[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Fluctuated Downward After Opening in the Night Session, and Spot Transactions Were Relatively Sluggish]

[SMM Cast Aluminum Alloy Morning Comment: Futures Prices Retreated After a Rapid Rise, and Market Divergence Intensified at High Levels] Overnight, the aluminum alloy 2604 contract opened higher and then fluctuated downward, opening at 23,770 yuan/mt, rising to 23,820 yuan/mt during the session, and then pulling back under pressure to a low of 23,525 yuan/mt before closing at 23,645 yuan/mt late in the session, down 80 yuan/mt from the previous settlement price, a decline of 0.34. Open interest edged up by 6 lots to 5,304 lots, with trading volume at 2,417 lots. Wait-and-see sentiment remained strong among market participants, and market divergence intensified at high levels.

[SMM Tin Morning Briefing: The Most-Traded SHFE Tin Contract Opened Slightly Higher in the Night Session and Then Fluctuated Downward, While Downstream Enterprises Concentrated Their Restocking on Dips]

[SMM Cast Aluminum Alloy Morning Comment: V-Shaped Rebound in Futures, ADC12 to Fluctuate at Highs in the Short Term] Overnight, aluminum alloy 2604 in the night session bottomed out and showed a rangebound fluctuating trend: after the opening, it quickly fell to around 23,570 yuan/mt, then fluctuated upward, with a trading range of 23,570-23,715 yuan/mt, and closed at 23,710 yuan/mt at the end of the session, down 0.50% from the previous day's closing price. Intraday, it first fell sharply and then staged a V-shaped rebound, before entering sideways consolidation, with the tug-of-war between longs and shorts remaining balanced. Trading volume shrank, open interest edged up slightly, and market sentiment remained cautious.

On March 10, 2026, Lynas and Japan’s JARE signed a long-term deal featuring PrNd floor prices, profit-sharing, and heavy rare earth priority. Analyzing 2025 production data, this report evaluates the partnership’s commercial terms, operational progress, and downstream demand security.

[SMM Cast Aluminum Alloy Morning Comment: Bulls Lost Momentum at High Levels, Aluminum Alloy Futures Prices Should Watch Lower Support] Last Friday, quotations in the secondary aluminum alloy market were mainly stable. Before noon, fluctuations in futures narrowed, enterprises' willingness to adjust prices weakened significantly, and most producers chose to hold prices steady and wait on the sidelines. In the afternoon, as futures fluctuated downward, some producers began to lower quotations by 100 yuan/mt. Demand side, downstream players still mainly made just-in-time procurement, but amid the pullback in aluminum prices and the approach of the weekend, some enterprises showed slightly stronger purchasing interest, and market transactions improved somewhat from the previous day.

[SMM Morning Comment on Cast Aluminum Alloy: Alloy Prices Continued to Hover at Highs, While Market Demand Was Significantly Suppressed] This week, secondary aluminum alloy prices continued to rise, but the pace of demand follow-up was relatively slow. In the short term, raw material costs remained at high levels, providing strong support for ADC12 prices; however, if prices continue to rise, the suppressive effect of high prices on demand will become increasingly evident. Meanwhile, as operating rates gradually recover, there are also expectations of a mild increase on the supply side. ADC12 prices are expected to fluctuate at highs in the short term. Going forward, it is recommended to focus on the pace of downstream order release, the pressure on the market from the supply recovery process, and the impact of the Middle East situation on aluminum prices.

1. Procurement Conditions The procurement entity for this procurement project, Metallurgical Machinery March 2026 Steel Strip for Welding Wire Procurement (AGZYFZHGXHD260309272380), is Angang Group Zhongyuan Industrial Development Co., Ltd. The procurement project was funded by self-raised funds. The project had met the procurement conditions, and an open comparative inquiry was now conducted. 2. Project Overview and Procurement Scope 2.1 Project Name: Metallurgical Machinery March 2026 Steel Strip for Welding Wire Procurement 2.2 Alternative Procurement Method in Case of Procurement Failure: Negotiation procurement 2.3 For the contents, scope, and scale of this project procurement, please refer to the attachment "Material List Attachment.pdf" for details. 3. Bidder Qualification Requirements 3.1 Joint bids were not permitted for this procurement. 3.2 This procurement required bidders to have the following qualification requirements: (1) Manufacturing business license (2) Distribution business license 3.3 This procurement required bidders to meet the following registered capital requirements: Registered capital for manufacturers: 600,000 yuan and above Registered capital for distributors: 600,000 yuan and above 3.4 This procurement required bidders to meet the following performance requirements: See the attachment for details (if required) 3.5 This procurement required bidders to have the following capability requirements, financial requirements, and other requirements: Financial requirements: See the attachment for details (if required) Capability requirements: See the attachment for details (if required) Other requirements: See the attachment for details (if required) 3.6 For projects that were legally required to undergo tender, bids submitted by dishonest persons subject to enforcement were invalid. 4. Acquisition of Procurement Documents 4.1 Any interested bidder shall, from 17:00 on March 09, 2026 to 08:00 on March 18, 2026 (Beijing time, the same hereinafter), log in to the Ansteel Smart Tender and Bidding Platform at http://bid.ansteel.cn to download the electronic procurement documents. Click to View Tender Details:

[SMM Tin Morning News: The Most-Traded SHFE Tin Contract Maintained a Fluctuating Trend Around the 400,000 Mark in the Night Session, with Downstream Enterprises Mostly Digesting Inventories for Operations]

[SMM Cast Aluminum Alloy Morning Comment: Futures Rebound Lifted Sentiment, Spot Quotes Rose Across the Board] Spot market, boosted by the rebound in futures prices, ADC12 quotes rose across the board today, with the SMM average price of ADC12 raised by 300 yuan/mt. Driven by the cost side, producers actively recouped earlier losses, generally raising prices by 200-400 yuan/mt. However, affected by wild swings in prices during the week, downstream purchase sentiment remained cautious, with most buyers staying on the sidelines and only restocking to meet immediate needs, while the overall pace of market transactions was stable. In the short term, against the backdrop of cost support and a mild release of supply, ADC12 prices were expected to hold up well.