[SMM Steel] On March 26, 2026, the Indian government approved $42 million in funding for three pilot projects to produce steel using green hydrogen. Part of the National Green Hydrogen Mission, these projects will be completed within three years by Matrix Gas Renewables, Simplex Castings, and SAIL. The pilots will test 100% hydrogen use in Direct Reduction Iron (DRI) and hydrogen injection in blast furnaces to significantly reduce coal and coke consumption.

Recently, the first coils were successfully rolled off the pickling line and hot-dip galvanizing line of the cold-rolling project of Anhui Panhua New Materials Co., Ltd., for which China National Heavy Machinery Research Institute Co., Ltd., a subsidiary of SINOMACH Heavy Equipment Group, served as the EPC contractor, marking the successful commissioning of the project.

Spot Lithium Carbonate Fluctuated Upward on 3.23-3.26.

Recently, the finishing mill unit and sizing press developed by Erzhong Equipment, a subsidiary of SINOMACH Heavy Equipment, for Meishan Iron & Steel’s 1,422 mm hot rolling production line were successfully commissioned. The equipment has been operating stably, with all performance indicators leading the industry, and has received high recognition from the owner.

[SMM Flash News] SHFE data showed that as of March 26, the total registered volume of cast aluminum alloy warrants was 39,035 mt, down 1,390 mt from the previous trading day. By region, the total registered volume was 2,424 mt in Shanghai, down 211 mt from the previous trading day; 16,200 mt in Guangdong, down 486 mt; 3,398 mt in Jiangsu, down 210 mt; 12,142 mt in Zhejiang, down 423 mt; 3,634 mt in Chongqing, down 30 mt; and 1,237 mt in Sichuan, down 30 mt.

At a February 5 forum in Kuala Lumpur, leaders highlighted progress on Southeast Asia’s interconnected power grid. The Vietnam–Malaysia–Singapore (VMS) project, is a major step toward the ASEAN Power Grid and is expected to reach 2,000 MW.

Dalian iron ore rose in the morning session today and then slowly pulled back. The most-traded contract I2605 finally closed at 817 yuan/mt, up 0.18% from the previous trading session. Spot prices rose by about 5-8 yuan from the previous trading day. Traders were moderately active in offering quotes, while steel mills maintained a steady procurement pace; overall spot market transactions were limited. Morning gains in futures were driven more by market rumors that core suppliers were about to cut production. According to this week’s SMM data, hot metal production steadily rebounded to 2.4049 million mt this week, up 15,000 mt WoW, indicating strong price support from the demand side. In terms of supply, IOCJ fines and PB lump continued to see relatively large destocking, while Newman fines and MAC fines inventories kept rising, indicating that structural tightness at ports still existed. However, due to elevated prices and mixed market news, with rumors surrounding long-term contract negotiations and production cuts remaining confusing, market risks intensified, and most funds chose to stay on the sidelines. Overall, iron ore prices were more likely to break upward, with relatively solid support at the bottom, and ore prices are expected to fluctuate at highs in the short term.

[Silicon Metal Market Sees Rising Bargaining Sentiment, Focus on Changes in Supply-Side Operating Rates]: This week, the silicon metal market remained in a bargaining stalemate, with the price center of some specifications edging up slightly. As of March 26, SMM east China oxygen-blown #553 silicon was at 9,100-9,300 yuan/mt, up 100 yuan/mt WoW. #441 silicon was at 9,300-9,500 yuan/mt, flat WoW, and #3303 silicon was at 10,200-10,400 yuan/mt, also flat WoW. In the futures market, affected by sentiment and expectations surrounding supply-side factors such as “self-discipline among silicon enterprises and anti-involution,” the most-traded silicon metal contract continued to hold up well over the past week, closing at 8,735 yuan/mt late on Thursday with a notable gain. In terms of quotations, silicon enterprises mostly kept shipment quotes stable, with some quotes testing slight increases; the quote center of trading firms engaging in both spot and futures market rose markedly, and low-priced cargoes disappeared. As downstream acceptance of high prices was limited, high-priced transactions in the market were difficult to conclude.

On March 25, the commissioning ceremony for the waste battery material recycling project of Guangzhou Youmei Recycling Technology Co., Ltd. was held in Baiyun, Guangzhou. As Guangzhou's first waste battery material recycling project, its commencement of production will provide a stable supply of recycled resources for the new energy industry in South China and across the nation. It also represents a crucial step for GAC Group in perfecting its green industry chain and responding to the national "dual carbon" strategy.

[SMM Aluminum Express News] Vietnam and Russia have signed an agreement in Moscow to develop Vietnam’s first nuclear power plant following talks between Prime Minister Pham Minh Chinh and Prime Minister Mikhail Mishustin. The project includes two nuclear plants with a combined capacity of 400MW in former Ninh Thuan province (now Khanh Hoa), marking a major step in Vietnam’s long-term energy diversification strategy. The agreement is expected to strengthen cooperation in high technology, research, and industrial development, while supporting Vietnam’s rapidly rising electricity demand. The Government estimates that power consumption will increase by 12-13percent in 2025 and reach 1,200 billion kWh by 2045