According to the latest customs data, in January 2026, China’s imports of copper-zinc alloy (brass) bars and rods were 2,050.01 mt in physical content, down 8.37% MoM and up 24.53% YoY. In February, China’s imports of copper-zinc alloy (brass) bars and rods were 1,344.87 mt in physical content, down 34.4% MoM and down 36.67% YoY, showing an overall sharp decline. Cumulative imports in January-February 2026 were 3,394.87, down 9.94% YoY cumulatively. (HS codes 74072111, 74072119, 74072190).

[SMM Tin Midday Commentary: SHFE Tin Pulled Back Under Pressure in Early Trading After Rebounding, and Spot Transactions Weakened]

The General Office of the Ministry of Industry and Information Technology has announced the list of green factories for the year 2025. Southeast Copper has been successfully recognized as a national-level green factory, marking its full compliance with five core dimensions: low-carbon energy, efficient resource utilization, clean production, green products, and intensive land use. This achievement places its green manufacturing capabilities at the forefront of the national non-ferrous metals industry.

The current domestic rhenium spot market in China is characterized by differentiation across the industrial chain, two-way supply-demand game, and high-level consolidation. Overall market conditions are jointly driven by multiple factors, including macro investment sentiment, inventory restocking cycles, overseas supply chain risks, and domestic fundamental supply and demand. I. Upstream: Stable Price Range, Accelerated Shipments Major domestic upstream rhenium producers maintain stable raw material quotations, with the mainstream price range around 28,000. Only a small number of suppliers offer prices as high as around 30,000, forming a clear tiered price structure without major fluctuations. Recently, upstream producers have shown stronger willingness to sell, with a notable increase in shipment frequency. II. Midstream: Scheduled Production, Low Acceptance of High-Priced Ammonium Perrhenate Midstream refineries and rhenium processors are currently operating under scheduled production. Order deliveries are concentrated, with most manufacturers scheduled to fulfill orders in March and April.In terms of cost control and purchasing sentiment, midstream processors generally show low acceptance of high-priced ammonium perrhenate. Buyers tend to negotiate rationally and resist chasing high prices, which directly caps the upward room for ammonium perrhenate prices. III. Downstream: Cooling Investment Sentiment, Steady Recovery in Industrial Demand Downstream demand exhibits significant structural divergence between investment demand and industrial demand, which has become the key factor affecting short-term market sentiment. On the one hand, previously active investment demand has cooled, accompanied by panic selling among retail investors. Increasing low-price sell-offs have emerged in the market as holders offload at discounted prices to accelerate capital turnover, weighing on short-term spot transaction prices. On the other hand, industrial demand has steadily recovered and maintained growth. As the core rigid support for rhenium, the recovery of industrial demand provides a solid fundamental floor, offsetting part of the negative impact from investment-driven sell-offs. IV. Market Outlook Based on the macro environment and industrial supply-demand fundamentals, the domestic rhenium market is in a balanced game between bullish and bearish factors, keeping prices in high-level consolidation. Short-term Outlook Affected by the international macro environment, investment enthusiasm in the energy sector remains high, diverting capital away from non-ferrous metals. The overall weakening investment sentiment in the non-ferrous sector has spilled over to the niche strategic metal rhenium, suppressing investment demand.In addition, most market participants completed phased restocking around the Spring Festival, leaving inventories at relatively sufficient levels. As a result, raw material prices lack upward momentum, with limited room for significant gains in the short term. Long-term Outlook Geopolitical competition over critical minerals is intensifying. Progress in critical minerals negotiations between the U.S. and Chile, along with rising exclusive cooperation in global critical minerals supply chains, has reduced the stability of overseas ammonium perrhenate import channels and raised external supply risks.The expected tightening in ammonium perrhenate supply will provide strong support to market prices.

[SMM Stainless Steel Daily Review] SS Futures Continued to Pull Back, Stainless Steel Spot Quotes Were Lowered SMM News on March 19: SS futures extended their further downward pullback. Against the backdrop of hawkish remarks from the US Fed and escalating geopolitical conflicts, non-ferrous metal futures generally moved lower, with SS also declining in tandem and closing at 13,935 yuan/mt by the midday break. In the spot market, continued declines in SS futures significantly weakened market confidence; coupled with the recent pullback in high-grade NPI prices, market expectations for cost support also softened. In a market where transactions had already been sluggish this week, inquiries and deals weakened further; in addition, March supply remained high, prompting traders to lower their quotes for 304 stainless steel during the day. However, supported by news yesterday that steel mills were holding prices firm, 200-series stainless steel rose against the trend, with 201 stainless steel prices moving higher. Further attention should still be paid to downstream end-user purchase conditions. The most-traded SS futures contract fell and pulled back. As of 10:15 a.m., SS2605 was quoted at 13,930 yuan/mt, down 100 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 340-540 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi rose 50 yuan/mt; for cold-rolled trim-edge 304/2B coil, the average price in Wuxi fell 150 yuan/mt and in Foshan fell 50 yuan/mt; cold-rolled 316L/2B coil in Wuxi fell 200 yuan/mt; for hot-rolled 316L/NO.1 coil, Wuxi quotes fell 100 yuan/mt; cold-rolled 430/2... in both Wuxi and Foshan.

The listing-based trading on the Anhuida platform under the SMM Trading Center has remained active. The platform’s listing hall brings together high-quality supply sources across diverse non-ferrous metal categories, with top-tier enterprises launching bulk lots one after another. Through the efficient integration of self-listing and intelligent matching models with the supply and demand of upstream and downstream players in the industry chain, it has become an important matchmaking channel for spot trading in non-ferrous metals. To date, the platform has attracted a cumulative total of 10,171 registered enterprises, with cumulative transaction value reaching 1.98328 billion yuan and cumulative trading volume totaling 49.5719 million mt. Its trading scale and industry influence have steadily increased. As a concentration- and transparency-driven spot trading segment for non-ferrous metals, the Anhuida platform’s listing hall covers common non-ferrous metals such as copper, aluminum, zinc, and nickel, as well as new energy and minor metal categories including tin ingot and battery-grade nickel sulphate. It supports enterprises in independently publishing buy and sell intentions and offers multiple trading methods such as direct connection and intelligent matching, enabling buyers and sellers to quickly present their needs and identify counterparties, thereby significantly improving the efficiency of spot trading. Recently, the platform has featured a rich variety of popular listed categories with ample supply. It includes listings of scarce categories such as imported Indonesian tin ingot, while core new energy raw materials such as battery-grade nickel sulphate have also been launched in batches. Top industry enterprises including MCC Ramu New Energy Technology Co., Ltd. and Wanhua Chemical (Yantai) Battery Industry Co., Ltd. have all published multiple batches of battery-grade nickel sulphate sales listings on the platform, with single-batch listing Volume ranging from 66 mt to 99 mt. This has provided upstream and downstream enterprises in the new energy industry chain with stable and high-quality supply channels, effectively ensuring the smooth and efficient operation of the industry chain and supply chain. With its concentrated and transparent trading environment and flexible, diversified trading methods, the Anhuida platform’s listing hall has continued to build an efficient bridge for supply and demand matching in the non-ferrous metals industry, helping enterprises reduce transaction communication costs and optimize resource allocation. In the future, the platform will continue to enrich listed categories and improve trading functions, further invigorating the spot trading market for non-ferrous metals. Trading Platform Link: Contact for Inquiries: 021-51666886 Inquiry Email: anhuida@smm.cn

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Fluctuated Downward After Opening in the Night Session, and Spot Transactions Were Relatively Sluggish]

This week, the center of nickel prices moved lower WoW, with the most-traded SHFE nickel contract fluctuating within 132,000-140,000 yuan/mt. Early in the week, it fell below the 135,000 yuan mark amid weaker macro sentiment, but in the latter part of the week, rumors of maintenance at HPAL projects provided strong support around 133,000 yuan, and prices eventually returned to fluctuate around 137,000 yuan/mt. As of Friday's close, the most-traded SHFE nickel contract rose 0.14% WoW, while LME nickel gained 0.06% WoW. In the spot market, the average SMM #1 refined nickel price was 140,510 yuan/mt this week, up 850 yuan/mt WoW. The average premium for Jinchuan nickel was 6,800 yuan/mt this week, down 100 yuan/mt WoW, while premiums for mainstream electrodeposited nickel brands in China ranged from -300 to 400 yuan/mt. Overall spot transactions were mediocre this week. On the macro front, geopolitical risks escalated markedly this week. In his first statement after taking office, Iran's new supreme leader said the Strait of Hormuz would remain closed and that a new front would be opened if necessary. US ADP employment increased by 63,000 in February, above market expectations. As a result, the US dollar index strengthened, putting pressure on non-ferrous metal prices. Pan Gongsheng, governor of China's central bank, said the next step would be to build a scientific and prudent monetary policy framework, continue to effectively implement a moderately accommodative monetary policy, and strengthen counter-cyclical and cross-cyclical adjustments. Inventory side, inventory in the Shanghai Bonded Zone was about 2,200 mt this week, flat WoW. China's social inventory was about 87,000 mt, with an inventory buildup of about 3,000 mt WoW. In Indonesia's Morowali region, some HPAL plants cut production due to tailings accidents. Meanwhile, tensions in the Middle East raised the risk of sulfur supply disruptions, and the market expected future MHP intermediate product supply to be tight, with strong willingness to hold prices firm, which would provide some cost support for nickel prices. However, the area above 140,000 yuan/mt still faced strong resistance from high inventory and weak demand. The core trading range for the most-traded SHFE nickel contract next week is expected to be 135,000-145,000 yuan/mt.

SMM, March 17: During the day, the most-traded SHFE lead 2604 contract opened at about 16,450 yuan/mt. Boosted by broadly rising sentiment across the base metals complex in early trading, lead prices fluctuated upward and touched a high of 16,685 yuan/mt, then fluctuated lower. Near the close, SHFE lead prices fluctuated rangebound in a narrow range of 16,555-16,605 yuan/mt, and finally closed at 16,600 yuan/mt. A small bullish candlestick was recorded, up 285 yuan/mt, or 1.75%. Inventory at primary lead smelters continued to be digested, and suppliers showed a relatively strong willingness to hold prices firm. Losses at secondary lead enterprises worsened, prompting strong reluctance to sell and pronounced wait-and-see sentiment, while effective market supply shrank. After restocking at lower prices, downstream battery plants slowed procurement, with overall demand remaining weak and capping the rise in lead prices. Lead prices face limited upside room in the short term, and subsequent price moves should be watched for the impact of geopolitics, changes in operating rates at secondary lead enterprises in mid-to-late March, and downstream procurement conditions. Data source statement: Except for publicly available information, all other data is derived by SMM based on public information, market communication, and SMM's internal database models, and is for reference only and does not constitute decision-making advice.

[Supply Disruptions Persist, Imported TCs Continued to Decline]: Weekly data showed that the average weekly TC of SMM Zn50 domestic ore was unchanged at 1,550 yuan/mt in metal content, and the SMM imported zinc concentrate index fell $4.13/dmt MoM to $11.25/dmt...