Platinum prices stopped falling and rebounded, with the most-traded PT2606 platinum futures contract on the Guangzhou Futures Exchange up 1.34% in early trading, closing at 567.9 yuan/gram. In the spot market, spot platinum prices against PT2606 were quoted at discounts of 10-13 yuan/gram, or at discounts of 1-4 yuan/gram against the Shanghai Gold Exchange’s Sell 1. Spot discounts widened slightly from the previous trading day. As for spot transactions, according to SMM, some traders holding cargo said that quotes at around a 10 yuan/gram discount to the June contract were difficult to conclude, and discounts needed to be lowered to above 12 yuan/gram. End-users made just-in-time procurement, and the spot market was still dominated by small-lot transactions, with overall trading normal.

Silver prices moved downwards after a higher opening this week. After the spot-futures price spread narrowed, spot premiums for physical silver ingots declined as expected, but the gap between suppliers’ quotes widened. There were still many large ingots traded directly in the market this week, or processed into small ingots and then re-entered the market for trading. Significant differences in transaction prices persisted for silver ingots across different brands and lot sizes. As of Thursday, Shanghai market quotes for national-standard silver ingots against TD premiums had been lowered to 850-900 yuan/kg, while major-producer ingots were quoted at 900-1,000 yuan/kg, with sellers holding prices firm and reluctant to sell. Downstream buyers actively negotiated and bought the dip. Some smelters or traders lowered prices due to concerns that premiums might continue to decline or because of cash-flow pressure, thereby facilitating transactions. After the Lantern Festival, downstream operating rates gradually increased, and market trading volumes continued to expand. Inventory side, total social inventory of silver declined this week. As spot premiums surged sharply before the holiday, downstream participants generally did not stockpile ahead of the holiday. Therefore, after the holiday, under pressure to fulfill order deliveries, downstream silver users purchased large volumes of physical silver ingots. After SHFE deliveries were completed in February, a large amount of spot cargo also flowed out of warehouses.

Dalian iron ore futures were mainly rangebound today. The most-traded contract I2605 closed at 759 yuan/mt, up 1.27% from the previous trading session. The spot price rose 5–7 yuan from the previous trading day. Traders were moderately active in quoting, steel mills remained cautious, and inquiries were limited. Overall spot trading was mediocre. Fundamentals saw no major changes at present, and today’s price increase was mainly driven by macro factors and news. On the news front, the market circulated that some popular iron ore grades were expected to face tightness in terms of supply, triggering buying that pushed iron ore prices higher. In addition, on the macro front, policy stimulus emerged, and optimistic market sentiment lifted iron ore prices. However, given that the market is still in a pattern of strong supply and weak demand, and the demand side faces the risk of further weakening, market sentiment cannot support a sustained rise over the long term. Therefore, iron ore prices are expected to maintain a fluctuating trend after a round of gains.

[SMM Chromium Daily Review: Quotes Continued to Rise, Strong Willingness to Hold Prices Firm] News on March 5, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia rose by 50 yuan/mt (50% metal content) MoM from the previous trading day...

According to SMM data, the composite operating rate of copper bar enterprises in February was 22.78%, down 22.08 percentage points MoM and down 17.64 percentage points YoY.

Today, the average spot prices of #1 copper cathode in North China against the front-month contract were at a discount of 280 yuan/mt, up 20 yuan/mt from the previous trading day, while the average transaction price was 101,300 yuan/mt, down 40 yuan/mt from the previous trading day.

In January 2026, the European Union and India reached a historic Free Trade Agreement (FTA), with the elimination of steel tariffs of up to 22% becoming a major market focus. However, clearing the policy fog of "bilateral exemptions" and analyzing actual export and carbon emission data reveals that the steel industry faces a highly asymmetric trade reshaping. This seemingly fair reduction is actually Europe trading a "capped" ticket for India's "uncapped" massive incremental market.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,146/mt and hit an early high of $13,153/mt. Thereafter, the center of copper prices gradually moved lower, dipping to $12,975/mt near the close, and finally settled at $13,027.5/mt, up 0.49%. Trading volume rose to 25,000 lots, and open interest to 306,000 lots, down 1,096 lots from the previous trading day, mainly due to bears reducing positions. Overnight, the most-traded SHFE copper 2604 contract opened at 101,640 yuan/mt and climbed early to 102,080 yuan/mt, then fluctuated downward to a low of 101,200 yuan/mt, followed by wide swings, and finally settled at 101,700 yuan/mt, up 0.45%. Trading volume rose to 44,800 lots, and open interest to 195,000 lots, down 213 lots from the previous trading day, mainly due to bears reducing positions.

[Industrial Silicon Prices Fluctuated; Polysilicon Price Sentiment Was Weak]: This week, the silicon metal market fluctuated significantly on news, falling first and then rising. As of March 5, SMM east China oxygen-blown #553 silicon was at 9,000-9,100 yuan/mt, with the transaction center moving down WoW; some suppliers quoted at 9,200 yuan/mt. The futures market fell first and then rose, with large fluctuations; amid disruptions from news such as expectations for Xinjiang electricity prices and environmental protection, futures prices recovered from the bottom. As futures prices rose, trading firms engaging in both spot and futures market raised their quotes accordingly; silicon enterprises held quotes steady or increased them by 100 yuan/mt. Low-priced supply in the market shifted from spot-futures to silicon enterprises, and downstream users purchased as needed, selecting lower-priced offers.

SMM, March 5: Today, market sentiment in the Foshan A00 spot aluminum market adjusted in the doldrums. Downstream players basically completed the resumption of work after the Lantern Festival, with bullish sentiment spreading. Purchase willingness and buying intensity both increased, and market transactions were in a phase of accelerated recovery. The overall supply-demand pattern changed relatively little. Although overall deliverable cargo in warehouses was ample, pressure from in-transit cargo eased slightly due to the expanded suspension of rail loading in South China. Aluminum prices rose for several consecutive sessions, leaving traders hedging positions relatively passive. Today, mainstream quotes in the South China market were at a discount of 170-180 yuan/mt to the SHFE aluminum 03 contract, with mainstream transactions at a discount of 180 yuan/mt to the SHFE aluminum 03 contract. Aluminum billet: Today, the average processing fee for SMM 6063 aluminum billet (Guangdong) was -50 yuan/mt for Φ90/100, and -100 yuan/mt for Φ120 and above, down 230 yuan/mt from yesterday. As overseas aluminum supply saw renewed turbulence, the base price fluctuated sharply. Aluminum billet processing fees came under pressure, with the discount widening. Downstream players were wary of high prices, mainly purchasing on rigid demand while pushing for lower prices, and overall market trading sentiment was average.