The US solar market reached a new milestone in the final quarter of 2025, with distributed capacity surging to a record 1.9 GW. According to the Institute for Local Self-Reliance (ILSR), solar accounted for 78% of the 46 GW of new national power capacity added last year. While utility-scale projects dominated at 63%, the 15% from residential and community solar highlights strong distributed growth. Defined as 'small solar' (under 1 MW), this segment saw a Q4 surge partly driven by homeowners rushing to secure the 25D residential property tax credit before its scheduled phase-down.

At a conference call on March 31, Sungrow stated regarding the company’s overall target plan for energy storage shipments in 2026 that the global market is expected to grow by 30–50 in 2026. With raw material prices rising, some projects were in a wait-and-see stage, but the demand should still exist and would only be deferred. The company will strive based on the upper end of market growth, hoping to achieve more than 60 Gwh.

The World Steel Association reported on March 25, 2026, that while global crude steel production fell by 2.2% in February, India’s production surged by 7.7% year-on-year to reach 13.6 million tonnes. This growth is driven by the government's aggressive infrastructure spending and the "Make in India" initiative, which has bolstered domestic steel consumption. The increase in Indian output helps offset production declines in Russia and South America, as the country moves toward its national goal of 300 million tonnes of annual capacity by 2030.

[SMM Operating Rate of Steel Mills Using Externally Purchased Billets] According to the SMM survey, as of March 31, the operating rate of steel mills using externally purchased billets mainly producing construction steel stood at 27.39%, up 27.39 percentage points MoM from February and up 5.25 percentage points YoY. National construction steel prices fluctuated downward in March. Rebar prices reached 3,167 yuan/mt on March 23, the highest price of the month, and 3,131 yuan/mt on March 4, the lowest price of the month. After the Lantern Festival, downstream construction sites gradually resumed work, market demand gradually improved, and end-users' just-in-time procurement increased slightly. Cost side, affected by multiple macro factors, the coal market as a whole showed a pattern of being more likely to rise than fall. At some coal mines in producing areas, production release was hindered by factors such as working face replacements, leading to a slight contraction in supply, while downstream procurement demand remained robust. Auction transaction premiums were obvious, further supporting stronger coal prices. As cost pressure was passed on, coke enterprises showed a strong willingness to hold prices firm, and expectations for a new round of coke price increases to be implemented heated up, which will likely be gradually realized in the near term. Raw material prices are expected to fluctuate upward in the short term, and cost support for steel remained in place. Supply side, blast furnace steel mills currently maintained a stable production pace, with production remaining relatively steady; EAF steel mills resumed production in an orderly manner as planned, and the capacity utilization rate continued to rebound. As of March 24, the operating rate of 50 electric furnace steel mills nationwide mainly producing construction steel was 40.42%, up 1.78% from the previous period. Billet-rolling mills also gradually resumed work after the Lantern Festival, and the operating rate of steel mills using externally purchased billets was 27.39% this month, up 27.39% MoM, driving a rapid increase in overall market supply. Demand side, downstream construction sites were gradually resuming work, and market demand increased somewhat. However, dragged down by end-user steel consumption volumes and tight cash flow at end-user enterprises, the market remained cautious about the outlook. Downstream construction sites and traders mainly purchased as needed, and the strength of demand recovery was weaker than in the same period in previous years. Overall, after the Lantern Festival, both supply and demand increased, and the supply-demand imbalance was not yet prominent. As temperatures gradually recover and terminal construction conditions improve, the rebar supply-demand pattern is expected to improve mildly, and inventory is likely to continue declining. However, constrained by funding conditions, the room for incremental demand should not be viewed overly optimistically. Therefore, the increase in the operating rate of billet-processing enterprises in April is expected to be limited, and the room for overall supply growth is relatively small.

Yieh United Steel Corp. announced further price increases for April 2026, marking its fifth consecutive monthly hike since December 2025. The mill raised surcharges for 304 and 316L series by NT$4,000/ton, while the 430 series rose by NT$1,500/ton. The cumulative growth for 304 products has now reached NT$19,500 over five months. These adjustments are driven by soaring energy costs amid Middle East tensions and tight supplies of ferrochrome and scrap. Additionally, potential Indonesian nickel export duties and stricter ore controls have pushed NPI prices higher. Combined with TWD exchange rate volatility, these factors necessitated the hike to offset rising production expenses.

According to the latest statistics from CINNO•ICResearch, total investment in China’s PCB industry reached approximately 105.3 billion yuan in 2025, up 2.9% YoY from 2024. Although the number of investment projects in China’s PCB industry pulled back in 2025 compared with 2024, investment size per project increased significantly, with the largest single investment also rising accordingly. The investment landscape became more concentrated in the high-end segment, with an optimized structure. PCBs dedicated to AI computing power became the clear main theme, with key investment flowing into high-end products such as advanced HDI, high-layer-count boards, and high-speed, high-frequency boards; automotive electronics PCBs followed closely behind and posted strong growth, benefiting from upgrades in NEVs and intelligent driving; communications and industrial control PCBs provided steady support for 5G and data center construction. Overall, the industry moved away from the low and mid-end fragmented layout of 2024 and officially entered a new stage led by the high-end segment.

[SHFE Aluminum Night Session Closed Higher, with Geopolitics and Fundamentals Jointly Supporting Aluminum Prices] Overall, the geopolitical situation in the Middle East remained the core factor affecting the global aluminum market. A series of production cuts and damage incidents at Middle Eastern aluminum plants is expected to provide strong upward momentum for aluminum prices in and outside China, together with support from expectations of the gradual release of peak-season demand in China. In the short term, aluminum prices are expected to remain in a high-level consolidation pattern.

In Q1 2026, China’s aluminum semis exports showed a pronounced pattern of product-category divergence amid the interplay of three factors: the long-term impact of the cancellation of export tax rebates in December 2024, the divergence in demand structures outside China, and the sudden outbreak of geopolitical conflict in the Strait of Hormuz.....

Vale (NYSE: VALE) has announced a strategic goal to expand its copper and nickel reserves and resources in Canada and Brazil by 20% between 2024 and 2027. Following a strong 2025 performance, Vale reported that its total nickel reserves and resources rose 13% to 14 million tonnes, while copper increased 6% to 53 million tonnes.

BAIC Industrial Investment Management Co., Ltd. announced the completion of a strategic investment in Jiangxi Aite Magnetic Material Co., Ltd., aiming to support its R&D innovation and market expansion in the field of soft magnetic powder cores. Founded in 2014, Aite Magnetic Material focuses on soft magnetic powder core products such as iron-silicon-aluminum, iron-silicon, iron-based amorphous, and nanocrystalline materials, and holds an important position in the magnetic materials sector. As a professional investment platform under BAIC Group, BAIC Industrial Investment's move into the magnetic materials field will help Aite Magnetic Material enhance its technology R&D capabilities, expand its market share, and promote technological innovation and industrial upgrading in the automotive industry and related sectors.