According to SMM data, during the week of March 9–13, 2026 , China’s stainless steel market moved into the middle phase of the traditional peak-demand season known as “Golden March,” while trading in the most-active stainless steel futures contract rolled smoothly into SS2605 . Against a backdrop of escalating geopolitical tensions and a visible turn in inventory trends, stainless steel futures continued to trade at relatively elevated levels. As of 10:15 a.m. on March 13 , the contract stood at RMB 14,275/mt (about USD 2,068/mt) , up RMB 40/mt (about USD 5.80/mt) from the previous Friday’s close. This week’s key market tension remained the mismatch between rising supply and only a modest recovery in demand. Although fundamentals have yet to show strong upward momentum, geopolitical risk premiums and persistently high raw material costs have kept downside pressure limited, preventing a broader correction from taking shape. Macro backdrop: geopolitics abroad, policy support in China At the macro level, external black swan risks and policy support in China have created a clear contrast. Iran reiterated that it would maintain the effective closure of the Strait of Hormuz, reinforcing safe-haven demand and pushing the US dollar index higher. That, in turn, capped upside in dollar-denominated base metals. Meanwhile, US core CPI rose 2.5% year on year in February , in line with expectations, easing immediate inflation concerns. Even so, the market remains wary of a potential surge in energy prices in March. In China, the Ministry of Finance has signaled that fiscal policy in 2026 will remain more proactive, with RMB 100 billion (about USD 14.49 billion) allocated to strengthen coordination between fiscal and financial policy, particularly in support of household consumption and private-sector investment. That measured policy support has helped improve expectations for a broader recovery in commodity demand. Inventory draw emerges, but spot demand remains cautious On the fundamentals side, the stainless market has finally reached a meaningful inflection point in destocking, although spot trading still appears underwhelming. The latest SMM data shows that social inventories fell to 998,100 mt this week from 1,016,400 mt the previous week, a decline of 18,300 mt , taking inventories back below the psychologically important 1 million mt threshold. As downstream processing plants gradually resumed operations, demand continued to recover. However, while spot transactions improved from earlier levels, trading activity still fell short of the strength typically associated with the seasonal peak. End-users have largely remained focused on buying only what they need, with little appetite for active restocking. At present, the supply increase resulting from concentrated mill restarts in March is meeting only a slow improvement in end-use demand. That still-fragile recovery continues to limit market confidence in any stronger upside breakout during the peak season. Raw material costs remain the key floor Raw material costs continued to trend higher and remain the market’s main source of downside support. With geopolitical tensions lingering and tight ore supply from Indonesia continuing to feed through the market, upstream quotations kept rising. As of March 13 , high-grade NPI moved up further to RMB 1,094.5 per nickel unit (about USD 158.61 per nickel unit) , up RMB 6.5 (about USD 0.94) from a week earlier. High-carbon ferrochrome also climbed to RMB 8,650 per 50-basis mt (about USD 1,253.50 per 50-basis mt) . As raw material prices continue to move higher, stainless mills’ production cost floors are also rising. Although downstream buyers remain resistant to expensive material, room for mills to offer discounts has narrowed sharply under the pressure of high costs and, in some cases, negative margins. As a result, cost support for both futures and spot prices has become increasingly firm. Outlook: high-level consolidation likely to continue Overall, the stainless steel market is now caught in a complex tug-of-war defined by rising supply, only a weak recovery in demand, firm cost support, and a clear turn in inventories. The safe-haven and inflation-hedging logic stemming from the Strait of Hormuz crisis, together with NPI prices approaching the 1,100 threshold, has effectively limited downside in the futures market. At the same time, subdued spot order activity has capped upside momentum. Looking ahead to next week, the market will be watching closely to see whether the destocking trend can continue. The main focus will shift to actual arrivals following mill restarts and the pace at which downstream orders improve. In the near term, the most-active stainless steel futures contract is expected to remain rangebound at relatively high levels. Market participants are advised to closely monitor geopolitical developments and nickel ore price movements, as both could trigger sudden directional swings. Written by: Bruce Chew | bruce.chew@smm.cn +601167087088

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in West Liaoning May Have Some Upside Potential] According to SMM tracking, iron ore concentrate prices in west Liaoning experienced a slight decrease. The current ex-factory price for 66% grade iron ore concentrates on a wet basis, excluding tax, is 750-755 yuan/mt. Some small and medium-sized local mines and processing plants suspended production for maintenance during the Chinese New Year and have not yet resumed normal operations. Most large mines and processing plants maintained normal production, but overall iron ore concentrate output remains relatively low.

Operations at the nickel-cobalt project Ambatovy in Madagascar have been suspended after a powerful cyclone struck the country. The project produced approximately 28,000 tonnes of nickel and 2,500 tonnes of cobalt in 2024. The storm also severely damaged Madagascar’s main port, Toamasina, potentially disrupting exports of mineral products. The company said its local processing plant sustained material damage and is currently assessing the full impact on assets and operations, with production to resume only after site safety and environmental conditions are fully verified. Ambatovy mainly produces nickel and cobalt briquettes, which can be further processed into sulphates used in battery materials. Market participants noted that a prolonged outage could push up battery material prices.

[SMM Aluminum Morning Meeting Minutes: Aluminum Ingot Inventory Buildup Pressure Rises, Aluminum Prices Mainly Under Pressure] In summary, amid the impact of previous macro headwinds, a large amount of capital took profits and exited the market, leading to a pullback in aluminum prices and a decrease in open interest. However, as precious metals did not show further signs of decline, aluminum prices stabilized accordingly. In the short term, aluminum prices are expected to consolidate with volatility.

Shanghai Metals Market (SMM) is delighted to announce that Touchi International Corp has officially joined our 2026 (3rd) Global Renewable Metals Industry Summit to be held in Tokyo, Japan, on May 11-12, 2026, as the Dinner Sponsor.

According to Reuters, the Indian government plans to soon introduce incentive measures to encourage companies to build lithium and nickel processing plants. India aims to raise electric vehicle penetration to 30% for passenger cars and 80% for two-wheelers by 2030, but currently remains highly dependent on China for mineral processing technology. Under the government proposal, India plans to offer capital subsidies of up to 15% for lithium and nickel processing projects launched on or after April 1, 2026. The incentives would be available for five years and subject to caps as well as sales and project scale thresholds. Minimum capacity requirements are set at 30,000 tonnes for lithium processing plants and 50,000 tonnes for nickel plants.

[E3 Lithium and Pure Lithium Corporation Report Results from Phase 1 of Joint Development Agreement for Lithium Metal Batteries] E3 Lithium, a leader in Canada's lithium industry, announced preliminary results of battery cells manufactured under a joint development agreement with Pure Lithium Corporation, utilizing E3 Lithium's brine and Direct Lithium Extraction (DLE) technology, along with Pure Lithium's innovative extraction and battery technologies. As announced on March 13, 2025, several variants of lithium chloride concentrate, reflected at specific points in E3 Lithium's process flowsheet for commercial facility design, were used to manufacture lithium metal anodes at Pure Lithium's facility in Boston. Concentrated lithium chloride from E3 Lithium was electrodeposited as pure lithium metal onto a copper substrate, forming complete, ready-to-use anodes. These anodes were subsequently assembled into batteries by Pure Lithium, and their electrochemical performance in full cells was evaluated. Notable results include: • Lithium Metal Purity: Various E3 brine streams achieved very high purity levels, with ICP-OES analysis showing purity exceeding 99.9%. • Battery Performance (Life Cycle): This test examined the number of charge-discharge cycles the battery could complete while maintaining 80% capacity. All batteries have so far achieved over 500 cycles. • Charge-Discharge Rate: This test examined the time required for charging and discharging. These tests were conducted at a 1C:1D ratio, meaning one hour of charging time and one hour of discharging time. The results of this study indicate that E3's easily produced version of lithium concentrates provides the most cost-effective raw material for Pure Lithium's batteries. It also demonstrates the robustness of Pure Lithium's process, with no performance difference between batteries manufactured using lithium chloride from E3's Leduc brine and those manufactured using Pure Lithium's standard sources. The two companies continue to collaborate on developing and planning an integrated process to provide the highest purity lithium metal anodes at the lowest cost. Source: Company Announcement [Nigeria to Open Two China-Backed Lithium Processing Plants This Year] Nigeria's Minister of Mines and Steel Development announced on Sunday that the country will commission two major lithium processing plants this year, marking a shift from exporting raw materials to domestic value addition. These facilities, primarily funded by Chinese investors, could help transform Nigeria's abundant mineral resources into job opportunities, technology, and growth in domestic manufacturing. Minister Dele Alake stated that a $600 million lithium processing plant located near the Kaduna-Niger border is scheduled to commence operations this quarter, while a $200 million lithium refinery on the outskirts of Abuja is nearing completion. The minister also stated that two more processing plants are expected to be established in Nasarawa State, near the capital Abuja, before Q3 2025. "We are now focused on converting our mineral wealth into domestic economic value—jobs, technology, and manufacturing," Alake said. According to a separate statement from the governor of the state where the plants are located, over 80% of the funding for these four plants was provided by Chinese companies, including Jiuling Lithium and Canmax. The remaining shares are held by a local investor, Crown Mine. The Chinese companies have not yet commented immediately. The initiative to promote domestic processing stems from a study conducted by the Nigerian Geological Survey Agency in 2022, which found significant high-grade lithium ore deposits in six Nigerian states, attracting widespread international attention. These developments are part of Nigeria's broader reforms in its underdeveloped mining sector, which currently contributes less than 1% to the country's GDP. Other reform measures include restricting the export of unprocessed minerals, formalizing artisanal mining operations, which account for the majority of current mining activities, and establishing a state-owned miner in which investors can hold up to 75% of the shares. Source: Publicly available information on the internet

Net Primary Aluminum Imports: In April 2025, domestic net primary aluminum imports were 236,800 mt, up 11.1% MoM and 14.8% YoY. From January to April, cumulative net primary aluminum imports totaled about 799,800 mt, down 13.6% YoY. (The above import and export data are based on HS codes 76011090 and 76011010.)

[Brief Commentary on Domestic Iron Ore Market: Iron Ore Concentrates Prices in Tangshan Region May Remain in the Doldrums] Prices in the domestic ore market in Tangshan have slightly declined in some areas due to pressure from steel enterprises. The ex-factory prices of 66-grade iron ore concentrates (dry basis, tax included) have decreased by 10-15 yuan, now standing at 920-925 yuan/mt. The progress of production resumptions at local iron ore mines has been slow, with limited marketable resources available. On the one hand, some producers have significantly low inventory levels and are reluctant to sell goods under the circumstances where restocking is difficult.

Driven by the dual goals of "carbon peaking and carbon neutrality" and resource scarcity, the global circular economy is thriving. Africa, with its abundant primary mineral reserves and potential for secondary metals, has emerged as a crucial link in the global metal industry chain. Relevant data shows that Africa accounts for 15% and 8% of global copper and aluminum ore reserves, respectively. Countries such as the DRC and Zambia consistently rank among the top copper producers globally, providing ample raw materials for the secondary metals industry. Meanwhile, in recent years, African countries have taken proactive measures. The DRC revised its Mining Code, significantly streamlining the foreign investment approval process, reducing the approval time from months to weeks, and attracting substantial Chinese and European capital to establish secondary metal processing plants. South Africa launched the "Green Minerals Initiative," offering tax incentives of up to 30% for secondary metal enterprises, encouraging them to expand capacity and upgrade technology. Furthermore, technological innovation is key to the transformation and upgrading of Africa's secondary copper and aluminum industries. Advanced technologies such as digital mines and automated sorting equipment are rapidly gaining popularity in Africa, significantly enhancing production efficiency and resource recovery rates. As a front-runner in PV deployment, Africa saw a 25% YoY increase in new installations in 2023, driving an annual increase of 150,000 mt in demand for secondary copper. Overall, the combination of Africa's resource endowments, policies, and technologies is injecting strong momentum into the thriving development of the secondary metals industry, making this golden land highly promising in the future wave of green development. In this context, from June 12-13, 2025, SMM will host the 2025 SMM 2nd Global Secondary Metal Industry Chain Summit Forum in Thailand, inviting Yousef Al Sharif, Manager of Sharif Metals Group, to participate in a keynote speech on the theme of "Exploring Africa: Opportunities for Sustainable Expansion and Raw Material Investment," prospectively exploring new opportunities for the development of Africa's secondary metal industry from key elements such as industrial foundations and policy support, technological innovation and industrial development advantages, as well as market demand boost and investment cases. Guest speaker Yousef Al Sharif is the Manager of Sharif Metals Group, a company specializing in metal recycling and manufacturing. He is also a Young Trader of the African Recycling Association and a board member of the Electronic and Electrical Equipment Batteries (EEEVB) Steering Committee of the Bureau of International Recycling (BIR). He actively participates in international recycling conferences organized by ReMa, BIR, BMR, CMRA, and MRA, delivering influential speeches on the importance of sustainable recycling practices. Confirmed guest speaker Agenda June 12 Main Agenda ·9:00-12:00 Company Visits ·10:00-12:00 Registration ·10:00-12:00 Free Networking ·12:00-13:00 Buffet Lunch ·13:30-13:45 Opening Remarks ·13:45-14:00 Green Transformation and Sustainable Development Prospects of Thailand's Secondary Metal Industry Guest speaker: Dr. Somthai Wongcharoen, Secretary General of the ASEAN Institution of Recycling (AIR) ·14:00-14:20 From Policy to Market: The Impact of EU Waste Shipment Regulations on the Global Secondary Metal Industry Guest speaker (pending): Susie Burrage OBE, President of the European Recycling Association ·14:20-15:10 Roundtable Discussion: Interviews with Top-Tier Entrepreneurs in the Secondary Metal Industry 1. Future Trends in Recycled Raw Material Supply Based on the Development of Thailand's Industry Chain 2. Investment Risks in the Southeast Asian Recycled Metal Industry 3. International Trade Flows and Consumption Trends in the Recycled Metal Industry Amid Geopolitical Changes Moderator: Li Shilong, President of China National Alliance for Recycling Industry Technology Innovation Guest Speakers: Zhou Xiangchun, General Manager of Da Zheng Da Ji Metal (Thailand) Co., Ltd. Kittipot Thanalertlap, Vice President of Metalcom Ltd. Zhang Junbing, Global Sourcing Director of Hailiang Group Co., Ltd. Liu Qingcheng, Deputy General Manager and Director of Thai-China Nonferrous Metals International Co., Ltd. ·15:10-15:25 Tea Break ·15:25-15:40 The Path to Global Recycled Metal Industry Development Driven by the ESG Background Guest Speaker (pending): Lionel Lai, Head of Sales and Procurement, Majestic Corporation PLC (AUS) ·15:40-16:00 Changes in the Global Supply-Demand Pattern of the Recycled Metal Industry Guest Speaker: Fei Changyun, Senior Consulting Manager of SMM Information & Technology Co., Ltd. ·16:00-16:20 Global Recycled Metal Industry Development Trends and Challenges from a Middle Eastern Perspective Guest Speaker: Sanjeev Phadke, Treasurer and Executive Committee Member of the Middle East Recycling Bureau ·16:20-17:10 Roundtable Discussion: Exploring the Global Recycled Metal Market: An In-depth Analysis of Strengths and Challenges in India, the Middle East, Europe, and Southeast Asia Moderator: Logan Lu, CEO of SMM Information & Technology Co., Ltd. Guest Speakers: Qin Xinghong, Chairman of GSC Metal Co., Ltd Thailand Guest Speaker (pending): Anurag Sharma, Director of the Aluminum Division of Hindalco Xavier, Chairman of Comercial Riba Farre S.A. C ·18:30-20:00 Award Ceremony and Banquet Recommendations for High-Quality Overseas Material Yards and Trustworthy Traders in Copper and Aluminum, and High-Quality Equipment Enterprises in Batteries June 13 Sub-forum ·Battery Forum ·9:00-9:20 Strategic Layout of Thailand's Battery Recycling Industry: A Blueprint for the Development of the Electric Vehicle Industry in the Next Five Years Guest Speaker: Dusit, Chairman Advisor of the Ministry of Industry of Thailand ·9:20-10:20 Roundtable Discussion: Southeast Asian Battery Resource Market: Supply Chain Dynamics Guest Speakers: Chen Wenkai, President of the Malaysia Nonferrous Metals Association Sujin Kim, Global Business Development Director of BatX Energies ·10:10-10:30 Current Status and Path to Transformation of the Southeast Asian Waste Lead-Acid Battery Market Guest Speaker: Wu Xiaoyun, Chairman of Japan Gaoxing Industrial Co., Ltd. ·10:30-10:50 Tea Break ·10:50-11:10 Improving the Battery Recycling System Driven by the Market Growth of Two-Wheeled Electric Vehicles in Southeast Asia Guest Speaker: Yadea Technology Group Co., Ltd. ·11:10-12:00 Roundtable Discussion: Current Status and Future Development Trends of Battery Recycling in New Energy Vehicles Guest Speakers: Nicholas Assef, President of the Australian Battery Industry Recycling Association ·12:00-13:30 Buffet Lunch ·Copper and Aluminum Forum ·14:00-14:20 New Dynamics in Global Recycled Copper and Aluminum Supply and Demand from a North American Perspective Guest Speaker: Robin Wiener, President of the Recycled Materials Association ·14:20-14:40 SMM Serving the Global Recycled Copper and Aluminum Metal Market Guest Speaker: Zhang Xiaoyao, Project Leader of the Recycling Division of SMM Information & Technology Co., Ltd. ·14:40-15:00 Global Recycled Metal Supply-Demand Pattern Development from an Indian Perspective Guest Speaker: Amar Singh, Secretary General of the Indian Recycling Bureau ·15:00-15:20 Building a New Cambodia-China Metal Hub: Inviting You to Co-establish an Overseas Demonstration Industrial Park for Recycled Nonferrous Metal Processing Guest Speaker: Cao Zhuo, General Manager of International Business in the Americas Region of the Cambodia-China Metal Materials Industrial Park ·15:00-15:20 Tea Break ·15:20-16:20 Roundtable Discussion: Recycled Copper and Aluminum Yards: Innovative Recycling and Sorting Technologies Paving the Way for Green Carbon Reduction in the Industry Guest Speakers: Liang Jiali, Deputy General Manager of Foshan Lvtian Environmental Protection Machinery Equipment Co., Ltd. Ross Gunther, Cimco Resources, Inc. President ·16:20-16:40 Exploring Africa: Sustainable Expansion and Raw Material Investment Opportunities Guest Speaker: Yousef Al Sharif, Manager of Sharif Metals Group Sneak Peek at the List of Participating Enterprises