March 16, Yongzhen Co., Ltd. issued an announcement stating that the company plans to invest 480 million yuan to implement a "Technical Upgrading Project for the Annual Production of 70,000 Tons of Ultra-Wide Thin-Wall Flat Extruded Aluminum Profiles and Their Deep-Processed Products" at its existing plant in Changzhou, Jiangsu Province. The project has a construction period of 12 months and is expected to commence on March 25. Through technological upgrades to the existing production lines, the company will achieve an annual production capacity of 70,000 tons of ultra-wide thin-walled flat extruded profiles. 40,000 tons of profiles will be used for deep processing, ultimately forming an annual production capacity of 40,000 tons of deep-processed products for new energy applications.

As of March 9, SMM recorded total social inventory of copper cathode in major regions of China at 578,900 mt, up 1,700 mt from last week and up 70,400 mt from February 24, reaching a historical high. Over the same period, spot premiums for SMM #1 copper cathode gradually recovered from premium -260 yuan/mt on February 27 to parity on March 10. Overall, this upswing in spot premiums was mainly driven by the approach of delivery, under which the contango price spread between nearby and next-month contracts stayed around 300 yuan/mt; suppliers held prices firm and withheld sales, while about half of the material was converted into warrants and locked in, jointly tightening circulating supply. Observing the inventory accumulation pace, from the week of March 2 to March 9, inventories in three key regions increased by 14,400 tons, a growth of 2.65%. This marks a significant slowdown compared to the average weekly increase of approximately 45,000 tons during the period from February 5 to February 26. The deceleration in inventory buildup provided room for improvement in premiums. Current inventory accumulation primarily stems from two factors: First, the continued arrival of imported copper. According to SMM research, a substantial volume of imported copper continues to arrive recently, and it is expected that arrivals will not see a significant decline in March. The steady inflow of imported materials provides a continuous supply supplement to the domestic market and is a crucial support for maintaining high total inventory levels. The actual situation of imported arrivals in April remains to be confirmed, requiring close attention to customs data at month-end and changes in port clearance pace. Second, some cargoes are being delivered into bonded/warehouse warrant stocks. According to the electrolytic copper spot purchasing and selling sentiment indices for the Shanghai region recorded by SMM, the purchasing sentiment index rose from 2.08 on February 24 to 2.78 on March 10, while the selling sentiment index increased from 2.09 to 2.90 over the same period. Some downstream players have limited acceptance of current copper prices, maintaining a procurement strategy focused on immediate needs, resulting in selling sentiment slightly outpacing purchasing sentiment. Based on SMM's communications with enterprises: Upstream Producer 1: Recent consumption is relatively good, with daily sales around 2,000 tons. Upstream Producer 2: Currently produced electrolytic copper is primarily for export. Domestic inventories are low, so there's no rush to sell. Unwilling to sell when discounts are excessive. Trader 1: Quotations in the Changzhou market are higher than in Shanghai, mainly because locally available circulating cargoes are mostly warrants. Under the current spread structure, holders have high flexibility in selling – they can choose to sell or hold. Trader 2: The market is not short of supply; there are still a large number of warrants in warehouses awaiting digestion. However, due to the delivery mechanism, the incentive to sell depends on the premium level. Only when the premium exceeds the cost of capital will there be a strong willingness to liquidate. Downstream User 1: Recent orders are relatively robust. When copper prices fell on March 9, we already replenished inventories at the low point. Current raw material inventory can sustain operations until March 15. There are no immediate plans for further procurement; subsequent needs will primarily be met through long-term contract drawdowns. Downstream User 2: The recent spot premium has been quite firm, mainly due to the spread between months. Without such a high monthly spread, the premium would definitely not reach this level. In summary, this round of recovery in spot premiums is driven by multiple factors: First, the approach of delivery and the widening monthly spread strengthened holders' willingness to support prices. With delivery approaching, the Contango spread between months remains around 300 yuan/ton. Holders are underpinning prices, reluctant to sell, and strongly inclined to deliver stocks into warrants. Second, the inventory structure further amplified the tightness of available circulating supply. Taking Jiangsu as an example, out of 118,000 tons of social inventory, 94,000 tons were futures warrants. This portion is locked in delivery warehouses, making it difficult to form effective supply in the short term, leading to a phase of relative tightness in spot market circulating cargoes. According to SMM, some downstream companies in Jiangsu struggled to source materials in the market and opted to procure using the SMM Flat Copper Price average as a benchmark with minor adjustments. Third, the comprehensive resumption of work by downstream enterprises released procurement demand. After the Lantern Festival, downstream processing enterprises in Jiangsu, Zhejiang, and Shanghai entered a full resumption phase. Surveys indicate that companies in the battery materials sector maintain high operating rates. Copper foil processors reported that downstream battery manufacturers sustain high operating rates, with March production schedules already showing characteristics of the peak season. Copper tube companies, supported by peak season stocking from the air conditioning industry, have operating rates exceeding pre-holiday levels. Although the recovery pace in the wire & cable and copper rod sectors is relatively slow, overall procurement demand has significantly improved compared to the first week after the holiday. Fourth, the decline in copper prices activated downstream restocking intentions. Recently, Shanghai copper futures prices retreated somewhat, stimulating downstream enterprises to purchase at dips. Previously suppressed by high copper prices, downstream players mostly maintained a cautious just-in-time procurement strategy, resulting in generally low raw material inventory levels. After the price pullback, some companies took the opportunity to replenish stocks, boosting spot transaction activity.

[SMM Shanghai Spot Copper] As the delivery period approaches, spot discounts for SHFE copper are expected to continue narrowing steadily. From the perspective of market structure, the inter-month contango price spread between futures contracts has widened, significantly strengthening suppliers’ willingness to ship to delivery warehouses. In particular, inventory in Jiangsu is mainly in the form of warrants, and suppliers tend to opt for delivery rather than spot sales, resulting in persistently tight availability of deliverable spot cargo. In addition, spot premiums quotes in Jiangsu are slightly higher than those in Shanghai. Against this backdrop, suppliers showed a strong willingness to hold prices firm intraday, and quotes in the second session were raised slightly, making procurement more difficult for some downstream enterprises. Looking ahead to tomorrow, under delivery-driven dynamics, spot premiums in Shanghai are expected to remain at current levels.

[Shanghai spot copper] Looking ahead to next week, spot copper supply continues to increase, with Peruvian and Japanese cargoes visible intraday. From a market structure perspective, the contango spread between nearby futures contracts has widened slightly, and suppliers' willingness to ship to delivery warehouses persists, further diverting spot liquidity. Although suppliers showed strong intentions to hold prices firm intraday, with some brand quotations remaining stable, expectations of subsequent warrant outflows remain, which will exert further pressure on spot premiums/discounts. On the demand side, downstream sectors have not fully resumed production, and procurement sentiment, while rebounding, remains cautious. Under the supply-demand mismatch, social inventory continues its buildup trend. Overall, with supply pressure dominating, spot discounts are expected to remain under pressure next week.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, spot discounts for SHFE copper are expected to remain under pressure. Although procurement and sales sentiment saw a slight rebound intraday, with some downstream enterprises resuming production and gradually entering the market for inquiries and purchases, the overall market remains constrained by sustained supply-side increases. From a market structure perspective, the contango spread between nearby futures contracts remains in the range of 420–350 yuan/mt, and suppliers' willingness to ship to delivery warehouses continues, further diverting spot liquidity. Meanwhile, both imported and domestic copper arrivals persist, while downstream consumption has not fully resumed production, leading to a supply-demand mismatch that continues to drive social inventory buildup. According to SMM, social inventory of copper cathode in mainstream domestic regions continues its post-holiday accumulation trend, with the total reaching 531,700 mt, a historically high level. Additionally, the release of unmatched delivery warrants will further pressure spot premiums and discounts. Overall, the market is in the early stages of post-holiday supply-demand rebalancing, and with supply-side pressures dominating, spot discounts are expected to remain under pressure tomorrow.

Slake (300382.SZ) announced that its controlling subsidiary, Changzhou Laikewang Precision Intelligent Manufacturing Co., Ltd. (referred to as "Laikewang"), recently received a "Project Designation Letter" from a South Korean battery client. Laikewang has been designated for the project and has become a supplier to the client, and will provide the required quantity of cylindrical battery shell products for the project in the future. The designation letter indicates that the project is scheduled from 2027 to 2031, with an estimated total procurement volume of approximately 360 million cylindrical battery shells.

Easpring Technology is investing in the construction of a solid-state electrolyte material project in Jintan Economic Development Zone, establishing a production line with an annual capacity of 3,000 mt of solid-state electrolyte materials.

Seraphim Solar has recently announced the formal establishment of its US subsidiary, Seraphim Solar System USA Inc. In terms of photovoltaic production capacity, Seraphim's global footprint has achieved significant scale. Current capacity is primarily concentrated at its Changzhou headquarters (18GW), Vietnam (4GW), Texas, USA (2GW), and a joint venture project in Spain (5GW), effectively covering Europe, America, and emerging markets.

Recently, the spot premiums/discounts for copper cathode in Shanghai varied significantly by brand, with tight supply of standard-quality copper for long-term contracts maintaining high premiums. In Changzhou and other regions, prices for brands not eligible for long-term contracts were lower. During the day, 2,670 mt of SHFE warrants were outflows from warehouses, including 983 mt from Shanghai. Spot premiums are expected to remain firm tomorrow.

Amid the global wave of energy transition, to recognize the pioneers driving a zero-carbon future, SMM and Dun & Bradstreet have jointly launched the "Global Tier 1 PV and ESS Enterprise Awards". The awards aim to establish a benchmarking system for the renewable energy industry. By developing a quantitative evaluation model that covers the entire industry chain, the awards identify industry leaders who excel in both commercial value and social responsibility. After a rigorous professional evaluation, SMM held a grand award ceremony at the 2025 SMM Zero Carbon Journey - PV and ESS Summit to honor the enterprises that received the title of " SMM x Dun & Bradstreet Global Tier 1 PV Module Supplier ". 2025 SMM x Dun & Bradstreet Global Tier 1 PV Module Suppliers (The following enterprises are listed in no particular order) Jinko Solar LONGi Green Energy Technology Trinasolar JA Solar Technology Canadian Solar Astronergy Tongwei Co., Ltd. DAS Solar DMEGC AIKO Solar Risen Energy GCL System Integration Hunansunergy Talesun Yingli Solar Huansheng Photovoltaic Changzhou EGing Photovoltaic Technology Co., Ltd. Sunenergy Power Holding Co., Ltd. Zenergy Photovoltaic Technology Co., Ltd. Jolywood Fan Xin, Chairman of SMM, presented the awards to the winning enterprises~ SMM congratulates the above-mentioned award-winning enterprises and extends its gratitude to all industry colleagues for their support!