【SMM Steel】Mobarakeh Steel Co. said its facility sustained "another heavy attack" on Mar 31, the second since Feb 28. Affiliate Sefid Dasht Steel was also damaged. No precise production status was given. Sefid Dasht has 800,000 t/y capacity and supplies sponge iron to Mobarakeh. Before the attack, Iran expected the plants to resume operations soon.

Import side, cumulative refined lead imports in January-February reached 33,412 mt, surging 732.08% YoY. Of this, February imports alone were 21,072 mt, up 70.77% MoM and 1,169.62% YoY, hitting a new high for the same period in recent years; raw material supply remained ample.

In April, silver-bearing lead concentrates in the Chinese market remained relatively tight. Smelters generally said that despite intentions to rebound and increase, sellers' offers remained firm, with limited willingness to raise TCs. With silver prices trending weaker, some smelters cautiously stayed on the sidelines amid expectations of declining by-product revenues. A few small-scale smelters delayed start-ups or extended maintenance cycles, and their willingness to resume operations weakened somewhat. Although sentiment in the precious metals market is pessimistic in the short term, there is still a possibility of a catch-up rebound in silver prices over the medium and long term. At present, the payable indicators for silver content in lead concentrates with various silver grades have generally remained stable, and mines and smelters have not yet mentioned any intention to adjust the coefficients.

[Weak Market Sentiment Weighed on Both Spot Silicon Metal and Polysilicon Prices]: This week, the silicon metal market moved lower after a stalemate, with weak market sentiment, some downstream procurement demand released, and cautious trading sentiment. SMM east China oxygen-blown #553 silicon stood at 9,000-9,200 yuan/mt, down 100 yuan/mt WoW. At the beginning of the week, silicon metal market prices remained in a stalemate, while the most-traded contract fluctuated around 8,550-8,750 yuan/mt, with downstream procurement mainly focused on factory cargoes. Later, affected by macro factors and capital sentiment, futures prices declined continuously and closed at 8,285 yuan/mt on Thursday. As spot-futures traders' price advantages became apparent, shipments increased, downstream procurement sentiment diverged, and the market saw transactions based on immediate needs.

[Operating Rates Continued to Rise This Week, but Order Demand Had Not Fully Started] The rise in operating rates this week was mainly driven by enterprises gradually resuming operations and production. On the order side, orders at top-tier enterprises generally remained stable, but overall industry demand had not yet fully recovered. Affected by the relatively late Chinese New Year break, current end-use demand in rubber, desulfurization, and other sectors still had not fully started, while performance in the ceramics sector was also relatively weak, and it would still take time for demand to see a substantive improvement......

[China Iron Ore Brief: Iron Ore Concentrates Prices in Tangshan Had Some Room to Move Higher] Iron ore concentrates prices in Tangshan were relatively stable this week, with the ex-factory prices of 66-grade dry-basis, tax-included iron ore concentrates at 970-980 yuan/mt. As the important meeting was about to close, the impact of environmental protection and safety inspections gradually weakened, and some mines and beneficiation plants showed stronger willingness to produce, though overall iron ore concentrates resources remained relatively tight. According to SMM tracking, after the meeting ended, some mines and beneficiation plants that had suspended production earlier

[SMM Nickel Flash] The average price of SMM 10-12% high-grade NPI rose WoW by 21.1 yuan/nickel unit to 1,092.6 yuan/nickel unit (ex-factory, tax included). The average price of the Indonesia NPI FOB Index rose WoW by $2.22/nickel unit to $138.54/nickel unit. As the festive atmosphere gradually faded, downstream steel mills resumed operations one after another, and high-grade NPI trading volume gradually increased.

In February 2026, the operating rate of secondary copper rod was 7.98%, above expectations of 7.46%, down 9.7 percentage points MoM and down 23.72 percentage points YoY. In February 2026, China’s secondary copper rod market, jointly driven by the Chinese New Year holiday and policy uncertainty, went through a full cyclical evolution of “pre-holiday volatility and positioning...

According to SMM data, the composite operating rate of copper bar enterprises in February was 22.78%, down 22.08 percentage points MoM and down 17.64 percentage points YoY.

[SMM Silicon-Based PV Morning Meeting Minutes] Silicon metal: Yesterday, SMM oxygen-blown #553 silicon in east China was at 9,000-9,200 yuan/mt, and 441# silicon was at 9,200-9,500 yuan/mt. Yesterday afternoon, silicon metal futures prices fluctuated sharply due to macro disruptions; the most-traded contract fell below 8,200 yuan/mt at its low and closed at 8,205 yuan/mt in late trading. Some silicon enterprises in northern China lowered their quoted prices, but they still did not match the price advantage of spot-futures traders, and downstream users mainly bought the dip. Polysilicon: N-type recharging polysilicon was quoted at 46-53 yuan/kg, the polysilicon price index was 49.17 yuan/kg, and polysilicon prices have declined significantly recently, mainly due to pressure from wafer price cuts and the impact of related meetings. At present, as the wafer segment has yet to stop falling, market sentiment is weak, and there may still be some downside room going forward.