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.

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.

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 Stainless Steel Daily Review] News-Driven Disturbances Pushed SS Futures Higher to Test the Upside, Confidence in the Stainless Steel Spot Market Gradually Recovered SMM News, March 24: SS futures rose strongly. Affected by market fluctuations triggered by news of geopolitical conflict yesterday, SS futures rose sharply in the night session, and the daytime session maintained a fluctuating but relatively strong trend, closing at 14,290 yuan/mt by midday. In the spot market, boosted by the sharp rise in SS futures, market confidence somewhat recovered; although the increase in traders' spot quotations was limited, both inquiries and transactions showed signs of recovery during the week. The current market is heavily disturbed by news factors, and changes in the geopolitical conflict still need close attention. The most-traded SS futures contract strengthened and moved higher. At 10:15 a.m., SS2605 was quoted at 14,305 yuan/mt, up 125 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 115-315 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi rose by 50 yuan/mt; for cold-rolled trim-edge 304/2B coils, the average price in Wuxi rose by 50 yuan/mt, while the average price in Foshan was unchanged; cold-rolled 316L/2B coils in Wuxi were unchanged; for hot-rolled 316L/NO.1 coils, Wuxi quotations were unchanged; cold-rolled 430/2B coils in both Wuxi and Foshan were also unchanged. As the market entered the traditional peak consumption season of "Golden March and Silver April," although the stainless steel market ushered in a seasonal recovery window, end-use demand fell short of expectations, downstream wait-and-see sentiment gradually intensified, and the procurement side only maintained a restocking pace for rigid demand, with none of the transaction momentum typically seen in the peak season emerging. The market's view on stainless steel prices...

“Gold’s status as a haven may now be tarnished in the eyes of some as the precious metal is falling in price even as war roils the Middle East and financial markets alike, and some may even be tempted to say that the third major bull run in the commodity since 1971 is now over,” says AJ Bell investment director Russ Mould.

[SMM Tin Midday Commentary: The Most-Traded SHFE Tin Contract Continued Its Weak Consolidation, and Market Wait-and-See Sentiment Was Strong]

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 Daily Review: High-Grade NPI May Still Have Downside Room Under the Dual Pressure of End-Users and Steel Scrap] March 24 News: SMM's upstream sentiment factor for high-grade NPI was 2.88, up 0.01 MoM, while the downstream sentiment factor for high-grade NPI was 1.59, down 0.04 MoM.

SMM, March 23: According to market sources, Nandan County Jilang Indium Co., Ltd. is expected to offer crude indium ingots for external sale on the 23rd of this month, with indium purity ≥99.00%, approximately 1,000 kg, subject to YS/T 1163-2016 Crude Indium. Delivery location: the warehouse of Nandan County Jilang Indium Co., Ltd. (Industrial Park, Chehe Town, Nandan County, Hechi City). The seller is responsible for loading and weighbridge measurement, and the freight shall be borne by the buyer. The bidding deadline is before 16:00 on March 23, 2026, after which it will be invalid.

SMM Morning Meeting Summary: Overnight, LME copper opened at $11,816/mt. After dipping to $11,798/mt in early trading, its center rose sharply to a high of $12,395/mt, then hovered at highs, and finally closed at $12,221/mt, up 3.27%. Trading volume reached 52,000 lots, and open interest stood at 292,000 lots, down 944 lots from the previous trading day, mainly reflecting bears cutting positions overall. Overnight, the most-traded SHFE copper 2605 contract opened at 95,010 yuan/mt. After the opening, its center moved higher to a high of 95,900 yuan/mt, after which copper prices maintained a fluctuating trend at highs. Near the close, it dipped to 94,530 yuan/mt and finally closed at 93,840 yuan/mt, up 2.12%. Trading volume reached 120,000 lots, and open interest stood at 198,000 lots, down 6,741 lots from the previous trading day, mainly reflecting bears cutting positions throughout the day.