On March 25, the SMM average price of battery-grade nickel sulphate remained stable.

[SMM Daily Review: Macro Policies Drove a Rebound in Futures, with High-Grade NPI Quotes Edging Up] March 26 News: SMM's upstream sentiment factor for high-grade NPI was 2.86, up 0.03 MoM, while the downstream sentiment factor for high-grade NPI was 1.56, flat MoM.

Platinum prices fluctuated downward today, with the most-traded platinum contract PT2606 on the Guangzhou Futures Exchange closing the morning session at 495.45 yuan/g, down 3.20%. In the spot market, spot platinum was quoted at a discount of 6-8 yuan/g against PT2606, or at a discount of 3-5 yuan/g against the SGE spot selling price 1. Spot discounts were basically flat from the previous trading day. As for spot transactions, SMM learned that suppliers reported weaker market consumption and limited transactions, while the price spread between intended prices and quoted prices remained relatively wide. Quotes at discounts of around 6 yuan/g on the Guangzhou Futures Exchange saw basically no transactions, and some traders purchased small volumes while seeking spot-futures price spread opportunities. Meanwhile, downstream enterprises reported fewer orders and limited purchases, with an overall wait-and-see stance prevailing. Overall transactions in the spot market were relatively subdued.

[SMM Daily Brief Review of Coking Coal and Coke] In terms of supply, with costs remaining high, most coke producers saw wider losses and began to push for a coke price hike, but losses remained within an acceptable range, and coke production stayed stable. On the demand side, steel trading improved somewhat, steel mills became more willing to produce, and daily average hot metal production continued to increase, further boosting rigid demand for coke. Overall, coke fundamentals shifted toward tightness, but steel mills showed only average acceptance of higher coke prices, and the coke market may remain generally stable with slight rise in the short term.

SMM News, March 26: Overnight, LME lead opened at $1,909.5/mt. After the opening, prices fell rapidly, hitting a low of $1,899/mt. Entering the European session, LME lead fluctuated upward and touched a high of $1,920/mt. After repeated tug-of-war at high levels, it pulled back. Near the close, LME lead briefly consolidated at $1,908/mt and finally closed at $1,911.5/mt. It posted a small bullish candlestick, up $13/mt, or 0.68%. Overnight, the most-traded SHFE lead 2605 contract opened at 16,505 yuan/mt. In early trading, SHFE lead prices fluctuated higher, touching a high of 16,570 yuan/mt. Thereafter, lead prices plunged rapidly after 22:30, gradually falling below the key support level of 16,505 yuan/mt. Near the close, prices fluctuated rangebound in the 16,490-16,505 yuan/mt range, hitting a low of 16,480 yuan/mt, and finally closed at 16,490 yuan/mt. It posted a small bearish candlestick, down 5 yuan/mt, or 0.03%. Supply side: Ex-works quotes from primary lead smelters remained stable, with mainstream producing areas quoting premiums of 30-120 yuan/mt against the SMM #1 lead price; secondary lead smelters held prices firm on shipments, and spot cargo in circulation tightened. Demand side: Downstream procurement sentiment diverged, with wait-and-see sentiment toward new-month long-term contracts coexisting with purchase as needed, while warrant cargoes were relatively more favored in transactions. SMM expects lead prices to maintain a fluctuating trend in the short term, with downside supported by firm spot prices and limited room for decline; whether prices can break upward will require close tracking of downstream procurement and restocking pace.

SMM Nickel News, March 26: Macro and Market News: (1) On March 25, COSCO SHIPPING Lines issued a service notice announcing the immediate resumption of new bookings for services from the Far East to the following Middle East countries (dry containers): the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, and Iraq. The resumption of shipments did not mean that COSCO SHIPPING container vessels could pass through the Strait of Hormuz. (2) In the early hours of March 25, Tehran time, Iran's Permanent Mission to the United Nations said in a statement on social media that non-hostile vessels could safely pass through the Strait of Hormuz in coordination with relevant Iranian authorities, provided that the countries to which they belong or with which they are associated neither participate in nor support acts of aggression against Iran, and fully comply with the announced safety and security regulations. Spot Market: On March 26, the SMM price of #1 refined nickel rose by 1,550 yuan/mt from the previous trading day. In terms of spot premiums, the average premium for Jinchuan #1 refined nickel was 5,400 yuan/mt, down 750 yuan/mt from the previous trading day; domestic mainstream electrodeposited nickel was at -400-400 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2605) opened sharply higher in last night's session and then fluctuated downward, closing the morning session today at 135,250 yuan/mt, up 0.50%. Policy expectations that Indonesia may impose a nickel export tax, together with firm ore prices on the raw material side and easing macro sentiment, jointly drove nickel prices to rebound. Nickel prices are expected to hold up well in the short term, with the core trading range of the most-traded SHFE nickel contract at 133,000-143,000 yuan/mt.

[SMM Stainless Steel Daily Review] News-Driven Disturbances Pushed SS Futures Higher to Test the Upside, Confidence in the Stainless Steel Spot Market Gradually Recovered SMM News, March 24: SS futures rose strongly. Affected by market fluctuations triggered by news of geopolitical conflict yesterday, SS futures rose sharply in the night session, and the daytime session maintained a fluctuating but relatively strong trend, closing at 14,290 yuan/mt by midday. In the spot market, boosted by the sharp rise in SS futures, market confidence somewhat recovered; although the increase in traders' spot quotations was limited, both inquiries and transactions showed signs of recovery during the week. The current market is heavily disturbed by news factors, and changes in the geopolitical conflict still need close attention. The most-traded SS futures contract strengthened and moved higher. At 10:15 a.m., SS2605 was quoted at 14,305 yuan/mt, up 125 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 115-315 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi rose by 50 yuan/mt; for cold-rolled trim-edge 304/2B coils, the average price in Wuxi rose by 50 yuan/mt, while the average price in Foshan was unchanged; cold-rolled 316L/2B coils in Wuxi were unchanged; for hot-rolled 316L/NO.1 coils, Wuxi quotations were unchanged; cold-rolled 430/2B coils in both Wuxi and Foshan were also unchanged. As the market entered the traditional peak consumption season of "Golden March and Silver April," although the stainless steel market ushered in a seasonal recovery window, end-use demand fell short of expectations, downstream wait-and-see sentiment gradually intensified, and the procurement side only maintained a restocking pace for rigid demand, with none of the transaction momentum typically seen in the peak season emerging. The market's view on stainless steel prices...

[SMM Daily Chrome Commentary: Cost Support Kept Offers Firm, with Limited Recent Market Fluctuations] March 25, 2026: Chrome ore quotations saw no adjustment, while low- and micro-carbon ferrochrome prices were raised somewhat...

This week, ternary cathode precursor prices increased slightly, while sulphate prices were all flat today. Discounts, for April and Q2 orders, some producers were willing to raise discounts due to large fluctuations in raw material prices. Long-term contracts, some producers recently finalized long-term agreements. As downstream demand was relatively weak, discount increases were expected to be limited, but there was some room for negotiation on processing fees. Spot orders, the Ni-Co-Mn coefficient for spot orders rose this month, and with current downstream procurement sentiment weak, further upside room was expected to be limited. Production, leading producers in China and those with relatively large export orders still maintained high operating intensity. Looking ahead, recent sulphate costs provided strong support, but downstream acceptance remained subject to observation of downstream demand in Q2.

Precious metals staged their first coordinated rally in nearly two weeks on Tuesday as the prospect of a diplomatic resolution to the U.S.-Iran conflict continued to lift market sentiment and weaken the dollar.