100,260 yuan/mt, up 1,135 yuan/mt from the previous trading day.

[SMM Stainless Steel Daily Review] SS Futures Fluctuated, Rising First and Then Falling, While Spot Quotes Edged Lower and Transactions Recovered SMM News, March 17: SS futures moved sideways. During the day, SS futures rose first and then fell, overall maintaining a sideways movement pattern, and closed at 14,155 yuan/mt by the midday break. In the spot market, although SS futures were relatively strong in the morning, affected by the previous cuts in guidance prices by major stainless steel mills, trader quotes still edged slightly lower than yesterday. However, market sentiment had stabilized somewhat, and amid the price pullback, both inquiries and transactions increased to some extent. The most-traded SS futures contract fluctuated. As of 10:15 a.m., SS2605 was quoted at 14,220 yuan/mt, up 175 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi stood at 200-400 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi fell by 50 yuan/mt; for cold-rolled trim-edge 304/2B coils, the average price in Wuxi fell by 50 yuan/mt, and the average price in Foshan also fell by 50 yuan/mt; cold-rolled 316L/2B coils in Wuxi were basically stable; hot-rolled 316L/NO.1 coils were quoted basically stable in Wuxi; cold-rolled 430/2B coils in both Wuxi and Foshan were basically stable. As the traditional peak consumption season of "Golden March and Silver April" began, the stainless steel market entered a window for demand recovery, with downstream end-users gradually recovering. Recently, activity in inquiries and purchases increased markedly, but stainless steel spot prices overall remained basically stable, with no obvious fluctuations. End-user procurement was still mainly driven by rigid demand, and the full bustle of the peak season had yet to emerge, ...

Australia's Lynas Rare Earths signed a binding letter of intent with the US Department of Defense to supply the US side with light and heavy rare earth oxides worth $96 million over four years, with a floor sales price for Pr-Nd of $110/kg. Based on this, the two sides will finalise a definitive agreement and discuss further cooperation on heavy rare earth supply. The agreement followed Lynas's expanded supply arrangement with Japan's JARE. Under the March 10 agreement, JARE will purchase at least 5,000 mt of Pr-Nd oxide annually at a floor price of $110/kg and buy 50% of Lynas's heavy rare earth production. The price floor matched the 10-year price commitment the US made to MP Materials last year, signalling that Western clients were willing to pay a premium for "non-China" rare earths.