[Dual Momentum in the Magnesium Industry: Coordinated Empowerment of New Development Through Salt Lake Resource Security and Breakthroughs in End-Use Applications] As one of the lightest known structural metallic materials, magnesium combines outstanding properties such as light weight, high strength, and high thermal conductivity, making it a core strategic material supporting industrial upgrading in sectors such as automotive lightweighting and new energy materials. China’s magnesium industry is advancing on two fronts, simultaneously promoting breakthroughs in end-use application technologies and securing raw material supply, overcoming bottlenecks in industrial development and supporting the high-quality development of the magnesium industry.

[SMM Steel] On March 26, 2026, the Indian government approved $42 million in funding for three pilot projects to produce steel using green hydrogen. Part of the National Green Hydrogen Mission, these projects will be completed within three years by Matrix Gas Renewables, Simplex Castings, and SAIL. The pilots will test 100% hydrogen use in Direct Reduction Iron (DRI) and hydrogen injection in blast furnaces to significantly reduce coal and coke consumption.

[Silicon Metal Market Sees Rising Bargaining Sentiment, Focus on Changes in Supply-Side Operating Rates]: This week, the silicon metal market remained in a bargaining stalemate, with the price center of some specifications edging up slightly. As of March 26, SMM east China oxygen-blown #553 silicon was at 9,100-9,300 yuan/mt, up 100 yuan/mt WoW. #441 silicon was at 9,300-9,500 yuan/mt, flat WoW, and #3303 silicon was at 10,200-10,400 yuan/mt, also flat WoW. In the futures market, affected by sentiment and expectations surrounding supply-side factors such as “self-discipline among silicon enterprises and anti-involution,” the most-traded silicon metal contract continued to hold up well over the past week, closing at 8,735 yuan/mt late on Thursday with a notable gain. In terms of quotations, silicon enterprises mostly kept shipment quotes stable, with some quotes testing slight increases; the quote center of trading firms engaging in both spot and futures market rose markedly, and low-priced cargoes disappeared. As downstream acceptance of high prices was limited, high-priced transactions in the market were difficult to conclude.

[SMM Silicone Weekly Review: Silicone Market Transaction Center Stabilized, Downstream Purchased as Needed on Price Dips] This week, the transaction range in China's silicone DMC market was 13,800-14,300 yuan/mt, stable WoW. By regional quotes, monomer enterprises in Shandong quoted 14,000 yuan/mt, while mainstream monomer enterprises in other regions mostly quoted 14,300 yuan/mt. After the phased price fluctuations last week, the main transaction range gradually stabilized.

This week, the Co3O4 market maintained a stable trend, with overall activity still relatively weak. Quotations from top-tier enterprises remained at a high level of around 370,000 yuan/mt, while the tight inventory of cobalt intermediate products continued to provide cost support for prices. However, downstream LCO material plants did not accelerate their procurement pace, mostly conducting small-scale restocking based on orders on hand, and market inquiry sentiment improved slightly WoW. Going forward, the pace of end-use demand will become the key variable determining the procurement intensity of cathode materials. In the short term, the Co3O4 market will still mainly remain stable, awaiting further clarity on the demand side.

This week, the cobalt chloride market atmosphere saw no significant improvement, and the stalemate continued. Top-tier enterprises remained firm in their willingness to hold prices firm, with mainstream quotations continuing to stay above 116,000 yuan/mt and the highest quotations still at 120,000 yuan/mt. However, downstream procurement sentiment remained cautious, and market inquiries showed no recovery. Overall downstream demand was relatively pessimistic, leading Co3O4 enterprises to become more cautious in raw material procurement. Actual transactions were still mainly sporadic restocking, with the transaction center stable at around 115,000 yuan/mt. Overall, the market still lacked a direct driver to break the deadlock in the short term, and prices were expected to remain stable. SMM New Energy Research Team Wang Cong 021-51,666,838 Ma Rui 021-51,595,780 Feng Disheng 021-51,666,714 Lv Yanlin 021-20,707,875 Zhou Zhicheng 021-51,666,711

【SMM Steel】The USDOC initiated a country-wide circumvention probe into corrosion-resistant steel from Indonesia at the request of Steel Dynamics and Nucor. They allege finished products use Chinese HRC/CRC and Vietnamese CRC to bypass AD/CVD orders. If processing is found minor, AD/CVD on Chinese/Vietnamese goods will apply. A preliminary ruling is due within 150 days.

【SMM Steel】The UK published its Steel Strategy on Mar 19, 2026, to revitalize domestic production, prioritize recycled scrap, and shift to EAFs. The plan aims to raise output from ~30% of demand to 40-50% and includes up to £2.5bn in support. A Scrap Working Group will be set up by May 2026. New trade measures, including up to 50% tariffs on excess imports, take effect from July 2026.

Silver has seen one of the sharpest pullbacks in recent years within just a few weeks. From the high of US$97.30 on March 2, the price fell to US$61.21 by March 23, losing around 37%. For the market, this was an abrupt break from the previous momentum.

Vietnamese steelmaker Hoa Phat Group has officially launched the second phase of a massive rooftop solar project at its Dung Quat steelmaking complex to enhance energy self-sufficiency and lower carbon emissions. This 22.5 MWp installation spans rolling mills, the hot-rolled coil production unit, and warehouses, generating roughly 32.8 million kWh annually. Set for full completion across five phases by the second quarter of 2027, the $22.7 million initiative will reach a total capacity of 79.2 MWp, cutting carbon emissions by more than 78,000 metric tons per year and improving the mill's export competitiveness in carbon-regulated markets like the EU.