As supply and demand for construction steel were not fully matched across different markets, regional supply-demand mismatches created price differentiation, which in turn drove the cross-regional circulation of steel resources. When the regional price spread gradient was appropriate, regions with surplus construction steel capacity and production often shipped excess resources out, thereby rebalancing construction steel resources across regions.

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.

[SMM Analysis:Rare Earth Ore Imports Surge in Early 2026, Exceeding Demand and Causing Surplus] According to the latest data from the General Administration of Customs, from January to February 2026, China’s imports of mixed rare earth carbonate were about 3,013.7 mt, up 321% YoY. Over the same period, imports of unlisted rare earth oxides were about 12,860.4 mt, also posting a sharp increase of 209% YoY.

Strait of Hormuz disruptions and Iran tensions are driving up aluminum prices and premiums. Aluminium Bahrain and Qatalum have cut output, while feedstock is tight. Rerouting via Port of Sohar or Saudi ports raises costs and delays. Buyers are turning to China, India, Russia, Canada, and scrap to offset risk. Prolonged disruption could reduce Middle East market share and reprice it as higher-risk supply.

SMM, March 24: The most-traded SHFE lead 2605 contract opened at 16,435 yuan/mt intraday. After the opening, prices edged lower, and the tug-of-war between longs and shorts intensified. SHFE lead prices fluctuated at lows in consolidation, touching an intraday low of 16,385 yuan/mt. Thereafter, bulls gradually gained strength and prices fluctuated higher, but with insufficient upward momentum, lead prices pulled back again and fluctuated rangebound within the 16,429-16,451 yuan/mt range. Near the close, SHFE lead prices dipped slightly and finally settled at 16,420 yuan/mt. A small bearish candlestick was recorded, up 25 yuan/mt, or 0.15%. In terms of supply, primary lead enterprise quotes saw discounts narrow slightly from last Friday, and spot cargo available for pickup at plants with medium to large discounts decreased significantly; in the secondary refined lead market, fewer merchants offered quotes, with relatively prominent price divergence between upstream and downstream players. Downstream buyers showed limited acceptance of premiums, while upstream quotes stayed firm and willingness to sell remained cautious. On the demand side, downstream enterprise procurement pace was relatively scattered, with most purchases centered on the execution of long-term contracts. Some enterprises replenished inventories on dips based on immediate needs, and overall market transactions were mixed. SMM expects SHFE lead prices to remain in the doldrums in the short term. Statement on data sources: Except for public information, all other data is derived by SMM through processing based on public information, market communication, and SMM's internal database models, and is for reference only and does not constitute decision-making advice.

According to the latest data disclosed by the General Administration of Customs, China’s imported copper cathode market, while maintaining the 2025 baseline, is facing dual challenges: the continued rise in the share of EQ copper and whether global supply will continue to be diverted. China’s cumulative copper cathode imports in January-February 2026 totaled 356,900 mt, down 33.13% YoY.

Recently, Mingyang Hydrogen’s MYH-K-1000 electrolyzer completed the authoritative evaluation under the China Hydrogen Alliance’s “Leader Program” and received the official test report. With multiple industry-leading performance indicators, it has established a new benchmark for alkaline electrolyzers adapted to fluctuating new energy scenarios, marking a major technological milestone for the company in the field of hydrogen energy equipment. This product is the first 1,000 Nm³/h-class alkaline electrolyzer on the China Hydrogen Alliance’s field-testing platform to achieve the “15th Five-Year Plan” target of 20%–120% ultra-wide flexible load regulation . At the 20% minimum load, it can stably control hydrogen content in oxygen to within 1.5%, enabling long-term stable operation. It also features rapid load response capability of 5%/s to 10%/s. Its core performance is industry-leading and perfectly suited to the flexible operating conditions of wind and solar power generation, providing robust support for the development of the green fuel industry. The test certification presentation ceremony was held at Mingyang Hydrogen’s Beijing Center. Yu Tianxiao, Director of the Quality Value Center at Guoneng Hydrogen Innovation and Deputy General Manager of Hydrogen Testing Technology, presented the certification report to Pan Yongle, Executive Director and CEO of Mingyang Hydrogen, and both parties witnessed this important moment together. Rigorous Field Testing Validates Outstanding Performance, Strong Results Under Extreme Cold Conditions According to the alliance’s field-test data, under 100% rated load, the MYH-K-1000 kept hydrogen content in oxygen below 0.5% and successfully passed load ramp-up and ramp-down tests at 3%/s and 5%/s. Under the ultra-low load of 20%, hydrogen content in oxygen remained compliant, while DC power consumption was as low as 3.85 kWh, achieving efficient and stable operation. This long-duration test was conducted throughout in an outdoor environment at minus 20°C . The product still demonstrated excellent cold and hot start capabilities, as well as high reliability, high safety, and fully flexible operating characteristics, overcoming the longstanding low-temperature operating limitations of traditional electrolyzers and enabling adaptation to more extreme application scenarios. Breakthroughs in Core Technology Innovation Set a New Industry Benchmark This electrolyzer adopts advanced integrated die-casting technology, delivering high consistency in its internal structure. The area of its electrolysis unit is 75% larger than that of traditional designs, and it overcomes sealing challenges on the basis of zero-electrode-gap technology, significantly improving product performance and production efficiency and setting a new technological benchmark for the industry. Company Statement: Continuous Innovation-Driven Development and Deepening Commitment to Hydrogen Energy Equipment Pan Yongle, CEO of Mingyang Hydrogen, stated that this certification is the result of the team’s technological breakthroughs. The company will continue to uphold the philosophy of “innovation-driven, green future,” further increase R&D investment, launch more high performance products, provide global clients with high-quality hydrogen energy solutions, and support the industry’s high-quality development.

According to SMM data, the operating rate of copper pipe & tube enterprises was 58.74% in February, down 14.13 percentage points MoM and down 11.54 percentage points YoY. February was affected by the Chinese New Year holiday. Leading enterprises maintained stable production and supply, with production showing strong resilience, basically sustaining “no holiday shutdowns” or only 0–3 days , and ensuring normal operations during the Chinese New Year period through shift rotations on production lines. Although orders saw slight fluctuations of 2%–10%, they remained overall under control. However, small and medium-sized enterprises performed poorly in February, dragging down the overall operating rate. Looking ahead to March, the operating rate of copper pipe & tube enterprises is expected to be 77.88%, up 19.14 percentage points MoM and down 7.35 percentage points YoY. The March production schedule of key air-conditioner enterprises fell 9.3% YoY from last year, in line with the YoY decline trend in copper pipe & tube operating rates. However, most copper pipe & tube enterprises said March production is expected to be better than expectations, and there are concerns over advance production and stockpiling. Worth noting is that R&D on high-performance alloy copper tubes by China’s leading enterprises will further reduce copper consumption in air conditioners, and most other enterprises are currently developing this type of technology as well. This has also increased orders for those domestic copper pipe & tube enterprises that already possess such technology, diluting the market share of other enterprises. In addition, the conflict in the Middle East reduced some home appliance export orders to the region, and the April production schedules of some domestic air-conditioner enterprises with relatively high market share exposure there are expected to decline.

[SMM Tin Brief Commentary: SHFE Tin Stopped Falling and Rebounded, Closing Up 2.94% as Macro Pressure and Bottom Support Vied Against Each Other]

On the morning of March 10, the unveiling ceremony and construction launch meeting for the Shanghai Key Laboratory of Efficient Green Fuel Synthesis Systems Engineering (Preparatory) were successfully held at Shanghai Boiler Works Co., Ltd. Xuan Fuzhen, President of East China University of Science and Technology, and Wu Lei, Party Secretary and Chairman of Shanghai Electric Group, jointly unveiled the laboratory, marking the official entry of the key laboratory’s development into a new stage of substantive progress. Zheng Guanghong, Second-Level Inspector of the Shanghai Municipal Science and Technology Commission, witnessed the ceremony on site. Led by Shanghai Boiler Works Co., Ltd. and jointly established with East China University of Science and Technology, the laboratory focuses on tackling critical “bottleneck” technological challenges in the application field of efficient synthesis of green fuels such as green methanol, green ammonia, and sustainable aviation fuel (SAF). It has precisely laid out three core research directions: efficient synthesis of diversified green fuels, high-efficiency clean power equipment, and AI + digital twin flexible regulation and control. It is committed to building a full-chain innovation system spanning basic R&D, pilot-scale verification, and industrialisation, thereby supporting breakthroughs in green fuel technologies and their industrial application. Wu Lei, Party Secretary and Chairman of Shanghai Electric Group, stated at the event that the high-standard development of the key laboratory for green fuels is an important practice for Shanghai Electric in implementing the national development strategy for new quality productive forces in the energy sector and promoting the deep integration of green fuel technological innovation with industry. Shanghai Electric will use the laboratory’s development as an important lever, providing comprehensive support in policy, resources, funding, and other aspects, fully integrating high-quality internal and external resources, and making every effort to advance technological research, professional talent cultivation, and the commercialisation of scientific research achievements, thereby contributing wisdom and strength to the high-quality development of China’s green fuel industry. Xuan Fuzhen, President of East China University of Science and Technology, pointed out that the university will give full play to its disciplinary strengths, carry out close and pragmatic cooperation with Shanghai Electric, vigorously promote the deep integration of industry, academia, and research, focus on core challenges in green fuel synthesis technologies and equipment, strive to achieve major technological breakthroughs, and work together to build a benchmark for collaborative innovation among industry, academia, and research. Jin Xiaolong, Member of the Party Committee and Vice President of Shanghai Electric Group, Vice President Qiu Jiayou, and relevant leaders from the Shanghai Municipal Science and Technology Commission, East China University of Science and Technology, and Shanghai Electric Power Station Group attended the event.