Since March, the domestic tungsten market has trended higher and then pulled back. Driven by rigid supply and macro sentiment at the beginning of March, prices rose rapidly, with 65% wolframite concentrate hitting a record high of 105,000 yuan per standard ton. Starting from mid-March, profit-taking by investors, downstream resistance to high prices, and a general correction in commodity markets led to a gradual price pullback, pushing the entire market into a phase of supply-demand game.

The Chinese gold market is a tale of two sectors. The jewelry sector is struggling due to high prices, while gold investment has been red-hot.

This week, against the backdrop of fluctuating upward copper prices, the secondary copper industry chain showed a complex situation in which extremely tight upstream raw material supply coexisted with persistent negative margins for downstream finished products. In the secondary copper rod market, SMM data showed that the operating rate fell further to 5.45% this week, down 0.38 percentage points MoM and 25.43 percentage points YoY

In late March 2026, the Philippine DOE mandated the expedited grid integration of 22 renewable energy projects (1,471 MW) by April 2026 to mitigate fossil fuel price volatility stemming from Middle East conflicts. This emergency deployment is heavily concentrated in solar PV, with 12 projects accounting for a dominant 1,284 MW of the total capacity.

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.

The European Commission will update Emissions Trading System (ETS) free allocation benchmarks and utilize the Market Stability Reserve to curb carbon price volatility "within days". President von der Leyen announced a medium-term ETS review to establish a "realistic trajectory" for free allowances beyond 2034. The EU is also proposing a $35 billion "ETS Investment Booster" fund to finance decarbonization projects, prioritizing lower-income states. To address soaring energy costs, the Commission plans to allow member states to reduce grid charges for energy-intensive industries and mandate lower taxes on electricity compared to fossil fuels. This follows intense pressure from steelmakers and EU nations demanding an urgent ETS overhaul by July.

Italy’s crude steel production increased by 8.1% month-on-month in February 2026, signaling a recovery in Southern European industrial activity. This rebound follows a period of stabilization and reflects improved demand from domestic manufacturing and construction sectors as energy price volatility subsides. The increase in output from Italian mills contributes to a moderately positive outlook for non-Chinese steel demand in 2026, which is projected to grow as interest rates decline and borrowing costs for major infrastructure projects soften globally.

Current manufacturer expectations for this month and April remain cautious, with some companies having already lowered their April production forecasts.

[SMM Tin Commentary: The SHFE Tin Contract Consolidated Near the 370,000 Level, with Market Sentiment Remaining Predominantly Cautious Ahead of the Interest Rate Cut Decision]

In a 2-1 vote on March 12, the US International Trade Commission (ITC) ruled against imposing anti-dumping and countervailing duties ('AD/CVD') on graphite anode imports from China. The decision effectively kills proposed tariffs that would have surged to 169.5% for most Chinese exporters—and averts an initial petition that sought a staggering 920% duty rate. This ruling provides a highly positive economic outlook for the US battery energy storage system ('BESS') industry, sparing the sector from severe supply chain destabilization and price volatility.