SMM News, March 24: Aluminum ingot: On March 24, SMM A00 aluminum (Foshan) was reported at 23,440, up 30, at a discount of 170 against the current-month contract, narrowing by 5 (unit: yuan/mt) The SHFE aluminum 04 contract generally stabilized today. Supported by aluminum prices halting their decline and edging up slightly, the South China spot market stabilized and improved, and buyers generally showed good purchasing sentiment today. Spot prices were significantly below the monthly average price, and sellers firmly held prices firm. However, amid weekend inventory buildup and ample circulating cargo, overall support for firm prices was clearly constrained under high inventory pressure. Mainstream transaction prices in the market today were concentrated at premiums of -175 yuan/mt to -165 yuan/mt against the SHFE aluminum 04 contract.

“Gold’s status as a haven may now be tarnished in the eyes of some as the precious metal is falling in price even as war roils the Middle East and financial markets alike, and some may even be tempted to say that the third major bull run in the commodity since 1971 is now over,” says AJ Bell investment director Russ Mould.

Gold is doing the opposite of what it should. The metal is falling for a reason most investors did not see coming. Wall Street's biggest banks have not changed their outlook. Here is why that matters.

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, March 24: SHFE aluminum 2604 fluctuated downward in early trading, slightly higher than the previous trading day. Overall market buying sentiment was relatively good, and sellers held prices firm as aluminum prices remained at relatively low levels. Today’s mainstream transaction prices were concentrated at SHFE aluminum 04 contract +10 yuan/mt. Today, the east China market shipments sentiment index was 2.79, up 0.07 MoM; the purchasing sentiment index was 3.34, up 0.04 MoM. As aluminum prices extended their decline, traders in the central China market showed weak purchase sentiment. With the month-end settlement date approaching, suppliers made heavy shipments and showed limited willingness to hold prices firm. Downstream processing enterprises were wary of further price declines, with no expectation of large-scale stockpiling at low prices for now. Overall market purchase activity was sluggish, and prices showed a continued price collapse trend. Ultimately, actual transaction prices in the central China market were concentrated in the range from a premium of 20 yuan over the central China price to a discount of 20 yuan to the central China price. Today, the central China market shipments sentiment index was 2.63, flat MoM; the purchasing sentiment index was 2.4, down 0.08 MoM. Inventory side, aluminum ingot inventory in major consumption areas increased by 6,500 mt MoM today, with destocking mainly coming from Gongyi and Guangdong. In the short term, after the Chinese New Year, aluminum ingot inventory continued to see seasonal inventory buildup. Affected by bullish sentiment, premiums are expected to remain on a narrowing trend.

As of March 24, titanium dioxide prices continued to rise, with the SMM index up 4.6% since early 2026. Two rounds of price hikes were issued in March amid low inventories. Strong exports and production cuts supported gains, though sustainability post-peak season remains uncertain, hinging on downstream acceptance.

Australia's Atlantic Lithium has obtained approval from Ghana's parliament to develop the Ewoyaa project—the country's first lithium mine—and will be subject to revised royalty terms linked to market prices.

[China Iron Ore Brief Review: Iron Ore in Shandong May Continue to Edge Higher] This week, at mines and beneficiation plants in Shandong, the ex-mine quote for 64 grade alkaline fines on a dry basis, before tax and settled by bank acceptance, was 899, up 17 yuan/mt. Steelmakers raised prices in tandem, most miners maintained normal production, and some mines slightly increased output. Steel mills showed moderate willingness to purchase, mainly under long-term contracts, while shipments from small plants and traders were also relatively good, with overall transactions improving; after a large mine in Zaozhuang resumed production

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)