As of March 24, titanium dioxide prices continued to rise, with the SMM index up 4.6% since early 2026. Two rounds of price hikes were issued in March amid low inventories. Strong exports and production cuts supported gains, though sustainability post-peak season remains uncertain, hinging on downstream acceptance.

On November 14 2025, Malaysia launched the region’s first electric vehicle (EV) battery passport standard, MS 2018 Similar to initiatives under the European DDP for battery industry, MS 2818 will serve as a digital record of the EV battery lifecycle, from production to disposal. It is intended to support transparency, sustainability, and traceability across the entire EV supply chain.

Groundbreaking Ceremony Held for Alcoa Arconic’s Davenport, Iowa Plant Arconic held a groundbreaking ceremony for a $175 million investment project at its Davenport, Iowa plant. The project will add a state-of-the-art aluminum casting complex to the facility. For company leadership, the No. 10 Pit expansion project represented both growth in the manufacturing business and a long-term commitment to the region. With expanded capacity, advanced technology, and a focus on efficiency and sustainability, Arconic was positioning itself and the local community for the next generation of industrial growth. Once completed, No. 10 Pit will significantly expand casting ingot capacity, increase aluminum scrap recycling, and improve overall energy efficiency.

[SMM Titanium Spot Update: High Costs Drive a Second Titanium Dioxide Price Increase Within the Month, While Diverging Domestic and External Demand Tests the Sustainability of the Hike] In mid-March, titanium dioxide enterprises in China collectively issued a second round of price increase notices within the month, raising domestic prices by 500 yuan/mt and export prices by $100/mt, mainly because elevated sulphuric acid prices forced cost pass-through. At present, enterprises are operating at full capacity, but mediocre domestic demand and foreign trade constrained by geopolitical factors have intensified market divergence. Expectations of tighter sulphuric acid supply still support confidence to hold prices firm, but the sustainability of the price increase remains to be verified by follow-up demand.

Digital Product Passports (DPP) introduced by the EU as part of regulatory of promoting sustainability, with batteries being the first products to be implemented. Battery passport collects data of lifecycle, durability, performance, and composition. These information helps manufacturing and end-of-life processes more circular, while enable consumers in making informed choices. The following batteries placed on or put into service in the EU market will be required for battery passport, starting from February 2027: Electric vehicle (EV) batteries; Light means of transport (LMT) batteries, such as e-bikes and e-scooters; Industrial batteries with a capacity above 2 kWh, such as those used in industrial activities, or energy storage.

[Zinc Prices Fell During the Week, Guangdong Spot Premiums Rose] Guangdong premiums rose 20 yuan/mt WoW this week. As of this Friday, mainstream 0# zinc in Guangdong was quoted at discounts of 0 to premiums of 40 yuan/mt against the market, and the Shanghai-Guangdong price spread continued to widen......

According to the latest release from the General Administration of Customs, SMM statistics showed that China’s SiMn exports were 2,539.52 mt in January 2026, down 50.55% MoM and down 31.84% YoY. China’s SiMn imports were 0 mt in January 2026, down 100% MoM and down 100% YoY. By import and export regional structure, SiMn exports were mainly destined for Indonesia.

Next week, there will be limited macroeconomic data releases, mainly including the final March University of Michigan Consumer Sentiment Index for the US and the final March one-year inflation expectations for the US. At present, key events outside China remain the geopolitical issues in the Middle East, as well as the views of representatives from various countries on global trade development at the upcoming 14th WTO Ministerial Conference (MC14). LME lead, markets outside China will continue to be affected by geopolitical issues, with damage to the economic environment and prolonged logistics cycles dragging LME lead lower consecutively to a near one-year low. However, we need to note that the SHFE/LME price ratio widened, allowing more imported lead to flow into the Chinese market, while spot cargo availability in Southeast Asia tightened and spot premiums rose, with LME Cash-3M contango narrowing to -$41.44/mt. Next week, attention should be paid to the possibility of lead prices probing lower and then rebounding after macro headwinds are fully priced in. LME lead is expected to trade at $1,840-1,930/mt next week. SHFE lead, dragged down by the decline in overseas lead prices, the SHFE/LME price ratio widened and expectations for lead ingot imports increased, especially against the backdrop of China’s lead ingot social inventory standing at a 16-month high, sending lead prices lower in succession. At the same time, we need to note that inventory at domestic smelters remained on a declining trend, losses in secondary lead widened, and the inversion between secondary lead and primary lead prices may become a factor stopping lead prices from falling. In addition, downstream enterprises purchased on dips, and attention should be paid to the subsequent decline in social inventory. If destocking materializes, lead prices may stop falling and rebound. The most-traded SHFE lead contract is expected to trade at 16,100-16,750 yuan/mt next week. Spot price forecast: 16,100-16,550 yuan/mt. For primary lead and secondary lead, supply continued to rise as smelters resumed operations after maintenance. On the demand side, downstream enterprises' short-term restocking on dips may facilitate destocking, but from April to May is the traditional off-season for the lead-acid battery market, and the sustainability of downstream enterprise procurement is limited, so spot lead premiums are expected to struggle to continue rising.

State-owned financing entity PT Sarana Multi Infrastruktur (PT SMI) plans to issue its "Shelf-Registered Sustainability Bond I Phase II 2026" with an indicative value of Rp300 billion in the first quarter of this year. The proceeds will be used to refinance the Rp465 billion Phase I Series A bonds maturing on July 18, 2026. Management highlighted that the issuance aligns with their 2025 Sustainable Funding Framework, which aims to attract institutional investors with ESG mandates. By utilizing this thematic instrument, PT SMI expects to narrow coupon spreads compared to government bonds while maintaining its top-tier idAAA credit rating.

On April 17, at the AICE 2025 SMM (20th) Aluminium Conference & Aluminium Industry Expo - Aluminium Industry Chain Sustainable Development Forum , hosted by SMM Information & Technology Co., Ltd. (SMM), SMM Metal Exchange Center, and Shandong AIS Information Technology Co., Ltd., and co-organized by Zhongyifeng Jinyi (Suzhou) Technology Co., Ltd. and Lezhi County Qianrun Investment Promotion Service Co., Ltd., Guo Qi, ASI Assurance Manager of the Aluminium Stewardship Initiative (ASI), shared insights on the implementation of global sustainable standards for the aluminium industry chain and the progress in building a sustainable aluminium value chain. The Aluminium Stewardship Initiative (ASI) is a global non-profit standard-setting and certification organization. Vision, Mission, and Values Vision: Maximize the contribution of aluminium to a sustainable society. Mission: Recognize and collaboratively promote responsible production, sourcing, and stewardship of aluminium. Values: Ensure inclusivity in work and decision-making processes by promoting the participation of all relevant stakeholders. Encourage broad participation across the entire aluminium value chain, from bauxite and alumina to aluminium (from mining to downstream users). Promote shared responsibility for material management throughout the aluminium life cycle, from extraction, production, and use to recycling. The presentation also covered the brief history of ASI, reasons for its establishment, governance structure, global consistency documentation system, membership growth, ASI today, and its core work. Core Work: ASI collaborates with producers, users, and other stakeholders to promote responsible aluminium production, sourcing, and stewardship, driving transformation in the global aluminium value chain through the following means: • Standard Setting and Certification • Auditor Certification • Training and Capacity Building • Multi-Stakeholder Governance • Indigenous Peoples Advisory Forum (IPAF) • Promoting Collaboration through Partnerships and Mutual Recognition • Impact Assessment and Monitoring ♦ Strategic Evolution… ♦ Joining ASI Be part of a global effort to drive positive change. Enhance performance through focused actions and expand progress on key environmental, social, and governance issues. The presentation also elaborated on ASI certification. ♦ ASI and Climate Climate responsibility of the aluminium industry: Accounts for 2% of global anthropogenic greenhouse gas emissions (CO₂ equivalent) and 4% of global CO₂ emissions. ASI requires certified entities to: Develop greenhouse gas (GHG) emission reduction plans and use ASI-approved methodologies to ensure that the GHG emission reduction pathway aligns with a 1.5-degree Celsius warming scenario. ♦ ASI's GHG Pathway Methodology… Proven Methodology • It is a method for measuring the long-term GHG emission intensity performance of specific entities, in line with the industry's 1.5-degree scenario. • Respect the 1.5-degree scenario carbon budget for the industry • Warn that the slope may/will change if action is delayed • Forward-looking methodology • Not a measurement standard for "low-carbon," "green," or "net-zero" aluminum ♦ Parallel recognition ♦ Value brought Value to members: • Demonstrate leadership and commitment in responsible production, sourcing, and management of aluminum within the industry • Enhance performance in key Environmental, Social, and Governance (ESG) issues through collective action, accelerating the sustainable development process • Access specialized learning resources on ASI aluminum sustainability • Advance the ASI certification process for both the enterprise and its suppliers • Participate in ASI's ongoing work projects from a strategic corporate perspective • Join ASI's governance system, including the operation of various specialized working groups • Utilize ready-made sustainability management tools to efficiently address challenges in the aluminum value chain • Gain the right to use the ASI membership logo and a dedicated display page on the official website Value to ASI: • Promote widespread collaboration and the widespread application of ASI standards within the aluminum value chain • Infuse your professional voice and industry influence into our mission • Create a demand boost for ASI-certified products in downstream markets • Enhance industry awareness of sustainable aluminum • Share your valuable experiences in other responsible sourcing projects 》Click to view the special report on the AICE 2025 SMM (20th) Aluminum Conference & Aluminum Industry Expo