[SMM Daily Brief Review of Coking Coal and Coke] In terms of supply, coking coal costs for coke producers declined somewhat, and with the first round of coke price increases now fully implemented, losses at coke producers narrowed significantly, boosting production enthusiasm. Coke supply increased steadily, while downstream demand remained moderate, shipments were smooth, and producers' own inventory continued to decline. Demand side, steel mill blast furnaces gradually resumed production, and daily average hot metal production continued to increase, driving up rigid demand for coke. However, steel mills have recently seen good coke arrivals, with most mills' coke inventory at mid-range levels and overall procurement sentiment remaining average. In summary, coke market fundamentals have shifted toward looser supply and demand, and coupled with weaker recent cost support for coke, the coke market may remain temporarily stable in the short term, with further price increases facing greater difficulty.

[SMM Daily Brief Review of Coking Coal and Coke] Supply side, coke producers' shipments were smooth, and coke inventory continued to decline, but recently the cost of coal charged into furnaces at coke producers continued to rise, dampening the production enthusiasm of some coke producers. Demand side, current hot metal production at steel mills continued to increase, boosting rigid demand for coke. In summary, coke fundamentals showed a tight trend, and coupled with strengthening cost support for coke, the coke market may hold up well in the short term, with the first round of coke price increases this week likely to be implemented.

This week, the tungsten market showed a divergent trend with mild corrections in domestic prices and a contrarian rise in overseas APT prices. Domestic tungsten concentrate and midstream product prices remained relatively firm, while scrap tungsten prices dropped sharply as profit-taking emerged. Supported by a tight supply-demand balance, overseas markets strengthened, further widening the price gap between domestic and international markets.

[SMM Daily Brief Review of Coking Coal and Coke] Supply side, costs increased further, losses at most coke producers widened, and willingness to push for a coke price hike strengthened, but a coke price hike is expected to be implemented, while coke production remained stable. Demand side, finished steel shipments improved somewhat, steel inventories began to decline, steel mills became more willing to produce, and daily average hot metal production continued to increase, raising acceptance of higher coke prices. In summary, coke fundamentals have turned tighter, and the coke market may remain generally stable with slight rise in the short term, with a coke price hike expected to be implemented.

[SMM Daily Brief Review of Coking Coal and Coke] In terms of supply, with costs remaining high, most coke producers saw wider losses and began to push for a coke price hike, but losses remained within an acceptable range, and coke production stayed stable. On the demand side, steel trading improved somewhat, steel mills became more willing to produce, and daily average hot metal production continued to increase, further boosting rigid demand for coke. Overall, coke fundamentals shifted toward tightness, but steel mills showed only average acceptance of higher coke prices, and the coke market may remain generally stable with slight rise in the short term.

According to foreign media reports, the Odisha state government recently announced that it will auction 34 mineral sites in the 2026-27 fiscal year, including 25 major mineral sitesand 9 key strategic mineral sites, distributed across 12 districts—Keonjhar, Sundargarh, Mayurbhanj, Balangir, Rayagaada, Nuapada, Deogarh, Kalahandi, Subarnapur, Nayagarh, Malkangiri, and Koraput. The 25 major mining sites include 5 iron ore sites, 6 bauxite sites, 4 mixed iron-manganese sites, 3 quartz sites, 2 limestone sites, 1 manganese sites, 1 copper sites, and several mixed sites.

[SMM Aluminum Express News] India auctioned a record 200 mineral blocks in FY 2025–26, including 30 bauxite blocks, a key focus for aluminum and industrial supply chains. This marks the highest annual auction volume ever, with bauxite ranking third after limestone (76) and iron ore (40). The auctions strengthen domestic raw material security and value addition under transparent processes.

Japan's METI announced it will terminate its auction-based 'FIP' program for large-scale solar (>250 kW) and exclude 10-50 kW ground-mounted commercial solar from 'FIT' support after fiscal year 2026. However, residential (<10 kW) and roof-mounted commercial installations will continue to receive tiered 'FIT' support. The renewable energy levy for FY 2026 is set at JPY 4.18/kWh. Japan's recent 27th solar auction allocated 79 MW at an average of JPY 4.61/kWh.

This week, lithium ore prices continued to follow lithium carbonate in a fluctuating downward trend. Supply side, the volume of cargoes available for circulation in the market gradually decreased recently, while mines outside China showed stronger willingness to make shipments amid fluctuations, with some mines outside China conducting several auctions during the week. Demand side, inquiries and procurement sentiment for lithium ore remained relatively strong, but due to the large recent market fluctuations, back-and-forth negotiations between upstream and downstream intensified, and wait-and-see sentiment persisted, though overall transaction activity improved. Overall market transaction prices continued to follow the fluctuating trend in lithium carbonate futures.

On the afternoon of March 19th, Albemarle's spodumene concentrate auction concluded. The auction lot was 14,520 tonnes of spodumene concentrate from Wodgina, with the transaction price at CIF SC6 USD 2,018 per tonne. It is expected to arrive in port in April, with self-pickup available from Zhenjiang Port.