SMM, March 26: Japan's Q2 2026 aluminum premium (QMJP) was set at $350-353/mt, with an average of $351.5/mt, up 80.27% from Q1.

【SMM Steel】South Africa's ITAC issued an affirmative final AD ruling on certain flat-rolled steel from China, Japan, and Taiwan. Chinese exporters face 6.99-47.92% duties; Japan 44.95-57.23%; Taiwan 24.20%. Products are ≥600mm wide iron, non-alloy or alloy steel, including HR coils/plate, pickled & oiled, hot-rolled, or uncoated. Excludes stainless and GOES. Duties protect the SACU market from unfair pricing.

【SMM Steel】South Korea's KTC on Feb 23, 2026, requested five-year AD duties on Chinese and Japanese hot-rolled steel after an affirmative final ruling. Rates: China 28.16-33.10%, Japan 31.58-33.43%. Price undertakings were approved for some firms. Products covered under numerous HS codes.

According to the latest customs data, in January 2026, China’s imports of copper-zinc alloy (brass) bars and rods were 2,050.01 mt in physical content, down 8.37% MoM and up 24.53% YoY. In February, China’s imports of copper-zinc alloy (brass) bars and rods were 1,344.87 mt in physical content, down 34.4% MoM and down 36.67% YoY, showing an overall sharp decline. Cumulative imports in January-February 2026 were 3,394.87, down 9.94% YoY cumulatively. (HS codes 74072111, 74072119, 74072190).

Tokyo's Tepco Power Grid implemented its first-ever economic curtailment of renewable energy in March 2026, cutting up to 1.84 GW of output due to high solar generation and low weekend demand. As the last region in Japan to experience this, the event marks a significant shift, signaling that solar deployment is now outpacing system flexibility nationwide. Experts warn that curtailment has become a structural issue, highlighting the urgent need for expanded battery storage and stronger inter-regional transmission.

[SMM Rare Earth Bulletin] Japanese Prime Minister Takaichi Sanae and US President Trump reached an agreement under which both sides will strengthen cooperation on critical minerals to enhance supply chain resilience. The two countries signed a preliminary agreement to jointly develop deep-sea mineral resources, including rare earth-rich mud resources around Minamitorishima. The Ministry of Economy, Trade and Industry and the Department of Commerce will establish a working group to advance technical cooperation on projects involving rare earth mud and manganese nodules. In addition, Mitsubishi Materials is cooperating with US-based ReElement Technologies on a project in Indiana to recycle rare earths from waste magnets.

[SMM Tin Morning Briefing: The Most-Traded SHFE Tin Contract Opened Sharply Higher in the Night Session and Then Rebounded in Volatile Trading, While the Spot Market Will Gradually Cool Down]

Jan-Feb 2026 China magnesium exports reached 72.7kt, up 3.4kt YoY. Magnesium alloy led with +33.1% YoY, orders booked through April. Magnesium ingot fell 6.8% due to weak European demand, while powder grew 10.3%. However, US-Israel conflict disrupted Middle East aluminum plants, halting regional magnesium orders and pressuring Q2 outlook despite the strong start.

As expectations for the peak-season demand in the “Golden March” gradually begin to materialize, galvanizing operating rates are rising. Can downstream consumption sustain its peak-season performance going forward?

[SMM Flash News] China’s copper scrap import sources showed clear characteristics of “one dominant player with many strong suppliers, and diversified sources.” Japan, Thailand, and Spain have long ranked among the top three, with their core supplier positions remaining solid. Japan: exports to China were 31,200 mt in January, accounting for 13.43%, up 104.94% YoY; exports were 26,600 mt in February, with the share rising to 15.81%, still up 13.93% YoY. Although both months declined MoM, its core supplier position remained unshaken.