[SMM Copper Flash News] Inventory at wire and cable enterprises this week: earlier pullbacks in copper prices drove concentrated restocking by enterprises, and raw material inventory mainly went toward consuming stockpiled materials this week, so raw material inventory fell 2.7% MoM. As for finished product inventories, the pullback in copper prices restrained downstream cargo pick-up, so finished product inventories edged down 2.65% MoM.

In the spot market, this week (March 22, 2026-March 26, 2026), downstream battery enterprises gradually purchased and stockpiled to maintain normal operating rates. This week, mainstream transaction prices for primary lead in Henan were quoted at slight premiums to the SMM #1 lead average price, while supply in Hunan and Guangdong was relatively tight, with smelters and suppliers quoting premiums of 30-50 yuan/mt over SMM #1 lead, and transactions were concluded on rigid demand. This week, as secondary refined lead prices remained firm and the market sentiment of holding back sales and wait-and-see did not ease, downstream rigid-demand procurement was taken over by primary lead, and spot inquiries and transactions in the primary lead market were relatively active this week.

[SMM Stainless Steel Daily Review] Geopolitical Disruptions Coupled With Cost Support Kept Spot Stainless Steel Stable SMM News on March 27: SS futures stopped falling and rebounded. Uncertainty remained high around news related to geopolitical conflicts, and futures were still likely to maintain a fluctuating trend. As of the midday close, the quote stood at 14,395 yuan/mt. In the spot market, affected by fluctuations in SS futures, downstream transaction demand for rigid needs had been largely released at the beginning of the week. At present, the arbitrage window in futures had closed, and spot stainless steel transactions pulled back accordingly. Stainless steel mills were currently operating at losses, and with cost support, mills still showed a strong willingness to hold prices firm, while spot prices mostly remained stable. The most-traded SS futures contract stopped falling and rebounded. At 10:15 a.m., SS2605 was quoted at 14,355 yuan/mt, down 85 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 165-365 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was unchanged; for cold-rolled trim-edge 304/2B coil, 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 coil in Wuxi was unchanged; for hot-rolled 316L/NO.1 coil, the Wuxi quote was unchanged; cold-rolled 430/2B coil in both Wuxi and Foshan remained stable. The stainless steel market had now entered the traditional peak consumption season. Downstream end-user transactions remained steady, but market sentiment turned cautious. End-users lacked willingness to stockpile, and procurement was still mainly driven by restocking based on immediate needs. The brisk trading pattern typical of the peak season had not emerged, and overall demand remained stable and neutral. Futures...

This week, the weekly operating rate of leading downstream aluminum processing enterprises in China rebounded 1.1 percentage points MoM to 64%.

According to SMM, prices of petroleum-based basic chemical raw materials such as styrene and propylene have risen sharply recently, significantly driving up the costs of engineering plastics for home appliances such as PP and ABS. Coupled with shrinking demand from the Middle East, air-conditioner manufacturers' willingness to stockpile and produce has weakened markedly, and softer demand from the home appliance sector has directly dragged down overall demand for enamelled wire.

This week (3.20-3.26), the operating rate of China’s brass billet industry came in at 54.39%, up a mild 0.26 percentage points MoM , with the industry as a whole maintaining a mild trend. Downstream orders showed divergence: demand in the refrigeration valve fittings segment remained steady and improved, becoming the core driver supporting enterprises’ production schedules, while orders in traditional general-use segments such as hardware and plumbing were relatively stable, with enterprises mainly executing earlier contracts and taking a relatively cautious pace toward new orders. Affected by elevated prices for recycled brass raw materials and relatively tight spot circulation in the market, sample enterprises showed lower willingness to stockpile raw materials this week, and days of raw material inventories edged down to 4.35 days. Finished product inventories turnover remained stable at 5.39 days, and overall industry inventory pressure was limited; Looking ahead to next week (3.27-4.2), fluctuations in copper prices are still expected to disturb downstream purchasing sentiment. Combined with the constraints of tight supply and elevated costs for recycled brass raw materials, this is expected to exert some restraint on enterprises’ operating loads. However, orders on hand will still provide support, leaving limited room for the operating rate to decline. SMM expects the operating rate of the brass billet industry next week to edge down 0.07 percentage points MoM to 54.32% , and the industry will continue to operate under a pattern driven by rigid demand and constrained by raw materials.

[SMM Lithium Battery Electrolyte Market Weekly Review: Electrolyte Prices Remained Temporarily Stable This Week (2026.3.23-3.26)] From March 23 to March 26, 2026, electrolyte prices remained temporarily stable. Subsequent price trends will still need to focus on changes in upstream raw material prices

This week, after the price spread between the TD price on the Gold Exchange and the SHFE April contract narrowed, it remained stable, but the import window for silver ingots closed, and traders’ imported silver ingot arrivals declined. As month-end approached, coupled with weaker precious metals prices and continued downward adjustments in spot premiums, spot transactions were sluggish, and transaction prices were still mainly concluded through negotiated discounts. As of Thursday, in the Shanghai market, the tradable quote for standard silver ingots against TD premiums was lowered to 50-100 yuan/kg. Suppliers of standard silver ingots still largely held prices firm and were reluctant to sell, while downstream buyers only made just-in-time procurement, and were likewise less willing to stockpile on price dips. Trading in the spot market continued to shrink. Inventory side, spot market consumption continued to weaken this week. Although downstream just-in-time procurement generally involved substantial price negotiations, suppliers held inventory and waited due to costs and other reasons, and social inventory of silver ingots posted a slight cumulative increase. In addition, the import window for silver ingots had basically closed, and both supply and demand in China’s spot silver ingot market declined. Social inventory of silver ingots is expected to see limited growth this week.

Today, aluminum prices extended their decline, and premiums in central China remained in positive territory. Traders' willingness to purchase and stockpile fell from the previous two days. Although downstream processing enterprises showed some willingness to buy the dip, they still did not make large-scale concentrated purchases, and overall market purchase sentiment weakened. In the end, actual quotes and transaction prices in the central China market fell all the way, from a 50-yuan premium over the central China price before the opening to around parity with the central China price, while suppliers showed no clear willingness to hold prices firm. Today, the central China market shipments sentiment index was 2.63, up 0.01 MoM; the buying sentiment index was 2.48, down 0.03 MoM.

SMM News, March 23: In the morning session, SHFE aluminum 2604 fluctuated upward, while the price center fell sharply from the previous trading day. Affected by the decline in aluminum prices, overall buying sentiment increased today, prompting sellers to hold prices firm. Today’s mainstream transaction prices were concentrated at SHFE aluminum 04 contract +10 yuan/mt to +20 yuan/mt. Today, the east China market shipment sentiment index was 2.72, down 0.58 MoM; the purchasing sentiment index was 3.3, up 0.07 MoM. Today, aluminum prices extended their decline, and premiums in central China remained in positive territory. Traders’ willingness to purchase and stockpile was somewhat lower than in the previous two days. Although downstream processing enterprises showed some willingness to buy the dip, they still did not make large-scale concentrated purchases, and overall market purchase sentiment weakened somewhat. In the end, actual quotes and transaction prices in the central China market declined all the way, from a 50 yuan premium over the central China price before the opening to near parity with the central China price, while suppliers showed no obvious willingness to hold prices firm. Today, the central China market shipment sentiment index was 2.63, up 0.01 MoM; the purchasing sentiment index was 2.48, down 0.03 MoM. Inventory side, aluminum ingot inventory in major consumption regions increased by 8,000 mt MoM today, with destocking mainly coming from Wuxi and Guangdong. In the short term, aluminum ingot inventory continued its post-Chinese New Year seasonal buildup. Affected by bullish sentiment, premiums are expected to maintain a narrowing trend.