SMM News: As of March 20, 2026, the market price for Praseodymium-Neodymium (Pr-Nd) metal in China stabilized temporarily at 890,000–910,000 RMB/ton. This article utilizes the SMM Pr-Nd Terminal Demand Calculation Model to dissect the demand logic for 2026 across three core sectors—New Energy Vehicles (NEVs), Internal Combustion Engine (ICE) vehicles, and Wind Power—explaining the current supply-demand dilemma facing the NdFeB magnet and broader Pr-Nd markets.

The domestic sales market for refrigerators and freezers in China experienced a volatile trend in 2025. Due to pressure from the high base of the previous year, coupled with factors such as overdrawn demand and weak end-use consumption, the total annual domestic sales volume reached 58.27 million units, down 2.7% YoY. Among them, refrigerator products performed slightly better than freezers, aided by the continuation of the trade-in policy.

[SMM Hot Topic: 2024 Home Appliance Sales Hit Record High, Policy Boosts Growth Rate to Lead Continuously] In 2024, the value added of the home appliance industry increased by 7.9%. Among them, the production of household freezers, air conditioners, washing machines, and refrigerators grew rapidly, with growth rates of 13.3%, 9.7%, 8.8%, and 8.3%, respectively.

[SMM Hot Topic: 2024 Home Appliance Sales Hit Record High, Policy Boosts Growth Rate to Lead Continuously] In 2024, the value added of the home appliance industry increased by 7.9%. Among them, the production of household freezers, air conditioners, washing machines, and refrigerators grew rapidly, with growth rates of 13.3%, 9.7%, 8.8%, and 8.3%, respectively.

Following President Trump's tariff blitzkrieg on Liberation Day, April 2, US maritime trade may face an abrupt disruption. The latest high-frequency data on container freight bookings show that overseas shippers rushed to send goods to the US over the past year to preempt the trade war, but have now suddenly halted shipments due to exorbitant tariffs. A recent report titled "Tariff Shockwave" released by freight data company Vizion last Friday indicates that US import orders surged in Q1 but are now showing signs of collapse. The alarming report warns of a "widespread booking freeze" in US imports, with global trade turmoil spreading. The chart below shows the YoY changes in US import bookings over the past five years. In import and export trade, bookings refer to the act of shippers, traders, or logistics companies reserving transportation space or container capacity in advance from carriers (such as shipping companies, airlines, or freight forwarders). It can be seen that bookings surged during the pandemic, peaked in 2021, sharply declined in 2022, began to steadily recover in 2023, regained momentum in 2024, and finally achieved a strong start in early 2025. However, this momentum did not last. Bookings in March 2025 had already dropped by 20% from the January peak, although they were still 30% higher than the same period in 2024. The most likely explanation? Shippers accelerated shipments ahead of expected tariff hikes. But as tariff-related uncertainties intensified further in April, real-time bookings showed a clear collapse. Comparing data from the week of March 24-31, 2025, with the following week (April 1-8), we can see: Total bookings in TEUs: down 49% Total US imports: down 64% Total US exports: down 30% This sharp decline aligns with the dates of two key events: The US announcement of reciprocal tariffs on China, and China's subsequent announcement of corresponding countermeasures. Amid these sensitive tariff periods, widespread booking freezes occurred in the US maritime sector, with shippers pausing mid-transport cycle to reassess costs, timetables, and broader trade strategies. Meanwhile, focusing on the week of March 31-April 6, 2025, compared to the previous week (March 24-30), specific product-level trends show significant drops in bookings: Apparel & Accessories: ↓59% Wool, Fabrics & Textiles: ↓57% Art & Antiques/Umbrellas/Feather Products: ↓50%+ These are mostly discretionary or seasonal goods, which typically respond fastest to cost increases, demand changes, or trade policy adjustments. Many of these goods are also within the scope of tariff adjustments, making them more sensitive to uncertainty and price volatility in the short term. Among imports from China, the decline in bookings is particularly severe for raw materials in basic manufacturing. Plastics, copper, and wood products saw the most significant drops, as these categories are deeply tied to industrial and manufacturing supply chains and now face substantial tariff pressures. Vizion analysts concluded that tariffs have triggered significant uncertainty. The signal is clear: shippers act early to get ahead of tariffs, then hit the brakes when conditions change. This behavior, visible in booking data weeks before goods arrive at ports, demonstrates how crucial forward-looking logistics intelligence has become. Given that tariff measures by other US trading partners are currently in a 90-day suspension period, shippers are navigating a highly uncertain and rapidly changing trade environment. The remainder of 2025 may continue to see volatility, with demand fluctuations, accelerated order patterns, and procurement strategy restructuring driven by ongoing global reactions to these trade actions.

In response to a recent market heated discussion on that China Evergrande Group filed for bankruptcy protection in the Manhattan Court of New York under Chapter 15 of the US Bankruptcy Code, informed sources said to the reporter of the Cailian Press that Evergrande had indeed applied for this move on its own initiative and announced it as a normal procedure to restructure its US-dollar debt, that is, it needs to apply for bankruptcy protection for debt restructuring.

SMM data indicates that in October 2023, China's high-carbon ferrochrome production rose to 684,500 mt, up 5.1% MoM and 53.23% YoY.

Geopolitical tensions, and concerns about fiscal policy and central banks, have driven the gold price to where it is today.

According to the US Fed's Beige Book, an economic conditions report released on Wednesday, recent economic activity in the US has declined slightly, indicating that tariffs and heightened uncertainty are having a broad impact on the economy. The US Fed releases the Beige Book eight times a year, summarizing the findings of 12 regional Federal Reserve Banks on the economic conditions across the US. The report serves as an important reference for the Fed's monetary policy meetings. Fed officials will convene their next interest rate meeting from June 17 to 18. This edition of the Beige Book was compiled by the Federal Reserve Bank of St. Louis, based on information collected up to May 23. The report notes that since the previous Beige Book was released on April 23, "economic activity has declined slightly." "All Reserve Districts reported increased levels of economic and policy uncertainty, leading households and businesses to be more hesitant and cautious in their decision-making." Regarding hiring, the Fed stated in the report that employment conditions in most of its 12 districts showed "relatively small changes," with seven districts describing employment as "flat," while the number of job seekers increased and employee turnover rates declined. "All districts described a decline in labor demand, including reductions in hours worked and overtime, hiring freezes, and plans for layoffs. Some districts reported layoffs in certain industries, but these were not widespread," the report said. On inflation, the report noted that prices in the US are "rising at a mild pace." "Many businesses expect costs and prices to rise at a faster pace in the future. Some districts described these anticipated cost increases as 'strong,' 'significant,' or 'substantial,'" the report wrote. "All districts indicated that higher tariff levels are exerting upward pressure on costs and prices." However, businesses' expectations for price increases vary, with some indicating that they may respond by reducing profit margins or increasing "temporary fees or surcharges." Some businesses plan to pass on tariff-related costs to consumers, expecting to complete this transfer within three months. US President Trump has already imposed tariffs on a large number of imported goods and threatened to implement higher tariffs on major trading partners. This week, he again raised tariffs on steel and aluminum products. The specific form and scope of the final tariffs remain highly uncertain. In this edition of the Beige Book, the term "tariffs" appeared 122 times, up from 107 times in the previous report, while terms related to "uncertainty" appeared 80 times. Overall, the economic outlook is described as "slightly pessimistic and uncertain," similar to the previous Beige Book.

Geopolitical conflict in the Middle East led to a blockade of the Strait of Hormuz, cutting off the global sulphur supply chain (China’s import dependence exceeds 50%, with the Middle East accounting for 56%). Sulphur prices surged to 4,395 yuan/mt, directly pushing up phosphate fertiliser costs. Rigid demand from spring ploughing provided support, but China’s policies to ensure supply and stabilise prices curbed phosphate fertiliser gains。