[SMM Rare Earth Weekly Review: Rare Earth Prices Hold Up Well, and Market Inquiry Activity Increases] The Pr-Nd oxide market as a whole continued to hold up well. Under the impact of expectations of tighter supply and pronounced fluctuations in futures prices, upstream suppliers kept raising their offers, while low-priced cargoes tightened rapidly, pushing Pr-Nd oxide prices up to 722,000-728,000 yuan/mt.

[SMM Rare Earth Flash] According to the SMM survey, total production of NdFeB blanks across the industry reached 29,985.67 mt in March 2026, with the average operating rate at 70.15%, up 43% MoM and up 0.2% YoY. NdFeB blank production was expected to reach 31,173.32 mt in April, with the average operating rate at 72.92%. It was learned that the core reason for the rise in the operating rate from March to April was a rebound after the February trough, rather than rigid growth in downstream orders.

Latest data released by the National Bureau of Statistics on March 27 showed that in January and February 2026, the total profits of industrial enterprises above designated size nationwide were 1,024.56 billion yuan, up 15.2% YoY.

In Q1 2026, China’s aluminum semis exports showed a pronounced pattern of product-category divergence amid the interplay of three factors: the long-term impact of the cancellation of export tax rebates in December 2024, the divergence in demand structures outside China, and the sudden outbreak of geopolitical conflict in the Strait of Hormuz.....

China Northern Rare Earth (600111) consecutively issued two investment announcements, simultaneously advancing two major projects—10kt of rare earth metal alloys and 10kt of cerium-containing NdFeB magnetic materials—through a model featuring one controlling stake, one equity participation, and upstream-downstream coordination, so as to accelerate the development of the “two rare earth bases” and the upgrading of the entire industry chain. Both of the above investment proposals were unanimously approved by the company’s board of directors, and China Northern Rare Earth’s total investment in the two projects amounted to approximately 228 million yuan.

[SMM Analysis] Steel Export Review: Geopolitical Conflicts Trigger the Reshaping of the Export Landscape In terms of steel billet exports , the main target market in the first two months remained Indonesia. Part of the cargoes was imported by Chinese-funded or joint-venture rolling mills in Indonesia for further processing and use, thereby avoiding Southeast Asia’s import tariffs on finished steel products, while another part was supplied directly to local projects under construction. Meanwhile, Southeast Asia, Africa, and South America formed a solid base of exports. In particular, on the African side, Djibouti, as a core transshipment hub, had been handling a large volume of circulating resources. Turkey, meanwhile, saw a wave of concentrated external purchases due to delays in steel scrap vessel schedules and spot-futures price spread arbitrage. In terms of bar exports , the share to Hong Kong, China declined somewhat from the end of last year, while exports to Singapore overtook it. The main reason was that procurement in Singapore was rigidly driven by local public housing renewal and public infrastructure projects, such as the Greater Southern Waterfront, according to construction periods, with actual end-user consumption remaining relatively stable; whereas Hong Kong, China, as a capital and logistics transshipment hub, saw some earlier speculative re-export orders constrained by offshore exchange-rate fluctuations at the beginning of the year and funding borrowing costs. Traders proactively reduced some speculative exposure for financial risk hedging purposes, which led to a decline in transshipment procurement volume. Looking ahead to March , with the full blockade of the Strait of Hormuz, Iran’s semi-finished products export channels were effectively cut off. Chinese steel billet is expected to absorb these additional export orders arising from geopolitical conflict, and traders and steel mills will also accelerate shipments to markets outside China such as Southeast Asia to gain a larger replacement share. Therefore, total steel billet exports still have room to rise. By contrast, Chinese bar exports mainly rely on short-haul regional shipping routes into the inland areas within Asia, and were subject to extremely limited direct impact from the disruption of long-haul Middle East logistics. Therefore, March shipments are expected to remain stable, supported by rigid-demand restocking within the region. Source: SMM, General Administration of Customs Unlike the strong performance of billets, sheets & plates exports in the first two months were unsatisfactory. The cumulative exports of both cold galvanized and hot-rolled products in January and February declined YoY , with the drop in hot-rolled products being more pronounced. However, it should be noted that before the full suspension of navigation through the Strait of Hormuz at the end of February, logistics channels to the Middle East remained open, which secured a critical delivery window for sheets & plates. Therefore, in terms of HRC exports , Saudi Arabia still firmly ranked first among export destinations with a volume of 348,000 mt , mainly because its large-scale non-oil infrastructure and manufacturing projects in China were still in an intensive construction phase, with strong end-user steel demand, which also prompted local buyers to lock in relatively lower-priced Chinese HRC ahead of shipping disruptions, thereby maintaining its leading position. Pakistan (230,000 mt ), by contrast, saw this mainly due to bottlenecks in domestic supply, creating phased concentrated restocking demand, and according to the SMM survey, most purchases were made by downstream pipe factories. From the perspective of cold galvanized exports , the Southeast Asian market was currently in a stage of rapid development, and macroeconomic expansion had created a huge gap in flat steel products. Thailand in particular (304,000 mt ) was in a concentrated raw material stocking cycle for local downstream auto manufacturers at the beginning of this year, so just-in-time procurement by multiple physical manufacturers directly pushed up local imports. Looking ahead to March , under the dual impact of the Strait of Hormuz blockade and the Ramadan effect, sheets & plates exports to the Middle East core region are expected to face a sharp contraction. SMM shipping data showed that steel arrivals had already declined by more than 900,000 mt. However, under the pressure of elevated destocking in China, this portion of blocked exports is expected to be redirected to Southeast Asia and other alternative markets with “rigid manufacturing demand” for redistribution, thereby offsetting shipment reductions caused by localized logistics disruptions. Therefore, there is no need for excessive concern over total sheets & plates exports in March Source: SMM, General Administration of Customs Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. 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Concluding our series, we shift focus to 2026's emerging NdFeB growth drivers: robotics, low-altitude economy, and electric two-wheelers. While viewed as the "second growth curve," we analyze their actual demand support amidst current macro and industry cycles to determine if they can offset traditional sector slowdowns.

In January and February, exports of copper cathode rod (HS codes 74081100 and 74081900) continued to strengthen, showing growth both MoM and YoY. The detailed data were as follows: According to customs data, in terms of total exports of copper wire rod, total exports of copper cathode rod (HS codes 74081100 and 74081900) in January increased 51.19% MoM and rose 83.78% YoY. In February, total exports of copper cathode rod increased 19.73% MoM and rose 160.07% YoY. In January 2026, exports of copper wire rod (HS codes 74081100 and 74081900) rose MoM, mainly due to weak domestic demand for copper rod in China, coupled with a concentrated release of power infrastructure demand in Southeast Asia, which together drove a sharp increase in copper wire rod exports. By specific export trade mode, processing trade with imported materials accounted for 66.3% of total copper wire rod exports in January 2026, processing trade with supplied materials accounted for 22.37%, Entrepot Trade by Customs Special Control Area accounted for 7.5%, and Ordinary Trade accounted for 2.81%. In February 2026, exports of copper wire rod (HS codes 74081100 and 74081900) continued to grow MoM, mainly driven by concentrated demand release from power grid upgrades and the new energy sector in Southeast Asia. Coupled with weak downstream demand in China during the Chinese New Year holiday, enterprises stepped up export efforts. By specific export trade mode, in January 2026, exports under processing trade with imported materials accounted for 50.95% of total exports, processing trade with supplied materials 38.73%, Entrepot Trade by Customs Special Control Area 8.46%, and Ordinary Trade 1.82%. By country, from January to February, copper wire rod was mainly exported to Thailand, Saudi Arabia, Vietnam, India, the Philippines, and Malaysia, with combined exports accounting for more than 70% of the national total. In summary, copper wire rod exports continued to grow from January to February, mainly benefiting from robust demand in the power grid and new energy sectors in Southeast Asia, coupled with weak downstream operating rates in China, prompting enterprises to actively expand into markets outside China to broaden demand. Although copper prices pulled back significantly in March, demand in the Middle East weakened due to geopolitical conflicts. In addition, as the main export destinations for China’s copper wire rod are concentrated in this region, and ocean freight rates have risen, copper wire rod exports were expected to be in the doldrums in March.

[SMM Tin Brief Commentary: SHFE Tin Stopped Falling and Rebounded, Closing Up 2.94% as Macro Pressure and Bottom Support Vied Against Each Other]

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.