Silver prices rebounded to catch up today, while premiums in the spot market still showed a downward trend. In the Shanghai market, during early trading, mainstream quotations from suppliers of national-standard silver ingots were at premiums of 400 yuan/kg against TD, but downstream consumption remained sluggish. With expectations for silver nitrate operating orders declining and rigid demand for raw materials decreasing, actual spot market transaction premiums were lowered to 300-400 yuan/kg. Some downstream clients mentioned that for bulk purchases exceeding 1 mt, transaction premiums could be negotiated with suppliers down to 250-300 yuan/kg. In South China, smelters quoted silver ingots at a premium of 250 yuan/kg against the 2606 contract or a premium of 400 yuan/kg against TD, but actual transactions were scarce. Suppliers still mainly adjusted prices to drive shipments, while downstream players remained cautious and on the sidelines, and spot market trading stayed sluggish.

Silver prices were in the doldrums today, and spot premiums in the spot market continued to decline. In the Shanghai market, mainstream quotations from suppliers of standard silver ingots in the morning session were at premiums of 400-500 yuan/kg against TD, but similar to last week, due to weaker downstream consumption and substantial bargaining, actual transaction premiums were lowered to 350-400 yuan/kg, with deals concluded on demand. In South China, smelters quoted silver ingots at a premium of 350 yuan/kg against the 2606 contract or at a premium of 400 yuan/kg against TD, but actual transactions were sluggish. Some traders said investment demand weakened markedly this week, buyers remained largely on the sidelines and continued to bargain aggressively, suppliers successively adjusted prices to ship cargoes, and spot market transactions turned subdued.

[Magnesium Ingot Transactions Increased Significantly, Rigid Demand Support Became More Evident, and a One-Way Market Was Unlikely in the Short Term] Today, quotations in the main production areas for 99.90% magnesium ingot were 16,600-16,700 yuan / mt, and low-priced supply in the market increased.

In Q1 2026, China’s spot silver ingot market underwent a marked shift from extreme frenzy to a rational return. As investment enthusiasm cooled significantly and large volumes of imported silver ingots flowed in, the structure of spot premiums underwent a fundamental adjustment, while the market’s supply-demand pattern continued to be reshaped.

[SMM Stainless Steel Daily Review] SS Futures Fluctuated, Rising First and Then Falling, While Spot Quotes Edged Lower and Transactions Recovered SMM News, March 17: SS futures moved sideways. During the day, SS futures rose first and then fell, overall maintaining a sideways movement pattern, and closed at 14,155 yuan/mt by the midday break. In the spot market, although SS futures were relatively strong in the morning, affected by the previous cuts in guidance prices by major stainless steel mills, trader quotes still edged slightly lower than yesterday. However, market sentiment had stabilized somewhat, and amid the price pullback, both inquiries and transactions increased to some extent. The most-traded SS futures contract fluctuated. As of 10:15 a.m., SS2605 was quoted at 14,220 yuan/mt, up 175 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi stood at 200-400 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi fell by 50 yuan/mt; for cold-rolled trim-edge 304/2B coils, the average price in Wuxi fell by 50 yuan/mt, and the average price in Foshan also fell by 50 yuan/mt; cold-rolled 316L/2B coils in Wuxi were basically stable; hot-rolled 316L/NO.1 coils were quoted basically stable in Wuxi; cold-rolled 430/2B coils in both Wuxi and Foshan were basically stable. As the traditional peak consumption season of "Golden March and Silver April" began, the stainless steel market entered a window for demand recovery, with downstream end-users gradually recovering. Recently, activity in inquiries and purchases increased markedly, but stainless steel spot prices overall remained basically stable, with no obvious fluctuations. End-user procurement was still mainly driven by rigid demand, and the full bustle of the peak season had yet to emerge, ...

SMM, March 17: Aluminum ingot: Today, sentiment in the Foshan A00 spot aluminum market recovered moderately. The rebound in early-session futures prices drove spot prices higher, and suppliers took the opportunity to accelerate cashing out. Traders showed moderate willingness to purchase, while major players held prices firm in procurement, but downstream buyers were unwilling to rush to buy amid continuous price rise. In the afternoon, futures moved downward, buyers turned cautious, and transactions started steady before weakening, with overall performance showing a mild rebound. Aluminum billet: Today, the average processing fees for SMM 6063 aluminum billet (Guangdong) were 70 yuan/mt for Φ90/100 and 20 yuan/mt for Φ120 and above, down 80 yuan/mt from yesterday. The rise in the base price caused processing fees to continue to decline, while weaker intraday futures prices intensified downstream bearish sentiment, with procurement mainly driven by immediate needs. After futures surged and then pulled back, offers were lowered accordingly. Market inquiries were scarce, transactions were sluggish, and even volume discounts remained ineffective in stimulating deals.

Today, the most-traded BC copper 2604 contract opened at 88,450 yuan/mt. After the opening, it hovered at highs and then climbed to 88,940 yuan/mt, before its center moved all the way downward and fell to 87,730 yuan/mt near the close. It finally settled at 87,780 yuan/mt, down 0.37%. Open interest stood at 5,599 lots, down 113 lots from the previous trading day, and trading volume was 3,458 lots, down 1,917 lots from the previous trading day. On the macro front, Israel launched large-scale attacks in Tehran, Iran and Beirut, Lebanon, while a tanker anchored in the Gulf of Oman was hit by an unidentified projectile. Oil prices rose, intensifying market concerns over US inflation and weighing on copper prices. Fundamentally, arrivals of both imported and domestic cargoes remained stable, and overall supply was ample. Demand side, the slight increase in copper prices somewhat suppressed downstream purchase willingness, with buying maintained at just-in-time procurement levels. The SHFE copper 2604 contract closed at 99,340 yuan/mt. Based on the BC copper 2604 contract price of 87,780 yuan/mt, its tax-inclusive price was 99,191 yuan/mt. The price spread between the SHFE copper 2604 contract and BC copper was 149 yuan/mt, and the spread remained in a contango structure, narrowing from the previous day.

SMM, March 17: The SHFE aluminum 04 contract opened higher and extended gains today, with strong bullish sentiment in the market. Sellers held prices firm, buyers showed greater price acceptance, and purchasing enthusiasm also increased. Today, mainstream quotations and transaction prices in the market were concentrated at -10 yuan/mt to +10 yuan/mt. Today, the east China market shipment sentiment index was 3.12, down 0.05 MoM; the purchasing sentiment index was 2.7, up 0.04 MoM. Today, futures prices opened lower and moved higher. Before the opening, quotations in the central China market were relatively high, mainly at discounts of 320-330 yuan/mt against the SHFE aluminum 04 contract, then prices gradually declined. Traders maintained strong bullish sentiment and high enthusiasm for purchase, with overall trading volume relatively large. As suppliers basically finished shipments, circulating spot availability became tight, and market quotations continued to rise, but the transaction scale was relatively small. In the end, the actual transaction price range in the central China market was around 10 yuan below the central China price to 40 yuan above the central China price. Today, the central China market shipment sentiment index was 2.6, down 0.02 MoM; the purchasing sentiment index was 2.38, up 0.02 MoM. Inventory side, aluminum ingot inventory in major consumption regions increased by 4,000 mt MoM today, with the inventory buildup mainly coming from Guangdong and Gongyi. In the short term, after the Chinese New Year, aluminum ingot inventory has continued its seasonal buildup. Affected by bullish market sentiment, premiums are expected to maintain a narrowing trend.

On March 17, the SMM average price of battery-grade nickel sulphate remained unchanged.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,751/mt and dipped to $12,743/mt at the start of the session. Thereafter, the center of copper prices gradually moved higher and, near the close, touched a high of $12,940/mt, before finally closing at $12,918.5/mt, up 1.44. Trading volume reached 19,700 lots, and open interest stood at 302,000 lots, down 5,166 lots from the previous trading day, mainly due to bears reducing positions. Overnight, the most-traded SHFE copper 2604 contract opened at 100,020 yuan/mt and hit a low of 99,820 yuan/mt at the start of the session. It then fluctuated upward to 100,420 yuan/mt, followed by wide swings, and finally closed at 100,190 yuan/mt, up 0.58. Trading volume reached 274,000 lots, and open interest stood at 190,000 lots, down 3,315 lots from the previous trading day, mainly due to bears reducing positions.