[Consumption Expectations Were Gradually Realized, Operating Rates of Galvanising Producers Continued to Increase]: This week, the operating rate of the galvanizing industry was 59.7, up 6.69 percentage points WoW. Raw material side, zinc prices pulled back sharply this week, galvanising enterprises actively fixed prices to stockpile, and zinc ingot inventory at galvanising enterprises increased significantly.

[Zinc Prices Fell During the Week, Guangdong Spot Premiums Rose] Guangdong premiums rose 20 yuan/mt WoW this week. As of this Friday, mainstream 0# zinc in Guangdong was quoted at discounts of 0 to premiums of 40 yuan/mt against the market, and the Shanghai-Guangdong price spread continued to widen......

[SMM Daily Brief Review on Coking Coal and Coke] In terms of supply, most coke producers still faced slight losses, suppressing their willingness to increase production, and overall supply remained temporarily stable. Meanwhile, shipments from coke producers improved, and coke inventory continued to destock. Demand side, blast furnaces at steel mills resumed operations and production, and hot metal production is expected to increase. In addition, steel mill profits improved somewhat, and finished steel shipments recovered, boosting steel mills' production enthusiasm. However, downstream buyers mostly maintained just-in-time procurement and lacked willingness to purchase for restocking. In summary, the supply-demand imbalance in the coke fundamentals still existed, and the coke market may remain stable next week.

This week, ferrous metals fluctuated at highs, with raw material ore and coking products outperforming steel. Against the backdrop of the escalating conflict in the Middle East, ore and coking products held up well, supported by higher shipping costs and transmission from coal and coke as energy substitutes. In the second half of the week, supply and demand data for hot-rolled coil and rebar were released. The increase in rebar inventory slowed markedly; however, hot-rolled coil demand was lower than the same period last year, and the pace of post-holiday recovery was relatively slow, leaving steel as a whole with limited upward momentum, while futures retreated after rapid rise. In the spot market, trading in the Chinese market was average this week.....

According to the latest release from the General Administration of Customs, SMM statistics showed that China’s SiMn exports were 2,539.52 mt in January 2026, down 50.55% MoM and down 31.84% YoY. China’s SiMn imports were 0 mt in January 2026, down 100% MoM and down 100% YoY. By import and export regional structure, SiMn exports were mainly destined for Indonesia.

How the mighty have fallen. Silver was the talk of the town as it surged by roughly 60% in January trading, hitting highs of just above $120. That is a far cry from where we are trading now, with the precious metal suffering another 5% drop today and poised for six straight daily losses in nine.

Middle East tensions have sparked a massive steel trade "mismatch." Iran's blocked exports created a 2.3-million-ton billet vacuum in Southeast Asia, while the Red Sea crisis stalled China's flat steel shipments to the Gulf. Consequently, China and India are rapidly absorbing SEA's diverted billet orders. SMM projects that blocked flat steel returning to China's domestic market, combined with surging overseas billet demand, will accelerate the narrowing of the domestic HRC-rebar spread.

[SMM Stainless Steel Daily Review] SS Futures Stopped Falling and Rebounded, Stainless Steel Spot Quotations Rose in Tandem SMM News, March 20: SS futures stopped falling and rebounded. Base metals futures generally recovered, with SS futures showing particularly strong performance and basically recouping this week’s losses, closing at 14,160 yuan/mt by the midday close. In the spot market, driven by the strong rebound in SS futures and coupled with stainless steel mill agents’ efforts to hold prices firm, stainless steel retail quotations also moved higher accordingly; supported by improving market sentiment, both inquiry activity and trading picked up. High-grade NPI prices remained in the doldrums, and the steel mill tender price for high-carbon ferrochrome was announced below market expectations, leaving weak cost support for stainless steel. The most-traded SS futures contract stopped falling and recovered. At 10:15 a.m., SS2605 was quoted at 14,150 yuan/mt, up 220 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 220-420 yuan/mt range. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi rose by 50 yuan/mt; for cold-rolled trimmed 304/2B coil, the average price in Wuxi rose by 100 yuan/mt, and the average price in Foshan rose by 50 yuan/mt; cold-rolled 316L/2B coil in Wuxi was flat; hot-rolled 316L/NO.1 coil quotations in Wuxi were unchanged; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. Entering the traditional September-October peak season, although the stainless steel market ushered in a seasonal recovery window, end-use demand fell short of expectations, downstream wait-and-see sentiment gradually intensified, and procurement only...

[SMM Daily Brief Review of Coking Coal and Coke] In terms of supply, after the Two Sessions concluded, operating rates at coke producers increased somewhat, and shipments improved. Inventory pressure eased for most coke producers, with supply remaining stable while increasing slightly. Demand side, blast furnaces in Hebei resumed operations and production, and hot metal production is expected to increase. In addition, steel mill profits improved somewhat, and finished steel shipments picked up, boosting steel mills' production enthusiasm and strengthening their purchase willingness for coke. Overall, coke fundamentals improved, but the market remains in a wait-and-see mode, and the coke market may remain stable in the short term.

[Magnesium Prices Stuck in Dilemma: Geopolitical Tensions, Cost Support, and Demand Surge Clash with High Supply] Reviewing the recent magnesium market, magnesium prices repeatedly fluctuated within the 16,600-16,700 range, with a relatively slow pace.