Morocco has published the implementing decree for 'Law 82-21', officially enabling renewable energy self-consumption and surplus sales starting June 9, 2026. PV owners can now inject up to 20% of their annual production into the grid, earning up to MAD 0.21/kWh. To manage grid stability, the government capped total available capacity at 3,886 MW (72% solar). Research suggests this regulatory milestone could help unlock a 28.6 GW distributed solar market to support the country's broader low-carbon transition and future EV charging needs.

In February 2026, sales based on traffic compulsory insurance of new vehicles in China’s passenger vehicle market totaled 1.145 million units, down 13.2% YoY. Notably, this marked the fourth consecutive month since last November that the market posted a decline of more than 10%. Combined sales for January and February reached 2.704 million units, down 14.3% YoY.

According to the latest data from China Customs, China imported a total of 5,561 mt in metal content of nickel sulphate in February 2026, down 20% MoM and up 54% YoY. China exported 33 mt in metal content of nickel sulphate, down 74% MoM and down 75% YoY. China's net imports of nickel sulphate were 5,528 mt in metal content in February 2026, down 19% MoM and up 59% YoY. By country, exports to Japan pulled back this month, dragging down total exports; on the import side, imports from Indonesia and other countries also pulled back this month. Although imports from Finland increased, total imports still declined. Net imports of nickel salts also pulled back this month, broadly in line with last month's expectations.

Silver prices fell sharply today, and spot market premium quotations varied widely. Suppliers generally held back sales and stayed on the sidelines, while some smelters cut prices to sell off cargoes. In the Shanghai market, during early trading, mainstream quotations from suppliers of national-standard silver ingots were quoted at premiums of 150-200 yuan/kg against TD, but transactions were difficult. Some suppliers lowered premiums against TD to 100-120 yuan/kg, with only a small amount of rigid-demand transactions concluded. Spot cargo circulating in the market was relatively sufficient, and cargoes self-picked up from production site from smelters were sold off at premiums of 50-100 yuan/kg against TD or quoted at a premium of 50 yuan/kg against the SHFE silver 2606 contract. Downstream consumption weakened, and most downstream enterprises purchased cautiously for fear of further price declines, resulting in sluggish silver ingot transactions during the day.

SMM, March 23: According to market sources, Nandan County Jilang Indium Co., Ltd. is expected to offer crude indium ingots for external sale on the 23rd of this month, with indium purity ≥99.00%, approximately 1,000 kg, subject to YS/T 1163-2016 Crude Indium. Delivery location: the warehouse of Nandan County Jilang Indium Co., Ltd. (Industrial Park, Chehe Town, Nandan County, Hechi City). The seller is responsible for loading and weighbridge measurement, and the freight shall be borne by the buyer. The bidding deadline is before 16:00 on March 23, 2026, after which it will be invalid.

It was learned that the SMM weekly composite operating rate of lead-acid battery enterprises in five provinces was 73.92% from March 13 to March 19, 2026, up 0.46 percentage points WoW from the previous week. Recently, production at lead-acid battery enterprises remained relatively stable. Apart from slight production adjustments at a small number of enterprises, changes in production at other enterprises were relatively small. Over the past two years, as AI development accelerated, battery demand from data centers improved. In particular, lead-acid battery enterprises that secured tender orders had full order books, with production lines operating at full capacity. In addition, for civilian battery products, end-use consumption in the e-bike and automotive battery markets showed mediocre performance. Considering that from April to May is the traditional consumption off-season, some enterprises with average order intake only maintained operating rates at 70-80%, and needed to adjust production based on subsequent order conditions.

According to SMM data, during the second half of the traditional "Golden March" peak consumption season (March 16 - March 20, 2026), the most-traded stainless steel futures contract (SS2605) trended lower from its highs under the dual pressure of macroeconomic headwinds and tepid actual demand. By the close on March 20, the contract retreated to 14,150 yuan/mt (approx. $2,051/mt), down 125 yuan/mt (approx. $18/mt) from last Friday's close of 14,275 yuan/mt (approx. $2,069/mt). The market's core feature this week was the marginal weakening of previous bullish factors: international macro signals tilted hawkish, raw material upward momentum stalled, and the substantive recovery of end-user demand during the peak season remained lackluster, prompting a rational pullback in futures prices after hitting resistance. Macro-Economy: Divergence Between Global Hawkishness and Chinese Resilience On the macroeconomic front, a significant divergence emerged between global and Chinese economic data and policy directions. Internationally, the U.S. Federal Reserve ushered in a "Super Central Bank Week," deciding to hold its benchmark interest rate steady at 3.5%-3.75%. Influenced by developments in the Middle East and sticky inflation, the Fed's latest dot plot—despite maintaining expectations for one rate cut this year and next—revealed a distinctly hawkish tilt. Market bets on rate cuts for the entire year were slashed to less than 11 basis points. The dashed hopes for loose dollar liquidity weighed on the overall valuation of the base metals sector. In China, the National Bureau of Statistics released January-February economic data showing a stable start to the year. Value-added industrial output grew by 6.3% year-on-year, and total retail sales of consumer goods increased by 2.8%, though real estate development investment still fell by 11.1% YoY. This structural divergence indicates a certain resilience in Chinese manufacturing, but the drag from the property sector continues to cap the upward elasticity of end-user consumption. Fundamentals: Destocking Continues, But Spot Market Feels Lukewarm Fundamentally, social inventories maintained a destocking trend, but the spot market still lacked vigor. The latest SMM data shows social inventories falling further to 979,300 mt this week, a decrease of 18,800 mt from last week's 998,100 mt. The continuous decline in inventories sent a positive industry signal, stabilizing market sentiment to some extent. However, the spot market still felt cold. Overall quotes remained stable, and end-user procurement strictly followed a just-in-time purchasing model, failing to exhibit the across-the-board boom expected during a peak season and leading to a strong wait-and-see sentiment. Currently, although the destocking trend is preserved, constrained by high absolute inventory levels and the anticipated supply increment from March steel mill resumptions, traders are maintaining a steady pace of shipments without resorting to aggressive panic selling. Costs: High-Level Loosening Pauses Cost-Driven Logic The cost side also showed signs of loosening from its highs. As of March 20, high-grade nickel pig iron (NPI) quotes ended their previous unilateral rally, edging down to 1,084 yuan/mtu (approx. $157/mtu), while high-carbon ferrochrome prices held steady at 8,650 yuan/50 mt (approx. $1,254/50 mt). With the pullback in futures prices and the sustained caution of steel mills regarding high-priced raw materials, NPI faced resistance in breaching the 1,100 yuan mark. The stabilization of raw material prices at high levels, coupled with slight price concessions, has temporarily alleviated the upward pressure on steel mills' cost centers, bringing the previously strong "cost-driven" logic to a temporary halt. Outlook and Strategy In conclusion, the stainless steel market this week entered a "deep water" zone where peak season expectations are repeatedly tested against reality. The Fed's hawkish stance pressured macro sentiment, while the "tepid" state of just-in-time end-user demand left fundamentals lacking intrinsic upward momentum. However, two consecutive weeks of steady destocking and stable spot quotes have effectively limited the depth of the market's correction. Looking ahead to next week, the market will continue to seek a balance between "high inventories + supply increments" and "continuous destocking + just-in-time demand floor." The key focus will be whether the destocking slope reverses due to concentrated arrivals at steel mills. In the short term, the most-traded SS contract is expected to shift into a broad range-bound trend.

[SMM Tungsten Daily Review: Slight Price Collapse in the Scrap Tungsten Market, Ore and Upstream Smelting Products Consolidated Sideways] SMM News, March 23 In the short term, prices across the tungsten industry chain still showed divergence between primary and recycled materials. China was currently in a transition period marked by tightening supply on the raw ore side and a rising utilization rate of recycled materials. Smelters still needed some time to adjust their restocking practices and complete the adaptation and transition from a long-term contract pricing model led by the ore side to a scrap tungsten market procurement model featuring higher-frequency transactions and greater sensitivity to sentiment.

Data released by the CPCA showed that from March 1 to 15, retail sales in China’s passenger vehicle market totaled 561,000 units, down 21% YoY from the same period in March last year and up 2% MoM; cumulative retail sales since the start of the year reached 3.14 million units, down 19% YoY. From March 1 to 15, wholesale sales by passenger vehicle producers nationwide totaled 648,000 units, down 20% YoY from the same period in March last year and up 36% MoM; cumulative wholesale sales since the start of the year reached 4.141 million units, down 12% YoY.

[SMM Silicon-Based PV Morning Meeting Summary: Polysilicon Prices Remained Slightly Weak, While Module Prices Were Overtly Stable but Softened in Practice] Over the weekend, N-type recharging polysilicon was quoted at 39.5-47.5 yuan/kg, the N-type polysilicon price index stood at 43.64 yuan/kg, and granular polysilicon was quoted at 40-43 yuan/kg. Polysilicon prices still appeared slightly weak over the weekend, with reports of some transactions concluded at low prices. Bearish sentiment among upstream and downstream enterprises persisted, and prices were expected to remain weak.