As of March 17, the operating rate of 50 electric-furnace steel mills nationwide mainly producing construction materials was 38.64%, up 3.26% WoW; the capacity utilization rate was 39.87%, up 10.53% WoW; and daily average production of construction materials was 88,800 mt, up 23,500 mt WoW.

During the survey period (March 10–March 16), the capacity utilization rate of rebar and wire rod rolling lines in the Central China region increased to varying degrees.

Gold prices fall due to interest rate gloom and Middle East tensions. US Fed and major central banks likely to maintain current interest rates. Long-term gold outlook positive, seen as a hedge against risks.

[SMM Tin Midday Review: The Center of the Most-Traded Contract Rebounded Slightly, and Market Transactions Weakened After Downstream Enterprises Restocked]

[SMM Titanium Spot Update: High Costs Drive a Second Titanium Dioxide Price Increase Within the Month, While Diverging Domestic and External Demand Tests the Sustainability of the Hike] In mid-March, titanium dioxide enterprises in China collectively issued a second round of price increase notices within the month, raising domestic prices by 500 yuan/mt and export prices by $100/mt, mainly because elevated sulphuric acid prices forced cost pass-through. At present, enterprises are operating at full capacity, but mediocre domestic demand and foreign trade constrained by geopolitical factors have intensified market divergence. Expectations of tighter sulphuric acid supply still support confidence to hold prices firm, but the sustainability of the price increase remains to be verified by follow-up demand.

[SMM Analysis] Freight Rates Surge, Making Deals Difficult for Steel Expor ters Affected by the US-Iran conflict, tight energy supply and sharply higher fuel costs, compounded by exchange rate fluctuations, have continuously pushed up China's export offers in recent days. Compared with the beginning of the month (March 6), SMM HRC prices have been raised by $9/mt; galvanizing prices rose by $11/mt; CRC rose by $5/mt; billet rose by $6/mt; and rebar rose by $6/mt. However, looking back at market transaction performance, deals weakened again recently. According to the SMM survey, ocean freight rates surged sharply, with current freight to the Middle East as high as $50-60. Most outside China clients remained on the sidelines; shipowners also refused to commit tonnage while waiting for the market to stabilize. For China exporters, there were offers but no market, making shipments difficult. Meanwhile, market sources said Hadeed, the GCC's only flat steel producer, raised its May hot-rolled coil (HRC) prices, still related to shipping restrictions in the Strait of Hormuz. HRC cargoes previously booked from China and other origins were also being redirected to the west coast, mainly heading to Jeddah Port, bringing high inland transportation costs. As for global steel prices, in India, in addition to rising raw material costs and rupee depreciation, a sudden LNG energy shortage further pushed up production costs, forcing steel mills to maintain a strong willingness to hold prices firm despite the traditional domestic off-season and blocked exports. In the Southeast Asian market, price increases were accepted entirely passively, mainly due to the rigid pass-through of high ocean freight rates by overseas suppliers. Although Southeast Asian buyers hesitated to take orders, they had no choice but to passively accept the increases against the backdrop of persistently high geopolitical logistics costs. At the same time, CIS export offers also rose significantly, benefiting from the intensifying geopolitical conflict in the Middle East and the resulting short-term global supply tightens. In the Middle East market, meanwhile, as war tensions continued to escalate, the closure of the Strait of Hormuz completely disrupted transportation, while freight rates and delivery uncertainty pushed the sheets & plates import markets in the UAE and Saudi Arabia into a complete standstill. Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. The copyright, trademark rights, domain name rights, commercial data information property rights, and other related intellectual property rights of all content contained in this report (including but not limited to information, articles, data, charts, pictures, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, etc.) are owned or held by SMM or its related right holders. The above rights are strictly protected by relevant laws and regulations of the People's Republic of China, such as the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, and the Anti-Unfair Competition Law of the People's Republic of China, as well as applicable international treaties. Without prior written authorization from SMM, no institution or individual may: 1. Use all or part of this report in any form (including but not limited to reprinting, modifying, selling, transferring, displaying, translating, compiling, disseminating); 2. Disclose the content of this report to any third party; 3. License or authorize any third party to use the content of this report; 4. For any unauthorized use, SMM will legally pursue the legal responsibilities of the infringer, demanding that they bear legal responsibilities including but not limited to contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses. Data Source Statement: (Except for publicly available information, other data in this report are derived from publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, various data published by major associations and institutions, etc.), market exchanges, and comprehensive analysis and reasonable inferences made by the research team based on SMM's internal database models. This information is for reference only and does not constitute decision-making advice. SMM reserves the final interpretation right of the terms in this statement and the right to adjust and modify the content of the statement according to actual circumstances.

[SMM Tin Morning Briefing: The Most-Traded SHFE Tin Contract Opened Slightly Higher in the Night Session and Hovered at Highs, While Downstream Enterprises Showed Relatively Strong Purchase Willingness]

[China Iron Ore Brief Comment: Iron Ore Concentrates Prices in Tangshan Might Have Some Room to Move Higher] Iron ore concentrates prices in Tangshan were relatively stable today, with the ex-factory prices of 66-grade dry-basis iron ore concentrates including tax at 970-980 yuan/mt. The intensity of environmental protection inspections weakened, and steel mills as well as ore beneficiation gradually resumed production, but producers turned cautious in their operations, market inquiries were not active, and beneficiation plants considered costs as well as inventory

SMM Nickel, March 17: Macro and Market News: (1) National Bureau of Statistics (NBS): In January-February, the national economy got off to a strong start and posted a good opening. Value-added industrial output of enterprises above designated size rose 6.3% YoY, total retail sales increased 2.8%, and real estate development investment fell 11.1% YoY. (2) Trump: The US Fed should immediately hold a special meeting to cut interest rate; the war will end soon, but not this week; once the war with Iran ends, oil prices will fall rapidly like a stone. Spot market: On March 17, the SMM price of #1 refined nickel increased by 1,250 yuan/mt from the previous trading day. Spot premiums, Jinchuan #1 refined nickel averaged 6,550 yuan/mt, down 150 yuan/mt from the previous trading day; China mainstream brands of electrodeposited nickel were at -500-400 yuan/mt. Futures market: The most-traded SHFE nickel 2605 contract fluctuated upward in early trading and closed the morning session at 137,150 yuan/mt, up 0.55%. Tensions in the Middle East pushed up oil prices and intensified inflation concerns. The market expects the US Fed may slow the pace of interest rate cuts, while the US dollar continued to strengthen, forming clear pressure on nickel prices. Despite significant macro pressure, the support logic at the industry level remained unchanged, and market concerns over tightening supply of nickel intermediate products persisted. In the short term, the most-traded SHFE nickel contract is expected to move sideways in the 135,000-145,000 yuan/mt range.

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.