Among them, the Gulf region was an important consumer market for China in the Middle East: China’s exports of aluminum plate/sheet and strip to Saudi Arabia reached 42,500 mt, and aluminum foil 58,000 mt; exports of aluminum plate/sheet and strip to the UAE reached 103,500 mt, and aluminum foil 93,800 mt; the other four countries (Bahrain, Qatar, Kuwait, and Oman) accounted for combined exports of about 22,000 mt of aluminum plate/sheet and strip and about 11,000 mt of aluminum foil.

[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.

Gold prices fall due to interest rate gloom and Middle East tensions. US Fed and major central banks likely to maintain current interest rates. Long-term gold outlook positive, seen as a hedge against risks.

On the 12th, China’s export prices for sheets & plates rose by $1-2/mt.

[SMM Flash News] Aluminum Fundamentals This Week SMM, March 12: Fundamentals: Downstream producers gradually resumed operations after the holiday, and demand for liquid aluminum continued to recover. As of this Thursday, the weekly proportion of liquid aluminum rebounded by about 1.2 percentage points WoW, end-use demand steadily repaired, and downstream operating rates increased further. Driven by the PV installation rush, operating performance remained strong; construction recovered slowly after the holiday, and extrusion operating rates rose WoW; boosted by auto and packaging orders, aluminum plate/sheet, strip and foil operating rates also rebounded this week.

Electra Battery Materials (NASDAQ, TSXV: ELBM) has signed a fresh deal with LG Energy Solution that would see the company supply battery-grade cobalt to the South Korean firm through at least 2029. The parties on Tuesday signed a new term sheet outlining Electra’s commitment to supplying 60% of the cobalt sulfates produced at its Ontario refinery, which is currently under construction. The supply agreement is valid through 2029, plus a three-year extension option. This agreement follows an initial three-year agreement signed in 2022 and the subsequent five-year extension announced in July 2023, reflecting Electra’s updated production timelines under the contract.

According to SMM, the operating rate of the copper plate/sheet and strip industry was 41.98% in February 2026, down 28.04 percentage points MoM and down 14.49 percentage points YoY. Among them, the operating rate of large enterprises was 47.35%, that of medium-sized enterprises was 35.28%, and that of small enterprises was 31.80%.

[SMM Weekly Survey of the Aluminum Downstream Sector: Downstream Aluminum Operating Rate Continued to Rebound to 61.9%, with High Prices Suppressing the Peak "Golden March" Season] This week, the weekly operating rate of leading downstream aluminum processing enterprises in China rose 2.4 percentage points MoM to 61.9%, overall extending the post-holiday recovery trend, with all segments rebounding MoM, and the industry as a whole entering a normal production pace.

In March, the operating rate of the copper plate/sheet and strip industry is expected to be 74.28%, up 32.31 percentage points MoM and up 5.15 percentage points YoY. According to SMM, enterprise orders recovered relatively well after the holiday; after the center of copper prices pulled back in early March, orders were released quickly, and end-use demand from power, home appliances, NEVs, electronics, and other sectors all showed improvement. Most enterprises hold optimistic expectations for post-holiday orders, with both orders and production schedules pointing to peak-season levels.

[Zinc Fundamental Trading Logic Amid the Middle East Conflict: Risk Identification and Opportunity Capture] Global geopolitical conflicts have continued unabated, and news of the recent Middle East conflict has emerged frequently. What impact will this have on the zinc industry? This article provides an analysis from both fundamental and market perspectives: