[Consumption Performance Varied Across Market Segments, and Die-Casting Zinc Alloy Operating Rates Are Expected to Decline Next Week] From the order performance perspective, terminal hardware enterprises had already completed stockpiling at low price levels earlier, and demand was suppressed after prices rose recently. Overall, orders across various die-casting zinc alloy segments showed mediocre performance. Among them, zipper hardware was in the peak consumption season, and relatively solid demand was broadly in line with enterprise expectations......

[SMM Titanium Weekly Review: Cost-Driven Titanium Dioxide Price Hikes Took Effect, Market Adjustments Released Upward Signals] This week, the titanium industry chain showed a divergent trend. The titanium concentrate market remained in the doldrums, with imported ore prices falling लगातार under pressure from downstream efforts to push for lower prices and accumulating port inventory. Titanium dioxide, meanwhile, saw the second round of collective price adjustments in mid-month under persistently high sulphuric acid costs. Mainstream enterprises in China raised domestic prices by 500 yuan/mt and export prices by $100/mt, pushing the quoted center up to 14,000-14,500 yuan/mt, though follow-up from domestic demand remained mediocre and foreign trade orders showed clear divergence. The titanium slag market stayed in the doldrums, with prices under pressure amid weak costs and demand. In the titanium sponge market, leading enterprises took the lead in raising prices, with domestic prices up 2,000 yuan/mt and international prices up $300/mt. Supported by restocking demand for titanium materials and low inventory, the market showed a strong willingness to hold prices firm, but downstream processing segments still maintained a wait-and-see stance, and titanium ingot and titanium plate/strip prices only edged up slightly. Overall, cost support and structural demand divergence coexisted, and future price trends still depended on substantive improvement on the supply and demand side.

[SMM Morning Meeting Minutes: US Dollar Index Plunged; LME Zinc Center Moved Higher] Overnight, LME zinc opened at $3,313/mt and dipped to $3,282/mt in early trading. It then fluctuated upward, with its center moving higher to a peak of $3,367.5/mt. After entering the European trading session, prices pulled back. During the night session, LME zinc gradually recouped its losses and returned to trade near the daily moving average.

[Downstream Held Some Raw Material Inventory; Trading Remained Weak During the Week]: This week, spot discounts in Ningbo widened, while the weekly average price was basically flat WoW. As of this Friday, spot prices in Ningbo against the 2604 contract were at a discount of 70 yuan/mt, and a premium of 30 yuan/mt against Shanghai. The premium against Shanghai fluctuated during the week.

[Die-Casting Zinc Alloy Plants Gradually Resumed Production; Operating Rates Continued to Rise This Week] This week, the operating rate of die-casting zinc alloy declined compared with before the holiday, mainly because there were still relatively few enterprises that had resumed production, and most alloy plants were expected to arrange production resumptions after the Lantern Festival......

[SMM Chromium Daily Review: Quotes Continued to Rise, Strong Willingness to Hold Prices Firm] News on March 5, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia rose by 50 yuan/mt (50% metal content) MoM from the previous trading day...

SMM March 2 Update: Data Brief: As of Monday, March 2, SMM's national mainstream copper inventories increased 10.13% MoM from the first post-holiday day (last Tuesday) and showed an inventory buildup compared to last Thursday, with all regions experiencing an inventory buildup. Specifically, in the Shanghai area, continuous arrivals of imported copper led to a significant accumulation of inventory; in Jiangsu, the increase in domestic copper arrivals caused inventory to continuously climb, reaching a historical high; in Guangdong, the pace of consumption recovery was slow, with large spot discounts, and suppliers actively shipped goods into storage, also leading to an inventory buildup. Looking ahead, on the supply side, imported copper will continue to arrive, and domestic copper arrivals will remain stable, with overall supply steadily increasing; on the demand side, downstream enterprises are gradually resuming production, and consumption is slowly returning to normal. According to surveys, this week's operating rate for copper cathode rod is expected to rise to 57.97%, up 39.59 percentage points MoM. Considering both supply and demand, the current market shows a "supply increase, consumption recovery" pattern, and it is expected that social inventory will continue to build up this week, but at a narrower pace.

During the Chinese New Year holiday, LME copper was under pressure and pulled back due to Trump's tariff remarks and a continuous increase in LME inventory; subsequently, the US Supreme Court ruled that large-scale tariff hikes were illegal, the US dollar weakened, and short covering pushed prices to rebound quickly above $13,300/mt. Thereafter, under the intertwined influence of progress in US-Iran negotiations and geopolitical tensions, market sentiment swung between bullish and bearish, with LME copper fluctuating within the range of $13,200-13,350/mt. In terms of open interest structure, during the rebound phase, it was mainly characterized by short positions being reduced, and after reaching new highs, there were signs of long positions being cut, indicating a cautious mindset among investors. The continuous accumulation of LME inventory put downward pressure on prices, while domestic transactions had not fully recovered post-holiday, and high prices still suppressed demand. Overall, copper prices lacked unidirectional drivers and were expected to fluctuate at highs in the short term. Fundamentally, domestic inventory increased more than expected during the Chinese New Year holiday, with social inventory in the region breaking through 500,000 mt post-holiday, and slow resumption of operations downstream also led to an accumulation of in-factory inventory, resulting in weak purchasing sentiment. As a result, premiums for domestic trade dropped significantly. Currently, all three markets, LME, COMEX, and SHFE, exhibit a deep Contango structure, reflecting weaker expectations for current demand. Looking ahead to next week, with the lack of unidirectional momentum for copper prices and no resonance between macro and fundamentals, LME copper is expected to fluctuate between $12,800-13,500/mt, and SHFE copper between 98,000-104,000 yuan/mt. In the spot market, after entering the trading period for the SHFE copper 2603 contract, the market maintained a large discount, and the pace of inventory reduction was slow. Spot prices against the SHFE front-month contract are expected to range from a discount of 320 yuan/mt to 140 yuan/mt.

Details of the hot topics in the aluminum market this week (June 9-12, 2025) are as follows......

[SMM Construction Steel Inventory: Reduced Supply Drives Further Decline in Construction Steel Inventory; Can Destocking Continue?] This week, the total inventory of construction steel continued to decline. Total rebar inventory fell 2.20% WoW, and total wire rod inventory fell 2.70% WoW.