Platinum prices remained in the doldrums today. In early trading, the most-traded PT2606 platinum contract on GFEX closed at 546 yuan/g, down 1.54. In the spot market, spot platinum was quoted at discounts of 9-11 yuan/g against PT2606, or at premiums of 1-3 yuan/g against SGE sell 1, with spot discounts narrowing slightly from the previous trading day. As for spot transactions, SMM learned that some cargo-holding traders actively offered quotes and reported poor trading in early morning trade, with quotes at a 10 yuan/g discount against GFEX proving difficult to conclude. Later, as futures moved lower, transactions recovered, downstream enterprises purchased as needed, and overall trading in the spot market was normal.

[SMM Tin Midday Commentary: Under Macro Pressure, SHFE Tin Contracts Fell to 366,000, and Trading in the Spot Market Was Relatively Active]

[Shanghai Spot Copper] Intraday trading in the spot market improved somewhat from yesterday. Suppliers still showed willingness to hold prices firm, but some suppliers’ sell-offs temporarily weighed on the market, causing spot premiums to decline somewhat in the second trading session. Coupled with the narrowing Contango price spread between nearby futures contracts, suppliers’ willingness to ship to delivery warehouses weakened somewhat, and spot premiums remained under pressure. Demand side, as copper prices fell, downstream enterprises may have had some restocking demand, but the current copper prices had limited actual appeal. Supply side, social inventory remained at a high level, but spot cargo available for actual circulation was relatively tight. Some warrants were already seen flowing out during the day, which may ease some pressure on spot supply. Meanwhile, the import window remained open, and expectations for subsequent inflows of cargo from outside China increased. Overall, amid the tug-of-war between sellers and buyers, Shanghai spot copper is expected to maintain the current discount structure overall tomorrow.

HRC futures retreated after a rapid rise today, with the most-traded contract closing at 3,313, up 0.21 for the day. In the spot market, prices in most major markets were generally stable with slight fall. Trading was moderate in the morning session, then weakened afterward. In terms of supply, as the Two Sessions ended, production resumed in north China, and the impact from hot-rolled maintenance declined. The impact from hot-rolled maintenance was 314,900 mt this week, down 99,000 mt WoW. The impact from hot-rolled maintenance next week will be 8.06 mt, down 234,300 mt from this week, and pressure on hot-rolled supply gradually rebounded. On the demand side, end-users resumed normal procurement after the holiday, gradually increasing to seasonal levels. On the raw ....

[SMM Daily Hot-Rolled Coil Trading] On March 17, the total daily trading volume of hot-rolled coil among SMM sample enterprises in four cities (Shanghai, Lecong, Tianjin, and Ningbo) was 15,070 mt, down 320 mt day on day (-2.1%), with solar-calendar YoY up 5.09% and lunar-calendar YoY down 29.18%.

During the day, the SHFE copper 2604 contract declined somewhat, with its trading range shifting lower to around 98,100-98,500 yuan/mt. According to SMM communications, after the center of copper prices moved lower, market buying interest recovered markedly. Downstream processing enterprises reported that order volumes from end-users had risen recently, and they were actively replenishing raw material inventory amid the pullback in copper prices. At the same time, upstream smelters also reported strong buying sentiment in the spot market, with relatively active downstream procurement and smooth overall transactions. This round of pullback in copper prices stimulated previously suppressed restocking demand, and downstream enterprises showed strong willingness to buy the dip.

Silver prices remained in the doldrums today. After the spot-futures price spread narrowed, premiums in the spot market continued to decline. In the Shanghai market, mainstream quotations from suppliers of standard silver ingots in the morning session were adjusted down to a premium of 200 yuan/kg against TD, but downstream consumption remained sluggish. As rigid demand for raw materials decreased, some suppliers lowered premiums to sell off cargoes and close deals. Although some smelters were reluctant to sell, quoting silver ingots at a premium of 150 yuan/kg against the 2606 contract or a premium of 200 yuan/kg against TD, actual transactions were scarce. In the Shenzhen market, non-standard registered brand silver ingots were sold off at parity or slight discounts against TD. Downstream buyers made substantial counteroffers and remained cautious on the sidelines. Spot cargoes circulating in the market were ample, and overall market transactions turned weaker.

[SMM Stainless Steel Daily Review] SS Futures Fluctuated, Rising First and Then Falling, While Spot Quotes Edged Lower and Transactions Recovered SMM News, March 17: SS futures moved sideways. During the day, SS futures rose first and then fell, overall maintaining a sideways movement pattern, and closed at 14,155 yuan/mt by the midday break. In the spot market, although SS futures were relatively strong in the morning, affected by the previous cuts in guidance prices by major stainless steel mills, trader quotes still edged slightly lower than yesterday. However, market sentiment had stabilized somewhat, and amid the price pullback, both inquiries and transactions increased to some extent. The most-traded SS futures contract fluctuated. As of 10:15 a.m., SS2605 was quoted at 14,220 yuan/mt, up 175 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi stood at 200-400 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi fell by 50 yuan/mt; for cold-rolled trim-edge 304/2B coils, the average price in Wuxi fell by 50 yuan/mt, and the average price in Foshan also fell by 50 yuan/mt; cold-rolled 316L/2B coils in Wuxi were basically stable; hot-rolled 316L/NO.1 coils were quoted basically stable in Wuxi; cold-rolled 430/2B coils in both Wuxi and Foshan were basically stable. As the traditional peak consumption season of "Golden March and Silver April" began, the stainless steel market entered a window for demand recovery, with downstream end-users gradually recovering. Recently, activity in inquiries and purchases increased markedly, but stainless steel spot prices overall remained basically stable, with no obvious fluctuations. End-user procurement was still mainly driven by rigid demand, and the full bustle of the peak season had yet to emerge, ...

[SMM Tin Commentary: The SHFE Tin Contract Consolidated Near the 370,000 Level, with Market Sentiment Remaining Predominantly Cautious Ahead of the Interest Rate Cut Decision]

[SMM Daily Chrome Review: Overseas Ore Prices Continued to Rise, While the Alloy Market Temporarily Remained Stable] March 18, 2026 News: Chrome ore prices continued to rise, while ferrochrome quotations saw no adjustment for the time being...