[SMM Titanium Spot Flash: Imported Titanium Ore Market Remained Under Pressure, Sluggish Port Sales Forced Traders to Cut Prices for Shipments] SMM News, March 19: Imported titanium ore prices remained under pressure today. Quotations for Mozambique-origin titanium concentrate with TiO₂≥46% were 1,670-1,730 yuan/mt, down 30 yuan from yesterday; quotations for Nigeria-origin titanium concentrate with TiO₂≥50% were 1,780-1,830 yuan/mt, down 25 yuan from yesterday; quotations for Australia-origin titanium concentrate with TiO₂≥50% were 1,830-1,880 yuan/mt, down 25 yuan from yesterday.

[China Iron Ore Brief Review: Tight Resources in West Liaoning, Local Ore Prices May Edge Up Slightly] The domestic ore market in west Liaoning was relatively stable, with the ex-factory prices of 66-grade iron ore concentrates, wet basis and excluding tax, at 730-740 yuan/mt. Supply and demand were clearly in a wait-and-see mode. Beneficiation plants, considering the relatively small inventory pressure, temporarily held back from selling. Against this backdrop, traders were not highly motivated to make inquiries, and only a few made price inquiries based on their own needs. Affected by safety and environmental protection inspections, mining was restricted, and a small number of operating beneficiation plants suspended production for maintenance due to constraints in ROM resources. Circulating spot resources remained tight, which still provided certain support for ore prices.

A U.S. startup called Valor is developing electrochemical liquid extraction technology to recover copper and other metals from ores and electronic waste. The process aims to reduce energy use and pollution compared with conventional smelting. The company plans to build its first commercial facility in Houston.

As a niche yet high-strategic rare metal, hafnium (Hf, atomic number 72) lags behind common metals like copper in public awareness, but its unique physicochemical properties make it irreplaceable for nuclear power, aerospace, semiconductors and other high-end fields. This concise breakdown covers its core traits, supply dynamics and critical applications to highlight its underrecognized role in advanced manufacturing. I. Core Properties A silver-gray, high-melting-point transition metal, hafnium exists solely as a zirconium-associated metal—no independent ore deposits. The near-identical atomic radius and chemical properties of zirconium and hafnium make separation/purification highly challenging, the root of its scarcity.Key strengths for harsh industrial use: 2233℃ melting point, exceptional high-temperature oxidation/structural stability Strong room-temperature plasticity, balanced strength and toughness Superior corrosion resistance (insoluble in dilute acids/alkalis, soluble only in hydrofluoric acid/aqua regia) ~600x higher thermal neutron absorption than zirconium (ideal for nuclear reactor control) High dielectric constant of hafnium oxide (critical for advanced semiconductors) Carbides/nitrides (melting point >2900℃) for ultra-high-temperature ceramics and hard alloys II. Supply & Scarcity Resources: Extremely scarce (crustal abundance ~3 ppm), exclusively tied to zirconium ores. Global resources concentrated in Australia, South Africa, the U.S. and Brazil; China faces low hafnium content in domestic zirconium ores, leading to high external dependence. Supply: Production hinges on zirconium smelting, with zirconium-hafnium separation as a core technical barrier. Only a handful of global players produce high-purity (nuclear/electronic-grade) hafnium at scale, forming an oligopoly. Annual output is ~hundreds of tons, with ultra-low supply elasticity—supply disruptions trigger sharp price swings. Ⅲ. Irreplaceable Core Applications Demand is rigid (no cost-effective substitutes) across high-end sectors: Nuclear Industry: Preferred material for pressurized water reactor control rods, regulating reaction rates and ensuring safety. Driven by global nuclear power revival, demand is steadily growing. Aerospace: Key nickel-based single-crystal superalloy additive, boosting high-temperature creep strength and lifespan for aero-engine turbine blades, combustors and rocket nozzles. Semiconductors: High-purity electronic-grade hafnium oxide overcomes silicon dioxide’s miniaturization limits, reducing leakage current and enabling advanced-node chip production—a key growth driver. Other High-End Fields: Used in cutting tool coatings, special electronic components, corrosion-resistant materials and emerging hydrogen storage research, with expanding use cases. Ⅳ. Conclusion Hafnium is a "scarce niche metal with rigid high-end demand," holding irreplaceable strategic value in China’s key industries (nuclear power, aerospace, semiconductors). The global market remains in long-term tight supply-demand balance, and its strategic and market value will rise alongside global advanced manufacturing upgrades.

SMM, March 18: The SHFE aluminum 04 contract moved lower today. Affected by the decline in aluminum prices, overall purchase sentiment rose today. Sellers held prices firm, with mainstream quotations and transaction prices in the market mostly ranging from the average price to +10 yuan/mt. Today, the east China market shipment sentiment index was 3.17, up 0.05 MoM; the buying sentiment index was 3.03, up 0.33 MoM. Today, SHFE aluminum futures prices pulled back, and buying sentiment in the central China market surged. Bullish sentiment in the market was strong, and willingness to buy the dip was significant. Meanwhile, suppliers tended to hold back from selling and turned to purchasing at lower prices to profit from the price spread. Only some trading firms engaging in both spot and futures market took profits on premiums and shipped goods, while the overall reluctance to sell was evident. Market quotations ranged from parity with the central China price to a premium of 60 yuan, but final actual transactions were mainly concentrated at premiums of 30-40 yuan over the central China price. Today, the central China market shipment sentiment index was 2.59, down 0.01 MoM; the buying sentiment index was 2.42, up 0.04 MoM. Inventory side, aluminum ingot inventory in major consumption regions increased 8,500 mt MoM today, with the inventory buildup mainly coming from Guangdong. In the short term, aluminum ingot inventory continued its seasonal buildup after the Chinese New Year. Affected by bullish market sentiment, premiums were expected to remain on a narrowing trend.

[Macro Pressures Combined With High Inventory, SHFE Aluminum Remained Under Pressure at Elevated Levels in the Short Term] Continued destocking in LME inventory provided bottom support for LME aluminum, but amid tightening fund liquidity and profit-taking by bulls, upward momentum was insufficient, and the backwardation structure weakened somewhat. In China, social inventory rose to a high for the same period in nearly five years, and the inventory buildup cycle had not ended. High inventory and weak spot fundamentals jointly weighed on upward momentum. The divergence between domestic and overseas drivers continued, the SHFE/LME price ratio kept weakening, and SHFE aluminum fell below the key threshold of 25,000 yuan/mt, remaining mainly under pressure at elevated levels in the short term.

[SMM Tungsten Daily Review: Strong Wait-and-See Sentiment as the Tungsten Market Awaited Stabilization in Transactions] SMM News, March 18 Tungsten market prices were largely stable today, with only minor fluctuations, and the market showed strong wait-and-see sentiment. Trading volume in segments such as tungsten ore and APT was sparse, with transaction prices mostly hovering around the quoted price range. Transactions for downstream products such as powder were also limited, and transaction prices showed a slight downward trend.

[SMM Silicon-Based PV Morning Briefing] Polysilicon: The quoted price for N-type recharging polysilicon was 42-49 yuan/kg. Polysilicon prices continued to decline recently, mainly affected by wafer price cuts and market sentiment. At present, low-priced polysilicon has already fallen below the cost line of some manufacturers, and the willingness to hold quotes firm has strengthened somewhat. The upstream market was also still watching wafer price moves. Wafer: In the market, 18X wafer prices were 1.00-1.05 yuan/piece, 210RN wafer prices were 1.1-1.15 yuan/piece, and 210N wafer prices were 1.3-1.35 yuan/piece. Wafer prices remained stable. Current selling prices have already fallen below cash cost, so the likelihood of another sharp price cut was relatively small.

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

According to data released by the National Bureau of Statistics, in February 2026, overall, the decline in the selling prices of commercial residential properties in 70 large and medium-sized cities continued to narrow on a MoM basis, while prices fell YoY. The number of cities where the selling prices of newly built commercial residential properties rose or remained flat MoM increased from the previous month. Wang Zhonghua, Chief Statistician of the Urban Department of the National Bureau of Statistics, Interpreted the Statistical Data on Changes in the Selling Prices of Commercial Residential Properties in February 2026. Changes in the Selling Prices of Commercial Residential Properties in 70 Large and Medium-Sized Cities in February 2026 The MoM Decline in Commercial Residential Property Selling Prices Continued to Narrow in February — Wang Zhonghua, Chief Statistician of the Urban Department of the National Bureau of Statistics, Interpreted the Statistical Data on Changes in the Selling Prices of Commercial Residential Properties in February 2026 In February 2026, overall, the decline in the selling prices of commercial residential properties in 70 large and medium-sized cities continued to narrow on a MoM basis, while prices fell YoY. The number of cities where the selling prices of newly built commercial residential properties rose or remained flat MoM increased from the previous month. I. The MoM Decline in Commercial Residential Property Selling Prices Continued to Narrow In February, the selling prices of newly built commercial residential properties in first-tier cities were flat MoM, compared with a 0.3% decline in the previous month. Among them, Beijing and Shanghai both rose 0.2%, Guangzhou was flat, and Shenzhen fell 0.3%. The selling prices of newly built commercial residential properties in second- and third-tier cities fell 0.2% and 0.3% MoM, respectively, with the declines narrowing by 0.1 percentage point in both cases. Among the 70 large and medium-sized cities, 10 saw MoM increases in the selling prices of newly built commercial residential properties, while 7 were flat, for a combined increase of 9 cities from the previous month. In February, the selling prices of second-hand residential properties in first-tier cities fell 0.1% MoM, with the decline narrowing by 0.4 percentage point from the previous month. Among them, Beijing and Shanghai rose 0.3% and 0.2%, respectively, while Guangzhou and Shenzhen fell 0.5% and 0.4%, respectively. The selling prices of second-hand residential properties in second- and third-tier cities fell 0.4% and 0.5% MoM, respectively, with the declines narrowing by 0.1 percentage point in both cases. II. Commercial Residential Property Selling Prices Fell YoY In February, the selling prices of newly built commercial residential properties in first-tier cities fell 2.2% YoY, with the decline widening by 0.1 percentage point from the previous month. Among them, Shanghai rose 4.2%, while Beijing, Guangzhou, and Shenzhen fell 2.3%, 5.1%, and 5.5%, respectively. The selling prices of newly built commercial residential properties in second- and third-tier cities fell 3.1% and 4.0% YoY, respectively, with the declines widening by 0.2 and 0.1 percentage point, respectively. In February, the selling prices of second-hand residential properties in first-tier cities fell 7.6% YoY, with the decline unchanged from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell by 8.4%, 6.2%, 8.5%, and 7.1%, respectively. The selling prices of second-hand residential properties in second-tier cities declined 6.2% YoY, unchanged from the previous month. The selling prices of second-hand residential properties in third-tier cities declined 6.3% YoY, with the decline widening by 0.2 percentage points.