This week, Pr-Nd alloy prices generally fell first and then rose, and have now stabilized in the range of 980,000-1 million yuan/mt. This price fluctuation was mainly driven by the impact of news factors on market sentiment.

SMM News, March 12: The most-traded SHFE lead 2604 contract opened at 16,645 yuan/mt during the day. After lead prices edged down at the open, they saw wide swings within the 16,620-16,640 yuan/mt range. Prices then rebounded slightly, but pulled back on insufficient upward momentum, hitting a low of 16,600 yuan/mt. Improved downstream procurement sentiment briefly supported lead prices today, but actual trading remained overall satisfactory, causing lead prices to fluctuate around the daily average line. It finally closed at 16,665 yuan/mt, recording a small bearish candlestick, down 65 yuan/mt, or 0.39%. Demand side, downstream battery enterprises maintained just-in-time procurement, mainly purchasing via long-term contract, with limited spot order replenishment, while some restocked as needed. Supply side, circulating cargo in the secondary lead market was limited, and some enterprises were reluctant to sell, but this did not result in substantive supply tightens. Coupled with suppliers holding prices firm as delivery approached, spot discounts narrowed. Lead prices were expected to maintain a fluctuating trend in the short term. Data source disclaimer: Except for public information, all other data was processed and derived by SMM for reference only, based on public information, market communication, and supported by SMM's internal database model, and does not constitute decision-making advice.

This week, China’s domestic manganese-based battery materials market has shown a differentiated operation trend. The price of battery-grade manganese tetroxide has slightly declined, the price of electrolytic manganese dioxide has slightly increased, and lithium manganate has maintained a weak balance of supply and demand.

[Weak Spot Demand During the Week, Wider Spot Discounts]: This week, spot discounts in Ningbo widened, with the weekly average price down 20 yuan/mt WoW. As of Friday this week, spot prices in Ningbo against the 2604 contract were at a discount of 100 yuan/mt and at a premium of 20 yuan/mt against Shanghai, with the premium against Shanghai fluctuating during the week..

[SMM Stainless Steel Daily Review] SS Futures Struggled to Break Out of Rangebound Trading, Spot Market Held Prices Steady While Actively Shipping SMM News, March 13: SS futures remained in the doldrums. However, after opening higher in the night session, SS fluctuated downward, with the pace of pullback accelerating further in the afternoon, and closed at 14,190 yuan/mt. In the spot market, affected by fluctuations in futures, quotations were largely stable, with limited changes during the week. Although the recovery in downstream demand and cargo pick-up of previous orders provided support, and stainless steel social inventory stopped rising and pulled back this week, market expectations remained mediocre, with merchants mainly holding prices steady while actively making shipments. The most-traded SS futures contract fluctuated stronger. As of 10:15 a.m., SS2605 stood at 14,275 yuan/mt, down 15 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 245-445 yuan/mt. In the spot market, cold-rolled 201/2B coils in Wuxi were all basically stable; for cold-rolled trimmed 304/2B coils, the average prices in both Wuxi and Foshan were basically stable; cold-rolled 316L/2B coils in Wuxi were basically stable; hot-rolled 316L/NO.1 coils were quoted basically stable in Wuxi; and cold-rolled 430/2B coils in both Wuxi and Foshan were basically stable. Entering the traditional peak consumption season of “Golden March and Silver April,” the stainless steel market ushered in a window for demand recovery, with downstream end-users gradually recovering and inquiry and purchase activity having picked up notably recently. However, stainless steel spot prices overall remained basically stable, with no obvious fluctuations. End-user procurement mainly followed rigid demand, and a full-scale peak-season boom had yet to emerge, while wait-and-see sentiment still lingered in the market. On the futures side, affected by Yi...

[SMM Titanium Weekly Review: Titanium Dioxide Showed Signs of Recovery; Diverging Strength Across the Titanium Industry Chain Market This Week] This week, the titanium industry chain in China showed pronounced structural divergence, with the tug-of-war between sellers and buyers across upstream and downstream segments intensifying and cost pass-through facing obstacles. Overall, the sector was characterized by a combination of weak recovery and localized strong support. Trading in upstream titanium ore and titanium slag was sluggish. Downstream processing enterprises tightly controlled costs, with procurement consistently maintained at a pace driven by rigid demand. Coupled with inventory at high levels across the industry, the raw material end remained under pressure, enterprises’ willingness to operate stayed weak, capacity release was constrained, and the supply-demand imbalance continued to stand out. In the midstream titanium dioxide segment, pressure from elevated costs of raw materials and energy sharply increased production-side strain. Enterprises held prices firm and showed a strong willingness to sell, and while domestic trade demand did not see a noticeable increase in volume—relying only on rigid-demand support—overseas markets still demonstrated a certain degree of resilience, leaving the overall market running relatively strong. The downstream sponge titanium and titanium products segments performed impressively: sponge titanium inventories remained low, and, together with robust downstream restocking demand, top-tier enterprises proactively adjusted prices, with enterprises showing strong confidence in holding prices firm. The titanium products market saw stable supply and demand: the supply-side operating rate was steady, while demand-side differentiation was evident. Civilian applications were mainly driven by rigid-demand restocking, while orders in high-end fields such as aerospace and military industries were steady. The market recovered steadily, and differences in the pace across segments of the industry chain also set the tone for subsequent market dynamics.