【SMM Analysis】As of this week, the weekly net profit of Pr-Nd alloy reached 36,812.4 yuan, with a net margin of 4.1%. Compared with last week, net profit increased 134%, setting a new profit high for the past nearly two years. The main reasons behind this were the decline in raw material costs and relatively high metal quotes.

[Australian Typhoons Continued to Disrupt, and Import TCs Kept Falling]: Weekly data showed that the average weekly domestic SMM Zn50 TC held flat at 1,550 yuan/mt in metal content, while the SMM Imported Zinc Concentrate Index fell $6.02/dmt MoM to $5.23/dmt...

According to the SMM survey, as of March 18, the blast furnace operating rate at the 242 steel mills tracked by SMM was 87.16%, up 1.17 percentage points WoW.

How the mighty have fallen. Silver was the talk of the town as it surged by roughly 60% in January trading, hitting highs of just above $120. That is a far cry from where we are trading now, with the precious metal suffering another 5% drop today and poised for six straight daily losses in nine.

[Weak Market Sentiment Weighed on Both Spot Silicon Metal and Polysilicon Prices]: This week, the silicon metal market moved lower after a stalemate, with weak market sentiment, some downstream procurement demand released, and cautious trading sentiment. SMM east China oxygen-blown #553 silicon stood at 9,000-9,200 yuan/mt, down 100 yuan/mt WoW. At the beginning of the week, silicon metal market prices remained in a stalemate, while the most-traded contract fluctuated around 8,550-8,750 yuan/mt, with downstream procurement mainly focused on factory cargoes. Later, affected by macro factors and capital sentiment, futures prices declined continuously and closed at 8,285 yuan/mt on Thursday. As spot-futures traders' price advantages became apparent, shipments increased, downstream procurement sentiment diverged, and the market saw transactions based on immediate needs.

[SMM Daily Brief Review on Coking Coal and Coke] In terms of supply, most coke producers still faced slight losses, suppressing their willingness to increase production, and overall supply remained temporarily stable. Meanwhile, shipments from coke producers improved, and coke inventory continued to destock. Demand side, blast furnaces at steel mills resumed operations and production, and hot metal production is expected to increase. In addition, steel mill profits improved somewhat, and finished steel shipments recovered, boosting steel mills' production enthusiasm. However, downstream buyers mostly maintained just-in-time procurement and lacked willingness to purchase for restocking. In summary, the supply-demand imbalance in the coke fundamentals still existed, and the coke market may remain stable next week.

[Garpenberg Zinc Concentrates Production Was Suspended Due to Seismic Activity] According to Boliden, production at the Garpenberg mine was temporarily suspended on March 14 due to seismic activity, and the beneficiation plant subsequently also halted production. Seismic activity has since eased, and preliminary inspections of the mine began on March 18. Mine production will gradually resume after inspections of the infrastructure and mining workplaces are completed. It is not yet possible to determine the timing of the production restart or the pace of ramp-up. In 2025, Garpenberg's zinc concentrate production was 101,700 mt in metal content.

[Zinc Concentrates Production Information] Gold Resource disclosed its production for Q4 2025, during which its zinc metal production was 750 mt. In 2025, its copper, lead, and zinc production fell 59%, 56%, and 54%, respectively, from 2024. These declines mainly reflected the sequencing of mining into portions of the mineralized system with a relatively higher proportion of precious metals and lower base metal content than in the previous year.

[Peru Zinc Concentrates Production Information] According to data from Peru’s mining statistical bulletin, Peru’s zinc concentrates production was 105,300 mt in metal content in January 2026, down 19.3% MoM and up 14.7% YoY.

As a niche yet high-strategic rare metal, hafnium (Hf, atomic number 72) lags behind common metals like copper in public awareness, but its unique physicochemical properties make it irreplaceable for nuclear power, aerospace, semiconductors and other high-end fields. This concise breakdown covers its core traits, supply dynamics and critical applications to highlight its underrecognized role in advanced manufacturing. I. Core Properties A silver-gray, high-melting-point transition metal, hafnium exists solely as a zirconium-associated metal—no independent ore deposits. The near-identical atomic radius and chemical properties of zirconium and hafnium make separation/purification highly challenging, the root of its scarcity.Key strengths for harsh industrial use: 2233℃ melting point, exceptional high-temperature oxidation/structural stability Strong room-temperature plasticity, balanced strength and toughness Superior corrosion resistance (insoluble in dilute acids/alkalis, soluble only in hydrofluoric acid/aqua regia) ~600x higher thermal neutron absorption than zirconium (ideal for nuclear reactor control) High dielectric constant of hafnium oxide (critical for advanced semiconductors) Carbides/nitrides (melting point >2900℃) for ultra-high-temperature ceramics and hard alloys II. Supply & Scarcity Resources: Extremely scarce (crustal abundance ~3 ppm), exclusively tied to zirconium ores. Global resources concentrated in Australia, South Africa, the U.S. and Brazil; China faces low hafnium content in domestic zirconium ores, leading to high external dependence. Supply: Production hinges on zirconium smelting, with zirconium-hafnium separation as a core technical barrier. Only a handful of global players produce high-purity (nuclear/electronic-grade) hafnium at scale, forming an oligopoly. Annual output is ~hundreds of tons, with ultra-low supply elasticity—supply disruptions trigger sharp price swings. Ⅲ. Irreplaceable Core Applications Demand is rigid (no cost-effective substitutes) across high-end sectors: Nuclear Industry: Preferred material for pressurized water reactor control rods, regulating reaction rates and ensuring safety. Driven by global nuclear power revival, demand is steadily growing. Aerospace: Key nickel-based single-crystal superalloy additive, boosting high-temperature creep strength and lifespan for aero-engine turbine blades, combustors and rocket nozzles. Semiconductors: High-purity electronic-grade hafnium oxide overcomes silicon dioxide’s miniaturization limits, reducing leakage current and enabling advanced-node chip production—a key growth driver. Other High-End Fields: Used in cutting tool coatings, special electronic components, corrosion-resistant materials and emerging hydrogen storage research, with expanding use cases. Ⅳ. Conclusion Hafnium is a "scarce niche metal with rigid high-end demand," holding irreplaceable strategic value in China’s key industries (nuclear power, aerospace, semiconductors). The global market remains in long-term tight supply-demand balance, and its strategic and market value will rise alongside global advanced manufacturing upgrades.