[SMM Analysis: What Impact Does the Middle East Situation Have on the Recycled Copper Raw Materials Market?] Recent turbulence in the Middle East has once again rattled global commodity markets. However, zooming in on the recycled copper raw materials segment, the market has remained remarkably calm. This article examines the trade structure and supply-demand dynamics to explain why the Middle East situation has, in practice, a relatively limited impact on Asia's scrap copper market.

February 2026 proved to be a pivotal month of challenge and adjustment for the global stainless steel market. Driven by the compounding pressures of the Carbon Border Adjustment Mechanism (CBAM), intensifying geopolitical trade friction, significantly tightened raw material quotas, and sudden supply chain disruptions, the market navigated a complex landscape.

National crude steel demand decreased from 1.05 billion mt in 2020 to 910 million mt in 2025, with the steel consumption in manufacturing (machinery, automobiles, home appliances, and ships) increasing from 242 million mt to 280 million mt, a rise of 15.7%, and its share rising from 23% to 31%, becoming a key force in boosting the upgrade of crude steel demand structure. In contrast, construction demand fell from 631 million mt to 440 million mt, with its share dropping from 60% to 49%.

[Stronger Dollar Weighs, SHFE Zinc Slips in Day Session]: The most-traded SHFE zinc 2604 contract opened at 24,555 yuan/mt. Early in the session, SHFE zinc touched a high of 24,720 yuan/mt, then fluctuated downward. Near the close, SHFE zinc dipped to 24,320 yuan/mt, and finally closed down at 24,370 yuan/mt, down 155 yuan/mt, a decline of 0.63%..

[SMM Daily Review: The Market Was Mainly Driven by Rigid-Demand Restocking, and High-Grade NPI Prices Held Steady] News on March 3: The upstream sentiment factor for SMM high-grade NPI was 2.86, up 0.01 MoM, and the downstream sentiment factor for high-grade NPI was 1.29, up 0.01 MoM.

Today, the Dalian iron ore futures showed a strong trend, with the most-traded I2605 contract closing at 754.5 yuan/mt, up 0.87% from the previous trading session. Spot prices rose by 4-8 yuan/mt compared to the previous trading day. Traders' enthusiasm for quotations was moderate, and steel mills purchased as needed with limited inquiries. Overall, the spot trading atmosphere was mediocre. From a fundamental perspective, March marks the first full month of post-holiday resumption of work and production, and the recovery in end-use demand will drive a gradual increase in steel consumption. As a result, pig iron production at steel mills is also expected to see some growth. It is worth noting that during the first week after the holiday, the willingness of steel mills to restock was generally weak, focusing mainly on depleting existing in-factory inventory. By entering March, in-factory inventories have dropped to relatively low levels, coupled with an increase in hot metal production, it is expected that overall iron ore demand will show a more noticeable recovery. Macro perspective, with the Two Sessions approaching in early March, as the first major meeting of the '15th Five-Year Plan', there are positive expectations regarding policy direction and monetary arrangements. Market sentiment leans optimistic, which is generally beneficial for iron ore. In terms of news, the escalation of geopolitical tensions in the Middle East brings significant uncertainty and risks. Although the Middle East is not a core production area for iron ore, the rise in crude oil prices is expected to directly translate into higher freight premiums for Brazilian and Australian iron ore arriving in China (CFR), thereby increasing the cost of iron ore imports and supporting prices. However, in the long term, this may drag down steel exports and squeeze steel mill profits, thus weighing on ore prices. Therefore, in the short term, iron ore prices are likely to follow a pattern of rising first and then falling.

[smm stainless steel daily review] geopolitical boost and cost support drive ss futures higher, spot stainless steel prices follow with a positive outlook smm march 2 news, ss futures fluctuated upward. influenced by the escalation of middle eastern geopolitical conflicts over the weekend, precious metals and crude oil-related futures rose first, followed by non-ferrous metals, with ss futures also strengthening, closing at 14,385 yuan/mt. in the spot market, driven by the strong performance of ss futures and the further increase in high-grade npi raw material prices, spot stainless steel quotations have risen; however, due to insufficient downstream end-user operations, overall purchasing attitudes remain cautious. despite this, under the multiple benefits of cost support, expectations for the peak "golden march and silver april" season, and recent increases in futures, traders generally hold an optimistic view of the future. the most-traded ss futures contract strengthened and probed higher. at 10:30 am, ss2604 was quoted at 14,160 yuan/mt, up 10 yuan/mt from the previous trading day. in wuxi, the spot premiums and discounts for 304/2b were in the range of 360-560 yuan/mt. in the spot market, wuxi cold-rolled 201/2b coils remained stable; the average price of wuxi cold-rolled 304/2b coils with trimmed edges increased by 50 yuan/mt, and foshan's average price also rose by 50 yuan/mt; wuxi cold-rolled 316l/2b coils increased by 200 yuan/mt; hot-rolled 316l/no.1 coils in wuxi rose by 300 yuan/mt; both wuxi and foshan cold-rolled 430/2b coils remained stable. the stainless steel market is gradually recovering, with ss futures strengthening and probing higher, fueled by rising expectations for the traditional "golden march and silver april" consumption peak and indonesian nickel ore...

Gold and silver prices are expected to begin the week on a strong note when trading resumes on Monday, as escalating tensions in the Middle East push investors toward safe-haven assets, analysts said.

Today, the most-traded BC copper 2604 contract opened at 91,780 yuan/mt. It touched a high of 91,970 yuan/mt early in the session, then the center moved lower throughout the day, hitting bottom at 89,770 yuan/mt near the close. The center of copper prices then rose, and it finally closed at 90,560 yuan/mt, down 1.47%. Open interest reached 5,808 lots, an increase of 277 lots from the previous trading day, while trading volume reached 9,121 lots, down 1,051 lots from the previous trading day. On the macro front, the US-Iran situation continued to deteriorate, with divergent statements emerging within the US side. The escalation of geopolitical conflict in the Middle East lifted risk-off sentiment, and the stronger US dollar index weighed on copper prices. The US-Iran conflict also triggered market concerns over US inflation, reducing expectations for further interest rate cuts by the US Fed, which also weighed on copper prices. Fundamentally, domestically produced copper and previously price-locked imported supplies continued to arrive, leaving overall market availability ample. Demand side, downstream enterprises continued to advance work and production resumptions, and purchasing sentiment rebounded, but the overall pace of recovery remained slow. The SHFE copper 2604 contract closed at 102,100 yuan/mt. Based on the BC copper 2604 contract at 90,560 yuan/mt, its after-tax price was 102,333 yuan/mt. The price spread between the SHFE copper 2604 contract and BC copper was -233 yuan/mt. The spread remained in backwardation and narrowed from the previous day.

[SMM Chromium Daily Review: Expectations Were Bullish on a Recovery in Trading Activity; the Chromium Market Ran Strong and Stable] March 3, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was flat MoM from the previous trading day…