[China Iron Ore Brief Review: Tangshan Iron Ore Concentrates Prices May Fluctuate Within a Range] Domestic iron ore prices in the Tangshan area remained relatively stable, with the delivery-to-factory price, tax included, for 66-grade iron ore concentrates on a dry basis at 970-975 yuan/mt. Steel mills' procurement pace at high prices slowed down, constraining upward market momentum, but local and nearby ROM resources were tight and costs were high, leaving overall iron ore concentrates resources still relatively tight. Recently, iron ore prices fluctuated relatively sharply, and the market was relatively

Dalian iron ore futures remained in the doldrums today. The most-traded contract, I2605, finally closed at 807.5 yuan/mt, down 0.55% from the previous trading day. Spot prices saw limited transactions, falling by about 2-5 yuan from the previous trading day. Traders offered quotes in line with the market, while steel mills remained cautious and on the sidelines, with some purchasing as needed. According to the SMM survey, as of March 19, total inventory across the 10 ports tracked by SMM stood at 119.62 million mt, up 630,000 mt MoM. Inventory trends diverged among mainstream products, with notable destocking in IOCJ fines and Newman fines. Inventory of Jimblebar fines also declined slightly. In addition, inventory of PB fines and Mac fines increased slightly. In the short term, improved fundamental demand for iron ore provided support to futures prices. However, close attention should be paid to tomorrow's long-term contract negotiations and the impact of the Middle East conflict, both of which could have a significant effect on iron ore prices.

[SMM Stainless Steel Daily Review] SS Futures Continued to Pull Back, Stainless Steel Spot Quotes Were Lowered SMM News on March 19: SS futures extended their further downward pullback. Against the backdrop of hawkish remarks from the US Fed and escalating geopolitical conflicts, non-ferrous metal futures generally moved lower, with SS also declining in tandem and closing at 13,935 yuan/mt by the midday break. In the spot market, continued declines in SS futures significantly weakened market confidence; coupled with the recent pullback in high-grade NPI prices, market expectations for cost support also softened. In a market where transactions had already been sluggish this week, inquiries and deals weakened further; in addition, March supply remained high, prompting traders to lower their quotes for 304 stainless steel during the day. However, supported by news yesterday that steel mills were holding prices firm, 200-series stainless steel rose against the trend, with 201 stainless steel prices moving higher. Further attention should still be paid to downstream end-user purchase conditions. The most-traded SS futures contract fell and pulled back. As of 10:15 a.m., SS2605 was quoted at 13,930 yuan/mt, down 100 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 340-540 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi rose 50 yuan/mt; for cold-rolled trim-edge 304/2B coil, the average price in Wuxi fell 150 yuan/mt and in Foshan fell 50 yuan/mt; cold-rolled 316L/2B coil in Wuxi fell 200 yuan/mt; for hot-rolled 316L/NO.1 coil, Wuxi quotes fell 100 yuan/mt; cold-rolled 430/2... in both Wuxi and Foshan.

SMM News, March 19: Total inventory in the two major stainless steel markets of Wuxi and Foshan declined further this week, falling from 998,100 mt on March 12, 2026 to 979,300 mt on March 19, down 1.88% WoW. Stainless steel social inventory extended its decline this week, with inventory in the two core markets of Wuxi and Foshan continuing to pull back WoW. Although the market has entered the traditional peak consumption season of "Golden March and Silver April," ongoing geopolitical conflicts continued to disrupt the market this week, while SS futures weakened and came under pressure, leading to a clear lack of market confidence. Overall transactions during the week were weaker than last week; even though the demand-side recovery fell short of expectations, downstream end-users still maintained a just-in-time procurement pace. Supply side, stainless steel mills faced the dual pressure of elevated production schedules and high inventory, and their willingness to ship stayed high; during the week, a major mainstream mill lowered its guidance price, directly boosting market transactions and becoming the core driver behind the slight pullback in inventory. Sentiment in both the spot market and futures was subdued. Coupled with geopolitical conflicts and limited upside in raw material prices, the market's earlier bullish sentiment completely faded, while downstream buyers only maintained just-in-time procurement with no willingness to stockpile, further constraining restocking room. Overall, this week's modest inventory drawdown mainly relied on active shipments by steel mills and support from just-in-time transactions. Current social inventory remained at a high level, and with March production schedule expectations still relatively high, pressure on inventory drawdown remained prominent. Although inventory posted consecutive declines in the short term, constrained by weak market confidence and the absence of downstream stockpiling demand, inventory is unlikely to see a substantial drawdown. Whether inventory can continue to decline steadily will still depend on close monitoring of how the geopolitical situation evolves and the pace of actual downstream demand release.

[SMM Daily Brief Review of Coking Coal and Coke] In terms of supply, after the Two Sessions concluded, operating rates at coke producers increased somewhat, and shipments improved. Inventory pressure eased for most coke producers, with supply remaining stable while increasing slightly. Demand side, blast furnaces in Hebei resumed operations and production, and hot metal production is expected to increase. In addition, steel mill profits improved somewhat, and finished steel shipments picked up, boosting steel mills' production enthusiasm and strengthening their purchase willingness for coke. Overall, coke fundamentals improved, but the market remains in a wait-and-see mode, and the coke market may remain stable in the short term.

[SMM Daily Review: Sharp Drop in Nickel Prices Dragged Down Market Confidence, High-Grade NPI Price Center Pulled Back] March 19 News: SMM's upstream sentiment factor for high-grade NPI was 2.88, up 0.07 MoM, and the downstream sentiment factor for high-grade NPI was 1.59, up 0.02 MoM.

[SMM Daily Chrome Commentary: Production Cuts and Maintenance Tightened Supply, While Elevated Costs May Have Led to Losses] March 19, 2026: Chrome ore prices continued to rise, while ferrochrome quotations remained unchanged...

[Price Review] During the week, silver prices remained in the doldrums. In China, the Ag (T+D) contract on the Shanghai Gold Exchange broke below the support level of 18,000 yuan/kg, while LBMA silver prices kept probing lower after falling below $75/oz. From a macro perspective, escalating geopolitical conflict in the Middle East pushed oil prices to repeated new highs, while intensifying inflation concerns significantly cooled expectations for US Fed interest rate cuts and delayed the timing of the first cut to year-end. The simultaneous strength in the US dollar index and US Treasury yields became the core factors suppressing silver prices. On Wednesday local time, the US Fed announced that it would keep interest rates unchanged. In the statement released that day, it noted that the impact of the Middle East situation on the US economy remained uncertain and that uncertainty surrounding the US economic outlook was still elevated. In addition, speculative demand and ETF holdings continued to decline, and market sentiment kept cooling. As for the gold/silver ratio, because silver posted a deeper decline, the ratio continued to rise. As of March 18, the LBMA gold/silver ratio had climbed to 63, a recent high. [Important Data] Bullish: US preliminary March one-year inflation expectations came in at 3.4%, above expectations and unchanged from the previous reading Bearish: US API crude oil inventory for the week ended March 13 increased by 6.556 million barrels, above expectations and the previous reading US EIA crude oil inventory for the week ended March 13 increased by 6.156 million barrels, above expectations and the previous reading Data and macro releases to watch next week include: Continued hawkishness from the US Fed, the ECB rate decision, US inflation/employment data, COMEX silver delivery, together with the Boao Forum and geopolitical risks On March 19, the FOMC kept rates unchanged at 3.50%–3.75%, raised its 2026 PCE forecast to 2.7%, and expectations for US Fed interest rate cuts cooled sharply. US-Iran Situation: As of March 19, the military strikes by the US and Israel against Iran had entered their 19th day, with high-intensity confrontation, no sign of a ceasefire, and the conflict spreading to multiple Gulf countries. In terms of the current impact on precious metals, financial suppression outweighed safe-haven demand. Against the backdrop of surging inflation expectations, the US dollar and US Treasury yields continued to rise, the timing of US Fed interest rate cuts was delayed, and silver prices were suppressed. [Price Forecast] Silver prices are expected to maintain a fluctuating trend in the doldrums amid the interplay between macro disruptions and fundamentals. On the macro front, caution is still warranted over the risk of continued US dollar strength and heightened volatility from any further escalation in the US-Iran conflict. On the fundamentals side, as PV export rush orders gradually approached their end, rigid demand for raw material procurement by silver nitrate enterprises declined in late March, weakening support from industrial demand. In China's spot market, as investment demand and rigid industrial demand softened, coupled with replenishment from imported silver ingots, circulating supply of silver ingots in the spot market became ample, and suppliers generally lowered spot premium quotes to facilitate transactions. The abnormally high spot premiums in China's spot market will come to an end. At the same time, profitability on imported silver ingots will also decline sharply, and spot premium quotes in actual spot silver ingot transactions are expected to return to rational levels.

Today, the most-traded BC copper 2604 contract opened at 86,640 yuan/mt and immediately hit a session high of 86,640 yuan/mt. After the opening, its center kept moving lower, and it touched a session low of 82,930 yuan/mt near the close, before finally settling at 83,380 yuan/mt, down 4.59%. Open interest reached 5,565 lots, up 133 lots from the previous trading day, while trading volume came in at 7,286 lots, up 2,262 lots from the previous trading day, mainly reflecting increased short positions by bears. On the macro front, the US Fed kept interest rates unchanged, while the dot plot turned hawkish. The market expected that a Fed interest rate cut remained a distant prospect, putting copper prices under pressure. In addition, tensions in the Middle East continued to escalate, with Israel killing Iran’s intelligence minister and striking targets in northern Iran, while Iran retaliated by attacking energy facilities in Qatar and Saudi Arabia. The geopolitical conflict pushed up oil prices, intensified inflation risks, and drove the US dollar index higher, all of which were bearish for copper prices. On the fundamentals front, arrivals of both imported and domestic cargoes remained stable, with overall supply ample. Demand side, affected by the pullback in copper prices, downstream purchase willingness continued to rebound. Inventory side, as of Thursday, March 19, SMM copper inventories in major regions across China fell 8.85% WoW from the previous Thursday, while total inventory increased 176,700 mt YoY, with destocking seen across all regions. The SHFE copper 2604 contract closed at 94,430 yuan/mt. Based on the BC copper 2604 contract price of 83,380 yuan/mt, its after-tax price was 94,219 yuan/mt. The price spread between the SHFE copper 2604 contract and BC copper was 211 yuan/mt, and the spread remained in contango structure, narrowing from the previous day.

[China Iron Ore Brief Review: Tight Resources in West Liaoning, Local Ore Prices May Edge Up Slightly] The domestic ore market in west Liaoning was relatively stable, with the ex-factory prices of 66-grade iron ore concentrates, wet basis and excluding tax, at 730-740 yuan/mt. Supply and demand were clearly in a wait-and-see mode. Beneficiation plants, considering the relatively small inventory pressure, temporarily held back from selling. Against this backdrop, traders were not highly motivated to make inquiries, and only a few made price inquiries based on their own needs. Affected by safety and environmental protection inspections, mining was restricted, and a small number of operating beneficiation plants suspended production for maintenance due to constraints in ROM resources. Circulating spot resources remained tight, which still provided certain support for ore prices.