President of CORNEX New Energy Co., Ltd., made a forecast on the energy storage battery cell market over the next two years. He pointed out that from 2026 to 2027, energy storage battery cells would remain in relatively tight supply, with the supply-demand relationship being the determining factor. Huang Feng analyzed that China accounted for more than 90% of global battery cell production and sales. In 2025, China’s battery cell production and sales were about 600 GWh, and in H2, the market had already seen a situation where supply could not keep up with demand, while actual capacity was only slightly above 500 GWh. Based on the industry’s average growth rate of 35%, demand is expected to reach 800-850 GWh this year, and the overall market will still face pressure.

[China Iron Ore Brief Review: Iron Ore Concentrate Prices in the Tangshan Region May Hold Up Well] In Shandong, the pre-tax dry-basis price of 64-grade alkaline fines at mines and beneficiation plants fell by 5 yuan to 894 yuan, and steelmakers lowered prices in tandem. Most miners maintained normal production, with no significant inventory buildup and basically no inventory at most operations. Steelmakers continued to purchase under long-term contracts, mainly purchasing as needed while maintaining low inventory operations. On the news front, external market disruptions remained unabated, and imported ore prices stayed at a relatively high level, which may provide some support for domestic iron ore

As semiconductor demand surged, JX Advanced Metals Corporation, Japan’s semiconductor materials giant (JX Advanced Metals Corp., hereinafter referred to as JX Advanced Metals), plans to increase investment in chip and information technology materials. President Yoichi Hayashi said the company plans to invest about 100 billion yen ($623 million) annually across all business divisions, with a focus on chip-related businesses. Over the past three years, the company invested an average of 90 billion yen per year. JX Advanced Metals is one of the beneficiaries of the rapid buildout of AI data centers, and its clients include global chipmakers such as TSMC, SK Hynix, and Intel. This has prompted the company to shift from its traditional copper smelting business to chip and information technology materials. In an interview, Hayashi said, “I do not think we should blindly expand investment, but it would be a serious mistake to hesitate when there are clear opportunities. I believe now is the time for us to take certain risks.” As demand exceeded expectations, JX Advanced Metals raised its operating profit forecast for the fiscal year ending March 31 by 20. Sales of indium phosphide, a semiconductor material produced by the company, were strong, and the company said it will make additional investment to expand capacity. Hayashi said that, given tight supply and demand, the company was negotiating with clients to raise product prices. He added that the magnitude of the price increases varied by product, but did not disclose specific details. He believes the war in the Middle East will not have a significant impact on the company’s operations, but is monitoring developments closely. JX aims to achieve operating profit of 200 billion yen in growth segments, including its chip materials business, by the fiscal year ending March 2040. Operating profit for the most recent fiscal year was about 52 billion yen. (Wenhua Composite)

On March 27, the 2026 SMM (21st) Lead & Zinc Conference and Industry Expo, organized by SMM, wrapped up successfully at Howard Johnson Agile Plaza in Chengdu, Sichuan!

As of March 30, the closing price of the most-traded HRC futures contract was 3,307. In March, the SMM national average spot price for HRC was 3,265.93 yuan/mt, with the monthly average price up 0.72% MoM.

SMM News, March 30: During the day, the most-traded SHFE lead 2605 contract opened at 16,460 yuan/mt. Prices edged lower in early trading, then gradually moved higher in choppy trading, supported by destocking of lead ingot inventory in China. In the afternoon, it maintained a relatively firm consolidation range of 16,490-16,510 yuan/mt, and briefly climbed to 16,535 yuan/mt near the close, before finally closing at 16,495 yuan/mt, forming a bearish candlestick with no upper shadow, down 60 yuan/mt, or 0.36%. For primary lead, inventory drawdowns at lead smelters and social warehouses provided some support to lead prices. For secondary lead, production resumptions at some secondary lead smelters and maintenance expectations at some enterprises coexisted in April. On the downstream demand side, producers purchased as needed, with relatively more bargaining in some cases, and transactions were relatively scattered due to the wider range of procurement options. Overall market supply and demand remained in a tug-of-war, and lead prices are expected to continue moving sideways within a range. Data source disclaimer: Except for publicly available information, all other data is processed and derived by SMM based on publicly available information, market communication, and SMM's internal database models, and is for reference only and does not constitute decision-making advice.

In March, European APT prices surged 30%, driven by persistent supply shortages, widening the price gap with China to over $400/mtu. Tungsten scrap markets saw panic selling mid-month but stabilized toward month-end. China entered a consolidation phase as mining quota were released, yet strong fundamentals point to renewed upside ahead.

Indonesia's new nickel tariffs and Europe's CBAM have sharply raised overseas stainless steel costs, driving Asian mills to hike prices. Downstream demand remains mixed: Japan and South Korea are resilient, while the Taiwan, China region faces pressure. Wary of rapid price spikes, buyers are limiting purchases to rigid demand. The market will remain cautious until tariff details and actual demand are validated.

SMM News, March 30: Data Brief: As of Monday, March 30, SMM copper inventories in major regions nationwide fell 13.81% WoW from last Monday, with all regions continuing destocking. Specifically, in Shanghai, arrivals of imported and domestic cargo were normal, downstream consumption continued to recover, and inventory declined steadily; in Jiangsu, downstream consumption also improved, but the destocking pace slowed somewhat as copper prices rose again; in Guangdong, downstream consumption remained robust, and coupled with tight supply, spot inventory continued to decline. Outlook: imported cargo continued to arrive, while arrivals of domestic cargo slowed somewhat, leaving overall supply tight; on the demand side, downstream buyers mainly made just-in-time procurement, and overall consumption slowed slightly from the previous period. According to survey data, the weekly operating rate of copper cathode rod is expected to rise to 83.76% this week, up 0.59 percentage points WoW. Considering both supply and demand, the market has now formed a pattern of “stabilizing supply and temporary stabilization in consumption,” and social inventory is expected to continue declining this week.

[SMM Stainless Steel Daily Review] Macro Uncertainty Coupled With Just-in-Time Demand Support Kept Stainless Steel Spot and Futures Fluctuating SMM News, March 30: SS futures maintained a fluctuating trend. As macro news continued to cause disruptions, the market struggled to find a clear direction, making it difficult to change the fluctuating pattern in futures. As of the midday close, prices stood at 14,360 yuan/mt. In the spot market, spot stainless steel transactions were mostly driven by just-in-time demand, with limited fluctuations in market quotations, and traders generally adopted a strategy of holding prices steady for shipments. Although current stainless steel prices still had some cost support, heavy macro uncertainty fostered strong wait-and-see sentiment in the market; to avoid price fluctuations, downstream players mostly made just-in-time procurement. Despite solid underlying just-in-time demand during the peak season, fundamental factors such as supply and demand and costs were still unlikely to dominate stainless steel price trends in the short term. The most-traded SS futures contract maintained a fluctuating trend. At 10:15 a.m., SS2605 was quoted at 14,365 yuan/mt, up 10 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 105-305 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was unchanged; for cold-rolled trim-edge 304/2B coil, the average price in Wuxi fell by 50 yuan/mt, while the average price in Foshan held steady; cold-rolled 316L/2B coil in Wuxi was unchanged; for hot-rolled 316L/NO.1 coil, Wuxi quotations were unchanged; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. The stainless steel market has now entered the traditional peak consumption season. Downstream end-user transactions remained stable, but market sentiment turned cautious, with end-user enterprises showing little willingness to stockpile, and purchases were mostly made through restocking as needed...