This week, ferrous metals fluctuated at highs, with raw material ore and coking products outperforming steel. Against the backdrop of the escalating conflict in the Middle East, ore and coking products held up well, supported by higher shipping costs and transmission from coal and coke as energy substitutes. In the second half of the week, supply and demand data for hot-rolled coil and rebar were released. The increase in rebar inventory slowed markedly; however, hot-rolled coil demand was lower than the same period last year, and the pace of post-holiday recovery was relatively slow, leaving steel as a whole with limited upward momentum, while futures retreated after rapid rise. In the spot market, trading in the Chinese market was average this week.....

[Consumption Expectations Were Gradually Realized, Operating Rates of Galvanising Producers Continued to Increase]: This week, the operating rate of the galvanizing industry was 59.7, up 6.69 percentage points WoW. Raw material side, zinc prices pulled back sharply this week, galvanising enterprises actively fixed prices to stockpile, and zinc ingot inventory at galvanising enterprises increased significantly.

This week, the rare earth market outside China showed a divergent pattern of “cerium up, the rest down.” Driven by price increases in China and rising ocean freight rates, cerium oxide FOB and CIF prices rose by $55/mt and $60/mt, respectively, while FOB offers for mainstream magnetic material raw materials such as praseodymium, neodymium, dysprosium, and terbium were generally lowered by $3-19.5/kg due to lower prices in China and tight supply caused by export controls. Although limited trading volumes supported premiums in markets outside China, expectations of an industrial slowdown in Europe triggered by the Middle East situation may suppress subsequent demand. On industry developments, Lynas’ Malaysia plant started samarium oxide production ahead of schedule, consolidating its position as the only commercial heavy rare earth separator outside China and advancing its 2030 strategy. In Australia, Terrain discovered high-grade magnetic rare earth ore intervals during drilling at its Western Australia project, highlighting significant resource potential.

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

【SMM Analysis】As of this week, the weekly net profit of Pr-Nd alloy reached 36,812.4 yuan, with a net margin of 4.1%. Compared with last week, net profit increased 134%, setting a new profit high for the past nearly two years. The main reasons behind this were the decline in raw material costs and relatively high metal quotes.

[Market Participants Became More Rational in Sentiment, and Grain-Oriented Silicon Steel Prices May Fluctuate Rangebound Next Week] In terms of transactions, the procurement pace of end-use industries such as downstream transformers and power equipment slowed down, and purchase willingness remained cautious, with procurement mainly consisting of small-volume, as-needed restocking orders, while large-volume purchasing activity was scarce, resulting in relatively low actual market trading activity. In addition, resources from steel mills’ earlier directed orders arrived successively, and traders’ circulating inventory accumulated steadily. Some merchants offered slight price concessions to accelerate turnover and boost shipments, but the overall room for concessions remained limited and failed to effectively lift transactions.

How the mighty have fallen. Silver was the talk of the town as it surged by roughly 60% in January trading, hitting highs of just above $120. That is a far cry from where we are trading now, with the precious metal suffering another 5% drop today and poised for six straight daily losses in nine.

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.

The current domestic rhenium spot market in China is characterized by differentiation across the industrial chain, two-way supply-demand game, and high-level consolidation. Overall market conditions are jointly driven by multiple factors, including macro investment sentiment, inventory restocking cycles, overseas supply chain risks, and domestic fundamental supply and demand. I. Upstream: Stable Price Range, Accelerated Shipments Major domestic upstream rhenium producers maintain stable raw material quotations, with the mainstream price range around 28,000. Only a small number of suppliers offer prices as high as around 30,000, forming a clear tiered price structure without major fluctuations. Recently, upstream producers have shown stronger willingness to sell, with a notable increase in shipment frequency. II. Midstream: Scheduled Production, Low Acceptance of High-Priced Ammonium Perrhenate Midstream refineries and rhenium processors are currently operating under scheduled production. Order deliveries are concentrated, with most manufacturers scheduled to fulfill orders in March and April.In terms of cost control and purchasing sentiment, midstream processors generally show low acceptance of high-priced ammonium perrhenate. Buyers tend to negotiate rationally and resist chasing high prices, which directly caps the upward room for ammonium perrhenate prices. III. Downstream: Cooling Investment Sentiment, Steady Recovery in Industrial Demand Downstream demand exhibits significant structural divergence between investment demand and industrial demand, which has become the key factor affecting short-term market sentiment. On the one hand, previously active investment demand has cooled, accompanied by panic selling among retail investors. Increasing low-price sell-offs have emerged in the market as holders offload at discounted prices to accelerate capital turnover, weighing on short-term spot transaction prices. On the other hand, industrial demand has steadily recovered and maintained growth. As the core rigid support for rhenium, the recovery of industrial demand provides a solid fundamental floor, offsetting part of the negative impact from investment-driven sell-offs. IV. Market Outlook Based on the macro environment and industrial supply-demand fundamentals, the domestic rhenium market is in a balanced game between bullish and bearish factors, keeping prices in high-level consolidation. Short-term Outlook Affected by the international macro environment, investment enthusiasm in the energy sector remains high, diverting capital away from non-ferrous metals. The overall weakening investment sentiment in the non-ferrous sector has spilled over to the niche strategic metal rhenium, suppressing investment demand.In addition, most market participants completed phased restocking around the Spring Festival, leaving inventories at relatively sufficient levels. As a result, raw material prices lack upward momentum, with limited room for significant gains in the short term. Long-term Outlook Geopolitical competition over critical minerals is intensifying. Progress in critical minerals negotiations between the U.S. and Chile, along with rising exclusive cooperation in global critical minerals supply chains, has reduced the stability of overseas ammonium perrhenate import channels and raised external supply risks.The expected tightening in ammonium perrhenate supply will provide strong support to market prices.

[SMM Chrome Weekly Review: Steel Tender Prices Rose, and the Market Remained Temporarily Stable] March 20, 2026 News: Quotes for chrome ore and ferrochrome were unchanged for the time being...