[Magnesium Prices Stuck in Dilemma: Geopolitical Tensions, Cost Support, and Demand Surge Clash with High Supply] Reviewing the recent magnesium market, magnesium prices repeatedly fluctuated within the 16,600-16,700 range, with a relatively slow pace.

SMM Nickel, March 20: Macro and Market News: (1) The Party Committee of the People's Bank of China held an enlarged meeting on March 18, which stated that it would continue to effectively implement a moderately accommodative monetary policy, firmly safeguard the stable operation of financial markets such as equities, bonds, and foreign exchange, and advance legislative formulation and amendments including the People's Bank of China Law and the Financial Stability Law. (2) The interest rate futures market priced in only 5.5 basis points of US Fed interest rate cuts this year, and bets on rate hikes began to emerge. Spot Market: On March 20, the SMM price of #1 refined nickel rose by 3,000 yuan/mt from the previous trading day. In terms of spot premiums, the average price of Jinchuan #1 refined nickel was 6,550 yuan/mt, down 200 yuan/mt from the previous trading day, while the mainstream China electrodeposited nickel brands were quoted at -300-400 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2605) staged a sharp rebound, closing the morning session at 134,780 yuan/mt, up 1.50. Yesterday, nickel prices once fell below the 130,000 yuan mark, as trades on expectations of a global economic recession triggered by escalating geopolitical conflict in the Middle East put the metals complex under pressure overall. Nickel prices then took the lead in rebounding sharply, recovering to around 135,000 yuan/mt in the morning session. Short term, sentiment from the macro perspective may continue to dominate the market, and nickel prices may maintain wide swings.

[SMM Titanium Weekly Review: Cost-Driven Titanium Dioxide Price Hikes Took Effect, Market Adjustments Released Upward Signals] This week, the titanium industry chain showed a divergent trend. The titanium concentrate market remained in the doldrums, with imported ore prices falling लगातार under pressure from downstream efforts to push for lower prices and accumulating port inventory. Titanium dioxide, meanwhile, saw the second round of collective price adjustments in mid-month under persistently high sulphuric acid costs. Mainstream enterprises in China raised domestic prices by 500 yuan/mt and export prices by $100/mt, pushing the quoted center up to 14,000-14,500 yuan/mt, though follow-up from domestic demand remained mediocre and foreign trade orders showed clear divergence. The titanium slag market stayed in the doldrums, with prices under pressure amid weak costs and demand. In the titanium sponge market, leading enterprises took the lead in raising prices, with domestic prices up 2,000 yuan/mt and international prices up $300/mt. Supported by restocking demand for titanium materials and low inventory, the market showed a strong willingness to hold prices firm, but downstream processing segments still maintained a wait-and-see stance, and titanium ingot and titanium plate/strip prices only edged up slightly. Overall, cost support and structural demand divergence coexisted, and future price trends still depended on substantive improvement on the supply and demand side.

[SMM Stainless Steel Daily Review] SS Futures Stopped Falling and Rebounded, Stainless Steel Spot Quotations Rose in Tandem SMM News, March 20: SS futures stopped falling and rebounded. Base metals futures generally recovered, with SS futures showing particularly strong performance and basically recouping this week’s losses, closing at 14,160 yuan/mt by the midday close. In the spot market, driven by the strong rebound in SS futures and coupled with stainless steel mill agents’ efforts to hold prices firm, stainless steel retail quotations also moved higher accordingly; supported by improving market sentiment, both inquiry activity and trading picked up. High-grade NPI prices remained in the doldrums, and the steel mill tender price for high-carbon ferrochrome was announced below market expectations, leaving weak cost support for stainless steel. The most-traded SS futures contract stopped falling and recovered. At 10:15 a.m., SS2605 was quoted at 14,150 yuan/mt, up 220 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 220-420 yuan/mt range. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi rose by 50 yuan/mt; for cold-rolled trimmed 304/2B coil, the average price in Wuxi rose by 100 yuan/mt, and the average price in Foshan rose by 50 yuan/mt; cold-rolled 316L/2B coil in Wuxi was flat; hot-rolled 316L/NO.1 coil quotations in Wuxi were unchanged; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. Entering the traditional September-October peak season, although the stainless steel market ushered in a seasonal recovery window, end-use demand fell short of expectations, downstream wait-and-see sentiment gradually intensified, and procurement only...

[Downstream Enterprises Actively Priced and Purchased, with Spot Transactions Improving Significantly During the Week]: This week, Ningbo spot premiums continued to rise, with the weekly average price up 20 yuan/mt WoW. As of this Friday, Ningbo spot prices against the 2604 contract were at a discount of 30 yuan/mt, with a premium of 50 yuan/mt against Shanghai, and the premium against Shanghai widened during the week..

[Zinc Price Center Rose, Focus on Subsequent Macro Changes] The most-traded SHFE zinc 2605 contract opened at 22,875 yuan/mt. After the opening, bulls added to open interest and pushed SHFE zinc up to 23,110 yuan/mt. During the session, bulls reduced open interest and SHFE zinc fell to a low of 22,840 yuan/mt. Near the close, bulls exerted strength again, driving prices to rebound slightly. It finally closed up at 22,935 yuan/mt, up 75 yuan/mt, or 0.33%. Trading volume decreased to 66,161 lots, and open interest increased by 664 lots to 106,000 lots.....

Middle East tensions have sparked a massive steel trade "mismatch." Iran's blocked exports created a 2.3-million-ton billet vacuum in Southeast Asia, while the Red Sea crisis stalled China's flat steel shipments to the Gulf. Consequently, China and India are rapidly absorbing SEA's diverted billet orders. SMM projects that blocked flat steel returning to China's domestic market, combined with surging overseas billet demand, will accelerate the narrowing of the domestic HRC-rebar spread.

SMM News on March 20: The most-traded SHFE lead 2605 contract opened at around 16,461 yuan/mt intraday. Affected by broad declines across base metals, lead prices moved in a unilateral downward trend overall today, hitting a low of 16,270 yuan/mt during the session. Although prices edged up slightly toward the close, the rebound was limited, and the contract finally closed at 16,290 yuan/mt. A small bearish candlestick was recorded, down 125 yuan/mt, or 0.76%. Supply side, dragged down by low lead prices, suppliers of primary lead showed mediocre willingness to ship, while secondary lead producers held prices firm and were reluctant to sell due to cost pressure, leaving overall transactions sluggish. Demand side, downstream battery plants mainly purchased based on rigid demand under long-term contracts, while wait-and-see sentiment for spot orders remained strong. SMM expects SHFE lead prices to remain in the doldrums. Data Source Statement: Except for public information, all other data is processed and 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.

SMM News, March 20: LME lead opened at $1,905/mt this week and fluctuated lower in early trading under the influence of sentiment. It then climbed to a high of $1,938/mt supported by buying interest. In the latter part of mid-week, bullish momentum weakened, and amid weaker macro conditions and a weaker base metals sector, lead prices fell again and touched a low of $1,872.5/mt. They then rebounded slightly and consolidated toward the end of the week, finally closing at $1,881.5/mt, down $23.5 from the beginning of the week, a decline of 1.23%. The most-traded SHFE lead contract opened at 16,585 yuan/mt this week. In early trading, bears entered the market, sending prices quickly down to 16,245 yuan/mt, after which it fluctuated at lows. Mid-week, as bears exited the market, SHFE lead prices rebounded to a high of 16,795 yuan/mt, but under pressure from slack spot supply and demand and bearish macro sentiment, it struggled to rebound and its center moved lower. Toward the end of the week, bears continued to exert pressure, and lead futures remained weak, finally closing at 16,290 yuan/mt, down 315 yuan on the week, a decline of 1.9%. > Subscribe to View Historical SMM Metal Spot Prices

Platinum prices fluctuated upward today. In early trading, the most-traded platinum contract PT2606 on GFEX opened lower at 507.95 yuan/g, down 2.33 percent at the open, then fluctuated upward and closed the morning session at 523.85 yuan/g, up 0.73 percent. In the spot market, spot platinum was quoted at discounts of 7-9 yuan/g against PT2606, or at a discount of 2 yuan/g to parity against the SGE seller-1 price. Spot discounts were basically flat from the previous trading day. As for spot transactions, SMM learned that some traders reported more inquiries and actively purchased, while a few suppliers showed lower willingness to sell and held back cargo to maintain inventory. Downstream buyers negotiated purchases based on demand, and overall trading in the spot market was normal.