21 Feb 2026, India and Brazil signed a Memorandum of Understanding (MoU) aimed at securing long-term supplies of iron ore and metallurgical coal. The partnership focuses on stabilizing supply chains for Indian mills as they target massive capacity expansions of up to 300 MTPA by 2030

Indian PV manufacturer Waaree Energies Ltd has officially commenced construction of its integrated photovoltaic silicon ingot and wafer manufacturing plant located in the Butibori Industrial Area of Nagpur, Maharashtra. With planned capacity of 10 GW each for silicon ingots and wafers, the plant will, upon completion, become the largest integrated production site of its kind in India and mark an important step in strengthening India’s domestic upstream PV manufacturing ecosystem and advancing the “Atmanirbhar Bharat” initiative. According to reports, the project covers approximately 300 acres and involves a total investment of about INR 62 billion. It is primarily focused on the production of high-purity photovoltaic silicon ingots and wafers.

[SMM Aluminum Express News] The Aluminium Association of India (AAI), representing major domestic producers, has urged the government to exempt aluminum products from the recent 50% cut in RoDTEP (Remission of Duties and Taxes on Exported Products) rates. Previously, aluminum exports qualified for ~3% RoDTEP benefits for Domestic Tariff Area (DTA) units and ~2.2% for SEZ units. AAI warned that the cut could strain exports amid rising global trade barriers (e.g., tariffs, CBAM), shrinking opportunities, and competition. It also called for 2026-27 RoDTEP rates to be set based on actual unrebated taxes borne by exporters, ensuring fair compensation for both DTA and SEZ units. This aims to maintain competitiveness for Indian aluminum in international markets.

As of March 16, tungsten prices in China saw a slight correction, with APT quoted at 1.505 million yuan/mt. The market's fear of high prices was released, entering a phase of rational wait-and-see. Outside China, supply remained persistently tight, with the average APT Rotterdam price at $2,200/mtu, while weekly gains in tungsten scrap prices in India and Europe exceeded 25%.

Indian recycling company Gravita India has agreed to acquire Rashtriya Metal Industries to expand its copper and copper-alloy recycling operations. The deal, valued at around ₹559 crore, will allow the company to move further into copper alloy production using scrap materials. Analysts say the acquisition reflects the rapid expansion of India’s secondary copper industry.

[SMM Steel] State-run miner NMDC Limited will exceed 50 million mt of iron ore production in FY 2025-26, the first company in India to reach this annual milestone. This surpasses the previous record of 45.2 million mt (FY24), supporting India's strategic goal of expanding steelmaking capacity to 300 million mt by 2030.

Dalian iron ore futures were generally stronger today. The most-traded contract, I2605, eventually closed at 816.5 yuan/mt, up 1.81% from the previous trading session. Meanwhile, the spot price rose by about 5 yuan from the previous trading day. Traders were moderately active in offering quotes, while steel mills made relatively few inquiries. Overall spot market transactions were limited. The latest SMM survey showed that the impact of blast furnace maintenance on hot metal production was 1.751 million mt, down 250,000 mt WoW. This impact is expected to further decline by 229,800 mt next week to 1.522 million mt. As blast furnace maintenance intensity gradually eases, iron ore demand is expected to show signs of rebounding in the short term. Looking ahead, although current port iron ore inventory has reached 155 million mt, the overhang is mainly concentrated in certain varieties. Overall, market demand for some high-demand varieties has seen a structural shift. In particular, varieties represented by IOCJ fines and PB lumps continued to destock rapidly, while MAC fines and Indian fines saw an inventory buildup. The structural contraction on the supply side is expected to lend favorable support to iron ore fundamentals in the short term. Therefore, iron ore prices are expected to fluctuate at highs or remain relatively strong this week.

[SMM Analysis] Freight Rates Surge, Making Deals Difficult for Steel Expor ters Affected by the US-Iran conflict, tight energy supply and sharply higher fuel costs, compounded by exchange rate fluctuations, have continuously pushed up China's export offers in recent days. Compared with the beginning of the month (March 6), SMM HRC prices have been raised by $9/mt; galvanizing prices rose by $11/mt; CRC rose by $5/mt; billet rose by $6/mt; and rebar rose by $6/mt. However, looking back at market transaction performance, deals weakened again recently. According to the SMM survey, ocean freight rates surged sharply, with current freight to the Middle East as high as $50-60. Most outside China clients remained on the sidelines; shipowners also refused to commit tonnage while waiting for the market to stabilize. For China exporters, there were offers but no market, making shipments difficult. Meanwhile, market sources said Hadeed, the GCC's only flat steel producer, raised its May hot-rolled coil (HRC) prices, still related to shipping restrictions in the Strait of Hormuz. HRC cargoes previously booked from China and other origins were also being redirected to the west coast, mainly heading to Jeddah Port, bringing high inland transportation costs. As for global steel prices, in India, in addition to rising raw material costs and rupee depreciation, a sudden LNG energy shortage further pushed up production costs, forcing steel mills to maintain a strong willingness to hold prices firm despite the traditional domestic off-season and blocked exports. In the Southeast Asian market, price increases were accepted entirely passively, mainly due to the rigid pass-through of high ocean freight rates by overseas suppliers. Although Southeast Asian buyers hesitated to take orders, they had no choice but to passively accept the increases against the backdrop of persistently high geopolitical logistics costs. At the same time, CIS export offers also rose significantly, benefiting from the intensifying geopolitical conflict in the Middle East and the resulting short-term global supply tightens. In the Middle East market, meanwhile, as war tensions continued to escalate, the closure of the Strait of Hormuz completely disrupted transportation, while freight rates and delivery uncertainty pushed the sheets & plates import markets in the UAE and Saudi Arabia into a complete standstill. Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. The copyright, trademark rights, domain name rights, commercial data information property rights, and other related intellectual property rights of all content contained in this report (including but not limited to information, articles, data, charts, pictures, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, etc.) are owned or held by SMM or its related right holders. The above rights are strictly protected by relevant laws and regulations of the People's Republic of China, such as the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, and the Anti-Unfair Competition Law of the People's Republic of China, as well as applicable international treaties. Without prior written authorization from SMM, no institution or individual may: 1. Use all or part of this report in any form (including but not limited to reprinting, modifying, selling, transferring, displaying, translating, compiling, disseminating); 2. Disclose the content of this report to any third party; 3. License or authorize any third party to use the content of this report; 4. For any unauthorized use, SMM will legally pursue the legal responsibilities of the infringer, demanding that they bear legal responsibilities including but not limited to contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses. Data Source Statement: (Except for publicly available information, other data in this report are derived from publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, various data published by major associations and institutions, etc.), market exchanges, and comprehensive analysis and reasonable inferences made by the research team based on SMM's internal database models. This information is for reference only and does not constitute decision-making advice. SMM reserves the final interpretation right of the terms in this statement and the right to adjust and modify the content of the statement according to actual circumstances.

The 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum will be held in Tokyo, Japan, from May 11–12, 2026. The summit aims to bring together leading global enterprises, research institutions, industry experts, and policymakers in the fields of renewable metals and battery recycling.

Eastman Auto & Power has opened an 800 MW solar module manufacturing facility in Sonipat, Haryana, advancing its 'Make in India' footprint. The plant supports the company's strategy to provide integrated solar solutions, combining its newly manufactured PV modules with its existing portfolio of grid-tie, off-grid, and hybrid inverters, as well as energy storage batteries. By complying with domestic content requirement (DCR) rules and MNRE standards, the locally produced modules are eligible for government-supported programs, including the PM Surya Ghar Muft Bijli Yojana, which aims to accelerate residential rooftop solar deployments across the country.