Dalian iron ore fluctuated upward today. The most-traded contract, I2605, finally closed at 819 yuan/mt, up 0.92% from the previous trading session. Spot prices rose by about 1-2 yuan from the previous trading day. Traders were moderately active in offering quotations, while steel mills purchased cautiously. At present, transactions in the spot market remained sluggish. In terms of fundamental data, the SMM survey showed that global iron ore shipments reached 33.63 million mt last week, up 5.2% WoW; meanwhile, total iron ore arrivals at Chinese ports were 27.14 million mt, down 3.5% WoW. Combined with the narrower inventory buildup in port inventory in the previous period and the increase in port pick-up volume, the oversupplied situation on the iron ore supply side improved in the short term. At the same time, demand gradually rebounded as blast furnaces resumed production one after another, and iron ore fundamentals gradually turned bullish. On the news front, as long-term contract negotiations remained deadlocked, the unilateral trend in iron ore had yet to become clear, so most funds chose to stay on the sidelines, though overall bullish sentiment remained relatively strong. Therefore, overall, iron ore prices were expected to fluctuate at highs this week.

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.

Combined for January and February 2026, China’s cumulative chrome ore imports reached 4.0144 million tons, up 13.2% year-on-year. Breakdown by origin: imports from South Africa were 3.2422 million tons (up 6.2% year-on-year), imports from Turkey were 184,700 tons (up 55.8% year-on-year), and imports from Zimbabwe were 400,000 tons (up 70.3% year-on-year).

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.

According to the latest data disclosed by the General Administration of Customs, China’s imported copper cathode market, while maintaining the 2025 baseline, is facing dual challenges: the continued rise in the share of EQ copper and whether global supply will continue to be diverted. China’s cumulative copper cathode imports in January-February 2026 totaled 356,900 mt, down 33.13% YoY.

[SMM Chrome Daily Review: Price Gains Slowed, and the Chrome Market Operated Steadily] March 23, 2026 News: Quotations for chrome ore and ferrochrome remained unchanged for the time being...

The gold price is currently causing nervousness once again. Since the start of the war involving the USA and Israel against Iran, the precious metal has recorded a daily loss of 4% for the second time.

SMM News, March 23: In the morning session, SHFE aluminum 2604 fluctuated upward, while the price center fell sharply from the previous trading day. Affected by the decline in aluminum prices, overall buying sentiment increased today, prompting sellers to hold prices firm. Today’s mainstream transaction prices were concentrated at SHFE aluminum 04 contract +10 yuan/mt to +20 yuan/mt. Today, the east China market shipment sentiment index was 2.72, down 0.58 MoM; the purchasing sentiment index was 3.3, up 0.07 MoM. Today, aluminum prices extended their decline, and premiums in central China remained in positive territory. Traders’ willingness to purchase and stockpile was somewhat lower than in the previous two days. Although downstream processing enterprises showed some willingness to buy the dip, they still did not make large-scale concentrated purchases, and overall market purchase sentiment weakened somewhat. In the end, actual quotes and transaction prices in the central China market declined all the way, from a 50 yuan premium over the central China price before the opening to near parity with the central China price, while suppliers showed no obvious willingness to hold prices firm. Today, the central China market shipment sentiment index was 2.63, up 0.01 MoM; the purchasing sentiment index was 2.48, down 0.03 MoM. Inventory side, aluminum ingot inventory in major consumption regions increased by 8,000 mt MoM today, with destocking mainly coming from Wuxi and Guangdong. In the short term, aluminum ingot inventory continued its post-Chinese New Year seasonal buildup. Affected by bullish sentiment, premiums are expected to maintain a narrowing trend.

Jan-Feb 2026 China magnesium exports reached 72.7kt, up 3.4kt YoY. Magnesium alloy led with +33.1% YoY, orders booked through April. Magnesium ingot fell 6.8% due to weak European demand, while powder grew 10.3%. However, US-Israel conflict disrupted Middle East aluminum plants, halting regional magnesium orders and pressuring Q2 outlook despite the strong start.

According to data from the General Administration of Customs, China’s copper plate/sheet and strip exports were 13,233.73 mt in January 2026, up 30.59% MoM and up 27.53% YoY; in February, exports were 8,395.28 mt, down 36.56% MoM and up 11.87% YoY. In January-February, China’s cumulative copper plate/sheet and strip exports reached 21,629.01 mt, up 20.96% YoY cumulatively. In January-February 2026, China’s copper plate/sheet and strip exports rose 20.96% YoY, maintaining overall steady growth, with exports covering 120 countries and regions. In terms of export pattern, Vietnam and South Korea ranked first and second, with export volumes of 2,549 mt and 2,542 mt, up 13.6% YoY and 42.5% YoY, respectively. India maintained steady growth and ranked third with exports of 1,898 mt, with the YoY growth rate reaching 29.6%; Taiwan, China and Japan followed, with export volumes of 1,864 mt and 1,375 mt, respectively. Among them, Taiwan, China was up 5.4% YoY, while Japan was the only major destination market to post a YoY decline, down 16.7%. In terms of growth rates, emerging markets were particularly outstanding: Mexico’s YoY growth rate reached as high as 149.0%, with exports surging from 304 mt to 757 mt, making it the most prominent growth market. Malaysia, Thailand, and Germany also performed strongly, with YoY growth rates of 47.0%, 47.2%, and 44.6%, respectively, all achieving growth of more than 40%. The structure of China’s copper plate/sheet and strip export trade modes continued the characteristics seen in the previous period. Customs data showed that in January-February, processing trade with imported materials remained the core export mode, with exports of 14,335 mt, accounting for 66.3% and firmly maintaining its dominant position; Processing and Assembling exports were 3,655 mt, accounting for 16.9%; Ordinary Trade exports were 2,182 mt, accounting for 10.1%; and other trade modes totaled 1,458 mt, accounting for 6.7%. In terms of detailed product structure, in January-February 2026, China’s copper plate/sheet and strip exports were still dominated by copper strip, with exports of 14,151 mt, accounting for 65% and up 23.8% YoY, serving as the core driver boosting overall exports. Bronze strip performed strongly, with a YoY growth rate of 34.8%, the fastest among major categories; cupronickel strip, brass strip, and other categories also achieved YoY growth, with the overall structure remaining stable and growth momentum abundant. (HS code 74091110,74091190,74091900,74092100,74092900,74093100,74093900,74094000,74099000)