(Kitco News) – BRICS+ nations now hold 17.4% of global gold reserves, up from 11.2% in 2019, while the dollar’s share of global reserves fell to its lowest level since 1994 – and one BRICS member could well buy as much as all other countries combined, according to Michael Harris, technical analyst at EBC Financial Group.

Members of the BRICS Plus trade bloc now hold over 6 000 t of gold, representing about 17.4% of total global central bank reserves, up from 11.2% in 2019, financial services group EBC Financial Group (EBC) reveals in a market note.

Gold has overtaken US Treasuries as the largest component of global central bank reserves for the first time since the mid-1990s, marking a significant shift in the structure of the international monetary system, Bloomberg reports.

According to Iran’s state television, Iranian Foreign Ministry spokesperson Baghaei said that US President Trump’s earlier statement on social media claiming that the “president of Iran’s new regime had requested a ceasefire” was entirely fabricated fake news.

The global aluminum market is currently characterized by a distinct divergence between Chinese and overseas markets. Overseas markets have performed strongly amid supply-side disruptions, while the domestic market has also strengthened due to similar supply disturbances but remained relatively weak compared with the LME. Details on supply, demand, trade and market structure are as follows: I. Overseas Aluminum Market: Prominent Supply Tightness and Sustained Pressure on Inventories The core contradiction in overseas aluminum markets lies in supply contraction and low inventory levels, exacerbated by geopolitical conflicts, further intensifying supply tightness. In terms of LME inventory data, current inventories remain on a continuous downward trend, greatly weakening their supportive role in the market. Historically and recently, LME cancelled warrants peaked at 178,000 tonnes earlier, accounting for 39% of total inventory. As a result, the effectively available LME inventory has dropped to its lowest level since May 2025, further highlighting tight overseas supply. Supply contraction has widened the market deficit, with production cuts at two key projects—EGA and Alba—having a particularly significant impact.On March 28, EGA’s Al Taweelah smelter in the UAE and Alba’s plant in Bahrain were attacked, causing equipment damage and sharply raising risks of capacity disruptions. This came on top of earlier disruptions: March 15: Alba reduced output at three production lines due to shipping disruptions in the Strait of Hormuz; March 12: Qatar’s Qatalum smelter suspended 40% of capacity due to natural gas supply cuts. Overseas primary aluminum supply deficits are expected to continue widening. Meanwhile, high energy costs in Europe have also reduced local semi-fabricated aluminum output, further tightening supply. Supply tightness has directly driven a sharp rise in overseas spot premiums. Amid supply concerns from escalating Middle East geopolitical conflicts, the Q2 MJP premium rose by approximately USD 156.5/t to USD 351.5/t. Specifically, major regional premiums rose markedly at end-March: CIF South Korea: from USD 168/t (early March) to USD 292/t; CIF Thailand: from USD 183/t to USD 317/t; European Duty Unpaid: from USD 345/t to USD 400/t; US Midwest DDP: from 103.75 cents/lb to 105.5 cents/lb. This fully reflects that expectations of tight primary aluminum supply have enabled sellers to push up quotations. Downstream demand and purchasing patterns vary significantly across regions: South Korea: Phase-wise restocking completed; weak downstream restocking sentiment, limited demand support. Southeast Asia: Dominated by term contract execution with limited spot restocking; insufficient incremental buying momentum. Europe: Rising supply shortage concerns amid production cuts in Qatar and Bahrain; downstream restocking underway, relatively strong demand. United States: Low inventories entering a restocking cycle, providing moderate market support. II. Chinese Aluminum Market: High Inventory Pressure, Weak and Constrained Demand In contrast to strong overseas markets, the domestic aluminum market has strengthened amid supply disruptions but underperformed relative to the LME, characterized by high inventories and constrained demand. High domestic aluminum prices have continued to suppress downstream purchasing. Current buying is mainly order-based rigid demand, with low willingness for active restocking, providing limited upward support. Domestic inventory pressure has not eased effectively: primary aluminum inventories remain elevated, and inventory destocking has progressed slower than expected, likely prolonging the digestion period.High inventories and high prices form dual constraints. Although the domestic market has upward momentum, it is weaker than overseas. Domestic spot premiums are expected to remain under pressure and further widen in the short term.

The current global aluminum market showed a clear divergence between markets outside and inside China. LME remained strong amid supply-side disruptions, while the Chinese market also strengthened under supply disruptions, though its overall performance was still relatively weaker than LME. Details on supply and demand, trade flows, and market structure are as follows: I. Overseas Aluminum Market: Tight Supply Became More Pronounced, Inventory Remained Under Pressure The core issue in the overseas aluminum market centered on supply contraction and low inventory, compounded by disruptions from geopolitical conflicts, with the tight supply pattern continuing to intensify. Based on LME inventory data, current inventory remained on a sustained downward trend, and the support provided by inventory to the market weakened significantly. Historical and recent data showed that LME cancelled warrants previously peaked at 178,000 mt, accounting for as much as 39 of total inventory. As a result, LME's actually available effective inventory fell to the lowest level since May 2025, further highlighting the tight supply situation outside China. The contraction on the supply side further amplified the deficit in markets outside China, with the impact of production cuts at the two key projects, EGA and Alba, being particularly prominent. On March 28, EGA's Al Taweelah production site in the UAE and Alba's plant in Bahrain were both attacked, and equipment damage sharply increased the risk of capacity disruptions. In addition, Alba had already started production cuts on three lines on March 15 due to shipping disruptions in the Strait of Hormuz, while Qatar's Qatalum aluminum smelter shut 40 of its capacity on March 12 due to a natural gas supply interruption. Against this backdrop, the supply gap in overseas aluminum ingot is expected to continue widening. Meanwhile, high energy costs in Europe also led to production cuts and volume reductions in local fabricated products, further exacerbating supply tightness. Tight supply directly pushed premiums in overseas spot markets sharply higher. Affected by supply concerns triggered by the escalation of geopolitical conflict in the Middle East, the Q2 MJP price rose by about $156.5/mt to $351.5/mt. Specifically, by month-end, premiums in major regions all showed a significant upward trend: CIF South Korea premiums rose from $168/mt at the beginning of the month to $292/mt; CIF Thailand premiums rose from $183/mt to $317/mt; Europe duty-unpaid premiums rose from $345/mt to $400/mt; and US Midwest DDP premiums rose from 103.75¢/lb at the beginning of the month to 105.5¢/lb, fully reflecting that current expectations of tight overseas aluminum ingot supply pushed sellers to raise offers. From the perspective of downstream demand and procurement pace across overseas regions, clear divergence was evident: South Korea: phased restocking had already been completed earlier, and downstream purchase and restocking sentiment was currently weak, with demand providing limited support to the market; Southeast Asia: the market was currently focused on digesting inventories, with only partial spot order restocking demand, and overall momentum for new purchases was insufficient; Europe: affected by production cuts in Qatar and Bahrain's aluminum industries, market concerns over a supply deficit continued to intensify, and downstream players were gradually carrying out restocking purchases, with demand showing relatively strong performance; US: inventory was currently at a low level and was entering a restocking cycle, providing some support to the market. II. China’s Aluminum Market: Under Pressure from Inventory at High Levels, with Suppressed and Weak Demand In contrast to the strength of the LME, although China’s aluminum market was likewise supported by supply disruptions and showed an upward trend, its overall performance remained relatively weaker than the LME, with the core pattern characterized by “elevated inventory and suppressed demand.” On the price front, persistently high aluminum prices in China continued to restrain downstream purchasing demand. At present, the downstream procurement pace is mainly driven by order-based just-in-time procurement, while willingness to restock proactively remains subdued, making it difficult to form stronger demand support. China has not effectively eased inventory pressure—domestic aluminum ingot remains at inventory at high levels, and the pace of inventory drawdown was slower than expectations. Inventory drawdown is expected to take even longer going forward. Inventory at high levels and high aluminum prices have formed a dual constraint, leaving the Chinese market with upward momentum, but weaker than that of the LME. In the short term, spot premiums in China are expected to remain under pressure and widen further. Source: SMM

Q1 SHFE Aluminum Price Review (By Stage) January: Market traded on Fed rate-cut expectations, decoupled from fundamentals Fundamentals: Spring Festival low season + demand vacuum + inventory accumulationAluminum prices rose continuously and hit a historical high for the period, squeezing downstream profit margins and weighing on primary aluminum demand.Environmental production restrictions in some regions constrained raw material consumption.Social inventories of primary aluminum kept accumulating. By the end of January, SMM social aluminum ingot inventory rose to 782,000 tonnes, the highest level for the same period in nearly three years. Macroeconomics: The Federal Reserve was in a rate-cut cycle in January. The U.S. dollar weakened notably, and large capital inflows into commodity futures boosted broad commodity prices.Coupled with positive domestic consumption-boosting policies, aluminum prices were well supported. February: Market traded on Fed rate-hold expectations, decoupled from fundamentals Fundamentals: Aluminum prices traded in a weak range.Domestic downstream fabricators sharply reduced purchases due to the Spring Festival holiday, while smelters raised ingot-casting activity, leading to continued accumulation in primary aluminum social inventories.After the holiday, SMM social aluminum ingot inventory climbed to 1.108 million tonnes. High inventory provided little upward support for aluminum prices. Macroeconomics: Diminished U.S. rate-cut expectations drove the DXY stronger. Profit-taking capital outflows triggered a pullback in aluminum prices, reinforcing the weak sideways pattern. March: Market swung between Middle East supply disruptions and demand headwinds Intensive long-short competition drove aluminum prices into a “rally – correction – rebound” volatile structure. Supply side: Frequent overseas production cuts continued to roil the market.Mozal entered maintenance. Qatar Aluminum announced it would halt further cuts and maintain 60% operating rate.Alba Bahrain shut down Lines 1, 2 and 3 under controlled and safe conditions, with market rumors later emerging that Line 4 may also face production cuts or shutdowns.EGA suffered severe facility damage, with the extent still under assessment; the market expects large-scale production cuts or shutdowns.Worsening concerns over global supply shortages became the key driver of periodic aluminum price gains. Escalating Middle East conflicts and safety concerns over shipping through the Strait of Hormuz heightened uncertainty over global primary aluminum supply, injecting sustained geopolitical risk premium and supporting high price levels. Demand side: Rising stagflation fears boosted risk aversion, pressuring aluminum prices to correct and limiting upside. Downside risks in overseas demand became prominent, as downstream fabricators faced multiple constraints:(1) High aluminum prices significantly suppressed purchasing willingness and restrained demand realization;(2) Shortages of natural gas, crude oil and other energy resources forced some fabricators to cut or halt production;(3) Sharply rising freight and smelting costs squeezed downstream margins, further dampening demand indirectly.

[SMM Weekly Review] This week (March 23–March 27), platinum prices rose first and then fell back. On the GFEX in China, the most-traded platinum futures contract PT2606 opened at 487.1 yuan/gram and closed at 493.05 yuan/gram, down 23.5 yuan/gram from the previous week's settlement price, a decline of 4.53%. The highest price during the week was 518.85 yuan/gram, and the lowest price during the week was 437.25 yuan/gram; the most-traded palladium contract PD2606 opened at 355 yuan/gram and closed at 358.2 yuan/gram, down 16.15 yuan/gram from the previous week's settlement price, a decline of 4.31%. The highest price during the week was 380.65 yuan/gram, and the lowest price during the week was 321.15 yuan/gram. In futures trading, the most-traded platinum contract PT2606 posted total weekly trading volume of 46,314 lots, total turnover of 22.397 billion yuan, and open interest of 16,467 lots, with open interest down 2,049 lots WoW. The most-traded palladium contract PD2606 posted total weekly trading volume of 24,537 lots, total turnover of 8.71 billion yuan, and open interest of 7,356 lots, with open interest down 492 lots WoW. Recently, as geopolitical conflict in the Middle East persisted, the precious metals market as a whole entered a stagflation panic mode. The specific logic was that the US-Iran conflict exceeded expectations, pushing up oil prices and thereby triggering concerns over imported inflation in the US, which in turn delayed the pace of interest rate cuts. Regarding the US-Iran conflict, on March 26, Trump announced a 10-day extension of the deadline for Iran's energy facilities; according to Iran's Tasnim News Agency, informed sources said Iran had concluded that the US negotiation statement was a "deception" project, with three real objectives under its cover: first, to deceive the international community by fabricating a posture of peace; second, to suppress global oil prices; third, to buy preparation time for an aggressive ground invasion launched from southern Iran. Regarding the independence of the US Fed, the US Department of Justice admitted that its investigation into Powell lacked evidence. On tariffs, after the US reciprocal tariff was overturned by the Supreme Court, policy uncertainty increased, and the Trump administration was seeking a more solid legal basis to reconstruct the tariff system: in the short term, using Section 122 temporary tariffs to fill the tariff-rate vacuum, and in the medium and long term, planning to rely on Sections 232 and 301 to maintain a high-tariff framework. In addition, the ruling that the tariffs were illegal triggered pressure for massive tax refunds, exacerbating the US fiscal burden and reinforcing expectations for a weaker US dollar. Supply side, Eskom will raise electricity prices by 8% for two consecutive years in the future, and recently frequent announcements of breakdowns in negotiations with the mine side have led some miners to shut down their international operations, triggering concerns over supply disruptions in platinum and palladium. In addition, continue to monitor changes in the US dollar index, which involve the relative strength of currencies such as the euro and the yen. Watch for details on the new manager announced by the LME. Monitor the latest changes in the Middle East political situation. The precious metals sector mainly benefited from the interplay between policy and the political environment under the US Fed's midterm election time window. Strategy-wise, a strategic bullish view on precious metals was still maintained, and pullbacks were seen as opportunities to build long positions for the medium and long-term. In the short term, as the risk of escalation in the Middle East conflict has not been eliminated, the strength of any rebound may remain limited, and prices may fluctuate at lows. Under high volatility in platinum and palladium, attention should be paid to position control. Due to the discontinuity between domestic and overseas market trading, the opening prices of platinum and palladium often refer to overseas night session conditions, and investors should pay attention to trading prices in international markets and stay alert to opening gaps.

Brazil's iron ore exports dropped to 25.37 million mt in February 2026, a 12.5% decrease from January. Weather disruptions and operational setbacks at Vale's Viga and Fabrica Nova operations in Minas Gerais contributed to the softer shipment figures, despite Brazil’s 2026 annual output forecast remaining at 489 million mt

Wanhua Chemical (Ningbo) Chlor-Alkali Co., Ltd. has officially released an announcement for the bidding of its 20.95MW/152.06MWh user-side energy storage project under an Engineering, Procurement, and Construction (EPC) contract. The tender is initiated by Qiming Xinfa (Ningbo) Energy Storage Co., Ltd., with all required funds amounting to 200.7192 million yuan self-raised by the company. The project is located within the Wanhua Industrial Park at No. 1 Donggang North Road, Daxie Development Zone, Beilun District, Ningbo City, Zhejiang Province. The construction includes 66 sets of 2304MWh battery energy storage units, 8 sets of PCS step-up integrated cabins, 1 set of grid-connected prefabricated cabin.