On March 25, SHFE issued an announcement approving Guangdong CMST Shengshi Zhaobang Logistics Co., Ltd. as a copper delivery warehouse The original text was as follows: Announcement on Approving Guangdong CMST Shengshi Zhaobang Logistics Co., Ltd. as a Copper Delivery Warehouse Recently, our exchange received the relevant application materials from Guangdong CMST Shengshi Zhaobang Logistics Co., Ltd. In accordance with the Delivery Warehouse Management Measures of the Shanghai Futures Exchange and other relevant regulations, it was decided after deliberation that: I. Guangdong CMST Shengshi Zhaobang Logistics Co., Ltd. was approved to become a copper delivery warehouse of our exchange. The storage address is No. 108 Dongjiang Avenue, Huangpu District, Guangzhou, Guangdong Province, with an approved storage capacity of 20,000 mt, and no regional premiums will be applied. II. It will be put into operation as of the date of this announcement. All relevant parties should attach great importance to this matter, effectively carry out all related work, and ensure the normal and orderly conduct of delivery business. Hereby announced. Shanghai Futures Exchange Mar 2026 Click to view announcement details:

[SMM Silicon-Based PV Morning Meeting Summary] Silicon Metal: Spot silicon metal prices remained in a stalemate consolidation. Yesterday, SMM east China oxygen-blown #553 silicon was at 9,100-9,300 yuan/mt, and #441 silicon at 9,300-9,500 yuan/mt, unchanged from the previous day. The quote center of some silicon enterprises was slightly lower than that of trading firms engaging in both spot and futures market, while downstream users mainly transacted at lower prices, and overall market trading activity was subdued. Polysilicon: N-type recharging polysilicon was quoted at 38-47 yuan/kg. Polysilicon prices continued to decline somewhat recently, mainly affected by market sentiment and inventory clearance by some leading enterprises. At present, low-priced polysilicon has already fallen below the cost line of some manufacturers, and the sentiment to hold quotes firm has strengthened somewhat. The upstream market was also still watching wafer price movements.

On Tuesday, Eastern Time, Chicago Fed President Goolsbee warned that the energy shock stemming from the Middle East conflict is threatening the US Fed’s dual mandate, complicating its monetary policy outlook and potentially delaying interest rate cuts—echoing earlier remarks by Fed Governor Barr that inflation risks and oil prices support keeping rates unchanged for longer. Specifically, the energy price shock poses risks to both sides of the US Fed’s dual mandate, making the trade-off between controlling inflation and supporting economic growth more complex. “The new shock has undoubtedly disrupted the US Fed’s plans... and inflation was already uncomfortably high even before the shock occurred,” Goolsbee said bluntly. Goolsbee noted that central bank policymakers around the world lack clear historical experience to draw on in dealing with the current mix of geopolitical risks and inflationary pressures, and therefore “this is a bad situation for central banks.” Goolsbee stressed that the current path of interest rates at central banks around the world still depends heavily on how the conflict evolves, especially its impact on energy markets. As for the US Fed, he said he is not yet able to judge whether it will be able to cut interest rates again, because that outlook depends on the duration of the conflict and the extent to which rising oil prices affect overall inflation. “Only if inflation shows improvement can one realistically expect rates to fall this year,” he added, further reinforcing the US Fed’s data-dependent stance. The US Fed’s Internal Stance Is Turning More Cautious These remarks by Goolsbee were highly consistent with earlier comments by Fed Governor Michael Barr. Barr had previously also emphasized that, given that US inflation remains above target and elevated oil prices are further pushing up inflation, interest rates may need to remain unchanged “for some time.” In addition, Barr likewise pointed out that although the US labour market appears to be stabilizing, US Fed officials need to see clear evidence of sustained disinflation before considering interest rate cuts. Taken together, these comments highlight the US Fed’s increasingly cautious shift in stance. As geopolitical developments exert a growing influence on the US inflation outlook, the combination of persistent price pressures and external shocks has reinforced expectations that high inflation will last longer, while also creating uncertainty over the feasibility of further policy easing in the near term. For markets, the key point is that after the Russia-Ukraine shock several years ago, energy-driven inflation risks have now been firmly incorporated into the US Fed’s reaction function. As a result, US Fed rate expectations may remain sensitive not only to economic data, but also to developments in the Middle East conflict and their impact on oil prices.

On March 20, the Information Office of the Inner Mongolia Autonomous Region Government held a press conference in the series “Implementing the ‘1571’ Work Deployment and Promoting High-Quality Development in Inner Mongolia,” providing a special briefing on the region’s achievements in green hydrogen industry development, key tasks for 2026, and the 15th Five-Year Plan. It made clear that, by leveraging its advantages in wind and solar power resources, Inner Mongolia will advance the full-chain layout of green hydrogen and continue to lead the nation’s green hydrogen industry. Key Focuses of the Hydrogen Energy Industry in 2026: Building a Pioneer Zone for Green Hydrogen Development In 2026, with the construction of a national pioneer zone for the green hydrogen industry as its core goal, Inner Mongolia will comprehensively advance the large-scale deployment of green hydrogen. It will launch pilot projects for large-scale off-grid hydrogen production, expand application scenarios such as blending green hydrogen into natural gas and coupling with the chemical and metallurgical industries, while simultaneously building green hydrogen industrial parks and broadening channels for the non-power use of green electricity. Within the year, construction will begin on three green hydrogen pipelines, including the Ulanqab–Beijing-Tianjin-Hebei route, to improve the transmission network. At the same time, the region will focus on breakthroughs in hydrogen energy technology, deepen collaboration among industry, academia, research, and application, and advance the implementation of demonstration projects for the first unit (set) of hydrogen energy equipment and collaborative innovation projects integrating wind and solar power, hydrogen, and energy storage, so as to consolidate the industry’s technological foundation. Green Hydrogen Industry Achievements Lead the Nation, with Advantages in Both Scale and Cost Becoming Prominent Inner Mongolia is richly endowed with wind and solar power resources, with technically developable wind and solar power resources exceeding 10 billion kW, accounting for one-quarter of the national total, laying a solid foundation for the green hydrogen industry. At present, multiple industry indicators ranked among the top nationwide. A total of 19 policies covering the entire industry chain of green hydrogen had been introduced; 7 projects were included in national demonstration programs; 8 projects were completed and put into operation, forming annual capacity of 80,000 mt. Green hydrogen production reached 12,694 mt in 2025, surging 3.6 times YoY; production in January and February 2026 was 2,653.6 mt, with production costs at 17-20 yuan/kg, only 60% of the national average. In addition, the country’s first provincial-level green hydrogen pipeline plan had been implemented, and the pipeline network featuring “one trunk line, two loops, and four outlets” was being accelerated. The hydrogen pipeline from Darhan Muminggan Banner to urban Baotou had already been completed, while green hydrogen applications now covered transportation, chemicals, power, and other fields, with the consumer market maturing rapidly. Precise Planning Under the 15th Five-Year Plan to Build a Strong Hydrogen Energy Industry Cluster During the 15th Five-Year Plan period, based on its existing foundation, Inner Mongolia will build a distinctive hydrogen energy industry cluster and focus on advancing four major tasks: scientifically formulate industry plans and reasonably lay out clusters by producing based on sales; tackle core technologies such as off-grid hydrogen production and flexible electrolyzers to raise the industry’s technological level; expand diversified application scenarios, improve business models, and open up the entire chain of production, storage, transportation, refueling, and utilization; accelerate the construction of green hydrogen pipelines within the region and across provinces, reduce transportation costs, comprehensively enhance the competitiveness of the green hydrogen industry, and support the industry in continuing to lead the nation.

[SMM Tin Morning Briefing: The Most-Traded SHFE Tin Contract Opened Sharply Higher in the Night Session and Then Rebounded in Volatile Trading, While the Spot Market Will Gradually Cool Down]

[SMM Cast Aluminum Alloy Morning Comment: Aluminum Prices Halted Their Decline, but Wait-and-See Sentiment Remained Unchanged; Rangebound Movement May Continue in the Short Term] Spot market, yesterday the overall ADC12 market continued to hold prices steady. Aluminum prices showed signs of halting their decline, but market sentiment recovered only limitedly, and enterprises generally chose to postpone price adjustments and mainly adopt a wait-and-see stance. Demand side, downstream orders did not improve significantly, and just-in-time procurement remained the main approach, with mediocre transaction performance. Against the backdrop of easing cost-side fluctuations and insufficient demand support, ADC12 prices may continue to fluctuate within a range and remain relatively stable in the short term, with relatively limited momentum for price adjustments. Further attention should still be paid to aluminum price trends and the recovery of end-use demand.

Dalian iron ore futures rose in early trading and pulled back in the afternoon. The most-traded contract, I2605, finally closed at 824 yuan/mt, up 0.55% from the previous trading session. Spot prices rose by about 2-5 yuan from the previous trading day. Traders were relatively active in offering quotes, while steel mills made fewer inquiries and purchased cautiously, with overall transactions in the spot market remaining average. In terms of fundamental data, blast furnace maintenance intensity continued to pull back this week, with maintenance affecting hot metal production by 1.65 million mt, down 206,500 mt WoW. It was expected to decrease by a further 180,000 mt next week to 1.4684 million mt, indicating a gradual improvement on the demand side. In terms of supply, tight supply still persisted in the market, and there was no news of any significant adjustment, which remained supportive for iron ore in the short term. However, some funds, out of concern over downstream risks, tended to stay on the sidelines, and overall wait-and-see sentiment was strong. In summary, iron ore prices were expected to hover at highs in the short term.

On the morning of March 10, the unveiling ceremony and construction launch meeting for the Shanghai Key Laboratory of Efficient Green Fuel Synthesis Systems Engineering (Preparatory) were successfully held at Shanghai Boiler Works Co., Ltd. Xuan Fuzhen, President of East China University of Science and Technology, and Wu Lei, Party Secretary and Chairman of Shanghai Electric Group, jointly unveiled the laboratory, marking the official entry of the key laboratory’s development into a new stage of substantive progress. Zheng Guanghong, Second-Level Inspector of the Shanghai Municipal Science and Technology Commission, witnessed the ceremony on site. Led by Shanghai Boiler Works Co., Ltd. and jointly established with East China University of Science and Technology, the laboratory focuses on tackling critical “bottleneck” technological challenges in the application field of efficient synthesis of green fuels such as green methanol, green ammonia, and sustainable aviation fuel (SAF). It has precisely laid out three core research directions: efficient synthesis of diversified green fuels, high-efficiency clean power equipment, and AI + digital twin flexible regulation and control. It is committed to building a full-chain innovation system spanning basic R&D, pilot-scale verification, and industrialisation, thereby supporting breakthroughs in green fuel technologies and their industrial application. Wu Lei, Party Secretary and Chairman of Shanghai Electric Group, stated at the event that the high-standard development of the key laboratory for green fuels is an important practice for Shanghai Electric in implementing the national development strategy for new quality productive forces in the energy sector and promoting the deep integration of green fuel technological innovation with industry. Shanghai Electric will use the laboratory’s development as an important lever, providing comprehensive support in policy, resources, funding, and other aspects, fully integrating high-quality internal and external resources, and making every effort to advance technological research, professional talent cultivation, and the commercialisation of scientific research achievements, thereby contributing wisdom and strength to the high-quality development of China’s green fuel industry. Xuan Fuzhen, President of East China University of Science and Technology, pointed out that the university will give full play to its disciplinary strengths, carry out close and pragmatic cooperation with Shanghai Electric, vigorously promote the deep integration of industry, academia, and research, focus on core challenges in green fuel synthesis technologies and equipment, strive to achieve major technological breakthroughs, and work together to build a benchmark for collaborative innovation among industry, academia, and research. Jin Xiaolong, Member of the Party Committee and Vice President of Shanghai Electric Group, Vice President Qiu Jiayou, and relevant leaders from the Shanghai Municipal Science and Technology Commission, East China University of Science and Technology, and Shanghai Electric Power Station Group attended the event.

As supply and demand for construction steel were not fully matched across different markets, regional supply-demand mismatches created price differentiation, which in turn drove the cross-regional circulation of steel resources. When the regional price spread gradient was appropriate, regions with surplus construction steel capacity and production often shipped excess resources out, thereby rebalancing construction steel resources across regions.

According to the latest data from the General Administration of Customs, China imported 232,300 mt in physical content of copper scrap and shredded copper scrap in January 2026, down 2.78% MoM and up 22.82% YoY. Imports were 167,900 mt in physical content in February, down 27.72% MoM and down 13.14% YoY. Cumulative imports in January-February 2026 reached 400,300 mt in physical content, up 4.64% YoY on a cumulative basis. (HS code: 74040000)