This week, prices in the second-life battery market were generally stable, while the market's structural divergence remained evident. Cost side, trends in various raw materials diverged, with overall costs rising slightly. Lithium carbonate prices increased, pushing up battery cell recycling and processing costs; nickel sulphate and cobalt sulphate prices remained stable, easing one-sided cost pressure, and costs edged up mildly over the week. Supply side, supply of popular energy storage battery cell models was tight, with limited spot availability; conventional models were sufficiently available, and no broad-based shortage emerged in the market. Demand side, the gap between energy storage and the EV market remained wide. Demand in the EV sector stayed sluggish, with low purchasing enthusiasm and insufficient support for prices; energy storage demand remained the mainstay of the market, with stable rigid demand. However, prices were currently at high levels, downstream purchasing became more rational, willingness to purchase at high prices declined, and further price increases were currently facing resistance.

SMM News, March 26: The most-traded SHFE lead 2605 contract opened at 16,505 yuan/mt during the day. Prices edged down slightly in early trading, then fluctuated rangebound within the 16,425-16,460 yuan/mt range, with an intense tug-of-war between longs and shorts. As downstream battery enterprises showed low willingness to restock and consumption remained weak, SHFE lead fell further in the afternoon session, hitting a low of 16,385 yuan/mt, before rebounding slightly near the close to end at 16,460 yuan/mt. It posted a small bearish candlestick, down 35 yuan/mt, with a gain of 0.21%. On the supply side, quotes for primary lead smelter cargoes self-picked up from production site held steady, while secondary lead producers held prices firm, leading to tight circulating cargoes. On the demand side, downstream players remained on the sidelines, with long-term contract and purchasing as needed proceeding in parallel. SMM expects lead prices to maintain a sideways movement in the short term. Data source statement: Except for public information, all other data is derived by SMM through processing based on public information, market communication, and SMM's internal database models, and is for reference only and does not constitute decision-making advice.

SMM News, March 26: Overnight, LME lead opened at $1,909.5/mt. After the opening, prices fell rapidly, hitting a low of $1,899/mt. Entering the European session, LME lead fluctuated upward and touched a high of $1,920/mt. After repeated tug-of-war at high levels, it pulled back. Near the close, LME lead briefly consolidated at $1,908/mt and finally closed at $1,911.5/mt. It posted a small bullish candlestick, up $13/mt, or 0.68%. Overnight, the most-traded SHFE lead 2605 contract opened at 16,505 yuan/mt. In early trading, SHFE lead prices fluctuated higher, touching a high of 16,570 yuan/mt. Thereafter, lead prices plunged rapidly after 22:30, gradually falling below the key support level of 16,505 yuan/mt. Near the close, prices fluctuated rangebound in the 16,490-16,505 yuan/mt range, hitting a low of 16,480 yuan/mt, and finally closed at 16,490 yuan/mt. It posted a small bearish candlestick, down 5 yuan/mt, or 0.03%. Supply side: Ex-works quotes from primary lead smelters remained stable, with mainstream producing areas quoting premiums of 30-120 yuan/mt against the SMM #1 lead price; secondary lead smelters held prices firm on shipments, and spot cargo in circulation tightened. Demand side: Downstream procurement sentiment diverged, with wait-and-see sentiment toward new-month long-term contracts coexisting with purchase as needed, while warrant cargoes were relatively more favored in transactions. SMM expects lead prices to maintain a fluctuating trend in the short term, with downside supported by firm spot prices and limited room for decline; whether prices can break upward will require close tracking of downstream procurement and restocking pace.

SMM, March 25: During the day, the most-traded SHFE lead 2605 contract opened at 16,495 yuan/mt. After the opening, driven by broad gains across the nonferrous metals complex, prices quickly surged to an intraday high of 16,590 yuan/mt, then fluctuated lower, giving back part of the gains and moving slightly around the daily average line. Near the close, the SHFE lead price center edged higher, fluctuating rangebound within the 16,488-16,542 yuan/mt range, while the tug-of-war between longs and shorts eased. It finally closed at 16,495 yuan/mt. A small bullish candlestick was recorded, up 75 yuan/mt, or 0.46%. Primary lead suppliers held prices firm, and premiums in Jiangsu, Zhejiang, Shanghai were raised slightly. Coupled with tight circulating supply caused by maintenance at some secondary lead enterprises, this supported lead prices. Downstream buyers mainly purchased as needed. As secondary lead prices inverted against primary lead prices, spot orders showed a stronger preference for primary lead. Overall, spot support remained strong, providing downside support for lead prices, but with more downstream bargaining and a lack of strong upward momentum, prices are expected to remain rangebound in the short term. Data source disclaimer: Except for public information, all other data is processed and derived by SMM based on public information, market communication, and SMM's internal database models, and is for reference only and does not constitute decision-making advice.

On March 25, SHFE issued an announcement approving Guangdong CMST Shengshi Zhaobang Logistics Co., Ltd. as a copper delivery warehouse The original text was as follows: Announcement on Approving Guangdong CMST Shengshi Zhaobang Logistics Co., Ltd. as a Copper Delivery Warehouse Recently, our exchange received the relevant application materials from Guangdong CMST Shengshi Zhaobang Logistics Co., Ltd. In accordance with the Delivery Warehouse Management Measures of the Shanghai Futures Exchange and other relevant regulations, it was decided after deliberation that: I. Guangdong CMST Shengshi Zhaobang Logistics Co., Ltd. was approved to become a copper delivery warehouse of our exchange. The storage address is No. 108 Dongjiang Avenue, Huangpu District, Guangzhou, Guangdong Province, with an approved storage capacity of 20,000 mt, and no regional premiums will be applied. II. It will be put into operation as of the date of this announcement. All relevant parties should attach great importance to this matter, effectively carry out all related work, and ensure the normal and orderly conduct of delivery business. Hereby announced. Shanghai Futures Exchange Mar 2026 Click to view announcement details:

Futures: Overnight, LME lead opened at $1,895.5/mt. After the opening, prices quickly fell to $1,885.5/mt, then fluctuate rangebound within the $1,888–1,896.5/mt range, with a balanced tug-of-war between longs and shorts and cautious market sentiment. After 0:00, prices rose further, breaking above the previous trading range and touching a high of $1,901/mt, before finally closing at $1,898.5/mt. A small bullish candlestick was recorded, up $0/mt, or 0.0%. Overnight, the most-traded SHFE lead 2605 contract opened at a low of 16,420 yuan/mt. In early trading, SHFE lead prices rose rapidly, then saw wide swings within the 16,440–16,481 yuan/mt range, with an evident tug-of-war between longs and shorts. Intraday volatility narrowed, and prices gradually stabilized around 16,455–16,465 yuan/mt, while trading volume pulled back simultaneously and market sentiment turned cautious. Late in the session, SHFE lead broke upward again, touching a high of 16,500 yuan/mt, then quickly pulled back to finally close at 16,470 yuan/mt. A small bullish candlestick was recorded, up 50 yuan/mt, or 0.3%. On the macro front: 1. Poll: Trump’s approval rating fell to its lowest level since returning to the White House. 2. US media: The US Department of Justice admitted it lacked evidence in its investigation into Powell. 3. Turkey considered using its $135 billion gold reserves to defend the lira. 4. Israeli media: The US intended to seek a one-month ceasefire to discuss a 15-point agreement with Iran. 5. Goldman Sachs maintained its overweight recommendation on Chinese equities (A-shares and Hong Kong stocks). Spot fundamentals: SHFE lead remained in the doldrums, while suppliers held prices firm on shipments. Quotations in Jiangsu, Zhejiang, Shanghai were raised slightly in spot premiums, while quotations for cargoes self-picked up from production site at primary lead plants changed little. Mainstream producing areas quoted premiums of 0-50 yuan/mt against the SMM #1 lead price, with a few quoting premiums of 100 yuan/mt ex-works. On the secondary lead side, some secondary lead enterprises had maintenance plans, and circulating cargoes in the spot market were limited. Secondary refined lead was quoted at premiums of 0-75 yuan/mt against the SMM #1 lead average price, ex-works. Downstream enterprises maintained purchasing as needed, but some engaged in more bargaining. In addition, as secondary lead prices inverted against primary lead, spot order purchases tilted toward primary lead. Inventory: As of March 24, LME lead inventory fell by 725 mt, or 0.26%, to 283,350 mt. As of March 23, SMM social inventory of lead ingot across five regions pulled back somewhat from previous inventory at high levels. Today’s Lead Price Forecast: Supply side, primary lead smelters held firm offers, and spot premiums in Jiangsu, Zhejiang, Shanghai were raised slightly, while quotations for cargoes self-picked up from production site at primary lead smelters changed little. Some secondary lead smelters had maintenance plans, and circulating cargoes in the spot market were limited. Demand side, downstream enterprises maintained purchasing as needed, but some engaged in more bargaining, and as secondary lead prices inverted against primary lead, spot order procurement tilted toward primary lead. According to SMM analysis, SHFE lead prices were likely to remain in the doldrums in the short term.

SMM, March 25: Overnight, LME lead opened at $1,895.5/mt. After the opening, prices quickly fell to $1,885.5/mt, and then fluctuate rangebound within the $1,888–1,896.5/mt range, with a balanced tug-of-war between longs and shorts and relatively cautious market sentiment. After 0:00, prices rose and broke above the previous trading range, hitting a high of $1,901/mt before closing at $1,898.5/mt. A small bullish candlestick was recorded, up $0/mt, or 0.0%. Overnight, the most-traded SHFE lead 2605 contract opened at a low of 16,420 yuan/mt. In early trading, SHFE lead prices rose rapidly, and then saw wide swings within the 16,440–16,481 yuan/mt range, with an evident tug-of-war between longs and shorts. Intraday volatility narrowed, with prices gradually stabilizing around 16,455–16,465 yuan/mt, while trading volume also pulled back and market sentiment turned cautious. Late in the session, SHFE lead again broke upward, hitting a high of 16,500 yuan/mt, then quickly pulled back to close at 16,470 yuan/mt. A small bullish candlestick was recorded, up 50 yuan/mt, or 0.3%. Supply side, primary lead smelters held firm offers, while spot premiums in Jiangsu, Zhejiang, Shanghai edged up slightly, and quotes for primary lead smelter cargoes self-picked up from production site changed relatively little. Some secondary lead smelters had maintenance plans, and spot market circulating cargoes were limited. Demand side, downstream enterprises maintained purchasing as needed, but some engaged in more bargaining. In addition, as secondary lead prices were inverted against primary lead, spot order purchases tilted toward primary lead. According to SMM analysis, SHFE lead prices are likely to remain in the doldrums in the short term.

Silver has seen one of the sharpest pullbacks in recent years within just a few weeks. From the high of US$97.30 on March 2, the price fell to US$61.21 by March 23, losing around 37%. For the market, this was an abrupt break from the previous momentum.

[SMM Magnesium Weekly Review: Magnesium Market Held Up Well, With Cost Support and a Tug-of-War Between Sellers and Buyers Continuing] This week, the overall magnesium industry chain held up well, with prices of all products generally raised. The raw material dolomite market remained stable, with ample supply and steady demand. Magnesium ingot prices consolidated at highs. At the beginning of the week, supported by rising energy costs such as ferrosilicon and coke and tight spot availability, prices jumped by 300 yuan/mt. Subsequently, downstream fear of high prices emerged, transactions failed to keep pace, and prices consolidated at highs. In foreign trade, the center of magnesium ingot FOB quotes moved up to $2,440-2,470/mt. Wait-and-see sentiment outside China remained strong, but influenced by bullish expectations in China, forward orders were gradually locked in. Magnesium powder prices remained firm, with strong cost support. Export data increased YoY, while domestic trade was mainly driven by just-in-time procurement. The benchmark price of magnesium alloy held up well, but the release of new capacity led to increased supply, processing fees stayed in the doldrums, and the market showed a pattern of strong supply and weak demand. Overall, cost support remained the core driver behind magnesium prices fluctuating at highs, while downstream acceptance of high prices was limited, and the market may continue this tug-of-war in the short term.

SMM, March 24: The most-traded SHFE lead 2605 contract opened at 16,435 yuan/mt intraday. After the opening, prices edged lower, and the tug-of-war between longs and shorts intensified. SHFE lead prices fluctuated at lows in consolidation, touching an intraday low of 16,385 yuan/mt. Thereafter, bulls gradually gained strength and prices fluctuated higher, but with insufficient upward momentum, lead prices pulled back again and fluctuated rangebound within the 16,429-16,451 yuan/mt range. Near the close, SHFE lead prices dipped slightly and finally settled at 16,420 yuan/mt. A small bearish candlestick was recorded, up 25 yuan/mt, or 0.15%. In terms of supply, primary lead enterprise quotes saw discounts narrow slightly from last Friday, and spot cargo available for pickup at plants with medium to large discounts decreased significantly; in the secondary refined lead market, fewer merchants offered quotes, with relatively prominent price divergence between upstream and downstream players. Downstream buyers showed limited acceptance of premiums, while upstream quotes stayed firm and willingness to sell remained cautious. On the demand side, downstream enterprise procurement pace was relatively scattered, with most purchases centered on the execution of long-term contracts. Some enterprises replenished inventories on dips based on immediate needs, and overall market transactions were mixed. SMM expects SHFE lead prices to remain in the doldrums in the short term. Statement on data sources: Except for public information, all other data is derived by SMM through processing based on public information, market communication, and SMM's internal database models, and is for reference only and does not constitute decision-making advice.