Deepvein Mining has unveiled DeepSight Exploration, an integrated hardware-software system utilizing drone swarms and quadruped robots for end-to-end mineral exploration. Validated at a copper project in Namibia, the platform combines autonomous mapping, sampling, and geological intelligence to pinpoint high-potential targets. This robotics-first approach aims to reduce exploration cycles by 30 to 50 percent and lower costs by approximately 40 percent while significantly improving field safety in complex environments.

From the perspective of Sprott’s experts, gold remains a central strategic building block for investors, even if the precious metal suffers in the short term from the rise in US Treasury yields.

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!

According to SMM data, the week of March 23–27, 2026 marked the final stretch of China’s traditional peak-demand season known as “Golden March.” During the week, the most-active stainless steel futures contract ( SS2605 ) posted a firmer, rangebound rebound as weak fundamentals clashed with renewed macro support. By the close on March 27 , the contract had risen to RMB 14,355/mt (about USD 2,076/mt) , up RMB 205/mt (about USD 29.65/mt) from RMB 14,150/mt (about USD 2,047/mt) a week earlier. The week’s defining feature was a sharp contrast between weak spot fundamentals and resilient market expectations. Physical demand remained mediocre, and social inventories moved back into accumulation. Even so, stainless futures found strong support from easing concerns over the Middle East, policy-related uncertainty in Indonesia’s nickel sector, and liquidity support from China’s central bank. As a result, prices managed to hold the lower end of the recent trading range and rebound from there. Macro backdrop: easing geopolitical stress, but rates remain a headwind At the macro level, both overseas and China-related developments saw important shifts. In the Middle East, the nearly month-long Strait of Hormuz crisis showed signs of easing after Iran’s mission to the United Nations said that non-hostile vessels could still pass safely through the strait in coordination with Iranian authorities. That helped cool fears of a major energy supply disruption. However, the inflation fallout from the earlier oil price spike has already shown up in global rates markets. US Treasury yields remained elevated, further reducing room for aggressive Fed easing expectations. In China, the central bank conducted a RMB 500 billion one-year MLF operation , equivalent to about USD 72.32 billion , helping keep liquidity conditions reasonably ample. While this was largely a routine move, it did help ease some of the valuation pressure created by a high global interest-rate environment and offered a degree of support to the market floor. Fundamentals: destocking stalls as inventories edge higher again On the fundamentals side, the destocking trend came to an abrupt halt, and “Golden March” ended on a disappointing note. The latest SMM data showed that social inventories failed to extend the declines seen over the previous two weeks and instead edged up to 982,000 mt , from 979,300 mt the week before, an increase of 2,700 mt . That renewed inventory build hit a sensitive spot for the market. In the spot market, downstream buyers continued to replenish only as needed, with very little appetite for stocking up. Throughout March, trading activity never showed the kind of momentum normally associated with a true seasonal demand peak. At the same time, mills have maintained relatively high production schedules, creating a mismatch between concentrated arrivals and lukewarm demand. As a result, inventory digestion is becoming more difficult rather than less, placing a clear cap on further upside in both futures and spot prices. Cost support stays firm as Indonesia policy rumors stir the market The cost side remained notably resilient, with fresh policy speculation adding another layer of support. As of March 27 , high-grade NPI was quoted at RMB 1,083.5 per nickel unit (about USD 156.71 per nickel unit) , while high-carbon ferrochrome held firm at RMB 8,650 per 50-basis mt (about USD 1,251.07 per 50-basis mt) . Although weak spot fundamentals still left mills inclined to push back against expensive raw materials, the market was unsettled this week by reports and rumors surrounding possible Indonesian export taxes and windfall taxes on nickel products. That policy uncertainty quickly revived bullish sentiment and helped upstream prices stabilize even as the market faced correction pressure. With raw material costs remaining elevated, downside room in stainless steel futures continued to look limited. Outlook: macro support sets the floor, weak demand caps the upside Overall, this week’s market was a clear example of macro support defining the downside floor while weak fundamentals capped the upside. “Golden March” ended without delivering the demand strength many had hoped for, and the return to inventory accumulation undermined the bullish case from a fundamental perspective. Even so, the combined effect of China’s RMB 500 billion MLF injection, easing Middle East tensions, and Indonesian tax-related speculation helped prevent a breakdown and instead allowed prices to rebound. Looking ahead, the market is now moving into the “Silver April” period. With inventories still high and mill output still elevated, there is little in the current fundamentals to support a strong one-way rally. At the same time, cost support remains firm enough to make a deep decline difficult. In the near term, the most-active stainless steel futures contract is expected to remain in a broad trading range. Market participants should pay close attention to whether Indonesian policy measures are formally implemented and how quickly spot inventories are absorbed after the holiday period. For now, chasing prices higher aggressively still looks risky. Written by: Bruce Chew | bruce.chew@smm.cn +601167087088

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.

India’s steel market in 2026 is expected to remain balanced, with demand slightly outpacing supply. Domestic consumption will absorb most output, while imports decline overall and exports increase modestly as a balancing mechanism. Supported by strong growth and infrastructure investment, India is transitioning toward a demand-led steel market with solid long-term potential.

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.

Driven by the combined impact of macro policies and geopolitical factors, the stainless steel market outside China saw a marked upward shift in the cost center. Indonesia’s decision to impose tariffs on nickel and coal exports, together with the implementation of Europe’s CBAM carbon tax, directly ignited bullish sentiment across the raw material supply chain, leading to firm Indonesian export offers and a sharp surge in European alloy surcharges. Pushed strongly by costs, steel mills across many parts of Asia intensively raised their list prices. However, end-use demand outside China showed significant structural divergence, with Japan and South Korea remaining resilient while Taiwan, China came under pressure. As the rapid price rally in the earlier period triggered downstream fear of high prices, current procurement is strictly limited to rigid demand. Looking ahead, the specific implementation details of Indonesia’s tariffs and validation of substantive demand will become the core variables shaping futures. In the short term, markets outside China are likely to hover at highs while maintaining a cautious wait-and-see stance.

[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...

The gold price has undergone a sharp correction since its January high, unsettling many investors. The price decline of more than $1,000 per ounce appears at first glance to represent a break in the previous uptrend. However, according to analysts at WisdomTree, this movement reflects less a fundamental change in the macroeconomic situation than a combination of position adjustments, liquidity needs, and short-term market pressure.